EV charging infrastructure firm OBE Power has closed an equity investment from North Sky Capital, the company announced Sept. 22.

The investment will complement OBE’s already existing credit facility with investment management firm Gresham House, representatives say. This specific investment will accelerate OBE’s ability to deploy EV charging infrastructure, the company adds, with an outsized focus on multifamily housing, hospitality, healthcare, commercial applications, and other “destination-based properties.”

“We are proud to welcome North Sky Capital as a strategic partner, given its strong commitment to impact investing and deep understanding of the renewable energy and sustainable infrastructure sectors,” says Luis Paul, co-founder and managing director of OBE Power. “With this strategic investment, OBE Power has secured the capital foundation required to support its ambitious expansion goals over the next three to five years.”

Staying focused on EV charging infrastructure deployment, ownership, operation, and management, OBE’s business model allows hosts to provide charging solutions without the commonplace massive investments.

The Miami-based firm aims to remove barriers to charging infrastructure by combining deployment with network operations, as well as maintenance, drive support, and other factors to make its infrastructure a one-stop shop.

Aggressive expansion in North America

While residential EV adoption has stalled in North America, some officials within the charging and fleet electrification industry say the future is still bright. North Sky Capital officials say they share that same belief.

“North Sky Capital has evaluated the EV charging sector for several years,” says Adam Bernstein, managing director of North Sky Capital, “and we believe OBE Power presents a compelling and well-structured expansion opportunity in the market.”

This transaction represents a milestone for OBE, representatives say. As the company continues to scale its EV charging infrastructure network, the funding will help make its charging systems nearly ubiquitous in the U.S. and Canada as it continues to support the green vehicle transition across North America.

“OBE Power’s fully owned and operated model, experienced management team, and clear growth strategy are aligned with the goals of our infrastructure investment strategy,” adds Ying Lucy Fan, principal of North Sky’s infrastructure team.

Tags: EV charging, Financing, fleet charging, infrastructure, OBE Power