A Greater Cincinnati startup to watch is planting deeper roots in the heart of the region after recently closing out a multimillion-dollar capital raise.
EdgeEnergy, an electric vehicle infrastructure company, has relocated its corporate headquarters from the West Side to Over-the-Rhine following a $6 million fundraising round. The company is moving into space at Union Hall at 1311 Vine St.
The funding – coupled with an increase in sales – is fueling the move to expand operations. EdgeEnergy will vacate its Green Township space, a leased 21,000-square-foot manufacturing facility and research and development center, over the next few weeks. The startup also has added an office in Covington on East 15th Street, which its sales and operations team will now call home.
“The lack of sufficient infrastructure continues to be a roadblock for the deployment of EV charging stations across the country,” CEO Shaun Shuler said in a news release. “EdgeEnergy is meeting this challenge head-on with a solution that helps our customers install chargers more efficiently than relying on traditional power solutions.”
EdgeEnergy, founded in 2020, designs and manufactures conversion hardware that allows for the installation of DC fast chargers on single-phase power infrastructure, allowing for installations in “edge-of-grid” locations, or remote areas like state parks, small towns and rural resorts.
The tech allows for faster and lower-cost installation and addresses one of the greatest barriers to broader EV adoption: range anxiety.
The company is a past Cincy Inno Startup to Watch and was a finalist for last year’s Fire Awards in the sustainability category, honoring local products or services that create positive social or environmental impact.
EdgeEnergy’s flagship product is a fully self-contained, plug-and-play system that serves as a power source for EV fast chargers in “edge-of-grid locations.”
EdgeEnergy last year teased the upcoming funding round. It did not disclose its backers.
The raise – and the fact EdgeEnergy is now selling product and generating revenue – allows it to expand its manufacturing capacity with Anna, Ohio-based Panel Control Inc. and Hamilton’s Darana Hybrid, two fabrication shops, meaning it no longer needs the Green Township space.
Components of the EdgeEnergy units will be made at Darana, and final assembly will take place at Panel Control, said Ben Morris, who leads business development and government affairs for the company.
EdgeEnergy is looking to sell 100 units or more this year, which would generate between $15 million and $20 million.
It has an installation in progress in Detroit, with additional units set for North Carolina and southern Kentucky. Its first local installation will be in Covington in the coming weeks.
Morris told me EdgeEnergy also will look to grow its team as it moves into the new year. It currently has 11 employees. The number of new positions will depend on sales.
Shuler, who is roughly three months into his tenure as CEO, called the region a great place to grow a business. EdgeEnergy last year committed to investing $150 million in Cincinnati and Ohio to expand manufacturing and more.
“We are proud to be a Cincinnati business that is creating solutions for real-world problems and driving the transition to EVs and green technologies,” he said.