Treehouse secures $10m to bring EV chargers into homes

Treehouse secures $10m to bring EV chargers into homes

Published: 10-08-2023 16:35:00 | By: Pie Kamau | hits: 3478 | Tags:

Treehouse, an electrification company that delivers turnkey installations for home EV charging, announced $10m in funding. The round is led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures. The funds will be used to expand Treehouse's Installation-as-a-Service offering to more than 30 states in the next 12 months, while investing in software that can expand the offering to other electrification products.

The Edison Electric Institute projects that 26.4 million electric vehicles will be on U.S. roads in 2030, meaning that EVs will make up nearly 10% of the 259 million cars and light trucks on the road in less than 8 years. Treehouse is addressing this by providing a home charging solution that allows EV owners to get an estimate in under two minutes and bundle home charging installation with the purchase of the best charger for each individual's budget and needs.

Todd Kimmel, Founder and Managing Partner, Montage Ventures: "Home charging is an essential part of the EV ownership experience and Treehouse is transforming the customer experience with a novel approach. We believe the installation-as-a-service model has disruptive potential in electrification far beyond EVs."

Treehouse's unique pricing technology allows EV buyers to receive an instant, guaranteed quote for home charging installation at the point of sale in auto retail locations or via API while applying for vehicle financing. Instant pricing allows home charging to be integrated directly into the vehicle loan, reducing barriers to affordability for home charging. Treehouse also automates permit documentation and has a proprietary network of electricians, enabling the company to deliver an elevated experience by managing the customer journey from end to end.

Reilly Brennan, Partner, Trucks Venture Capital: "The power of transparent charger installation pricing is going to change how consumers shop for and buy EVs. Treehouse is removing a barrier to EV ownership and making it easier for millions of consumers across the country to switch to EVs."

John Trieu, Managing Director, Growth Ventures, Holman: "We understand the challenges consumers typically face when it comes to installing at-home EV chargers and realize it can often feel overwhelming. The Treehouse team has developed an innovative strategy to streamline this complex process and, similar to Holman, their dedication to delivering an exceptional customer experience is truly remarkable. We're excited to support the company's continued growth through this strategic investment and look forward to offering customers a turnkey solution for EV charging."

Beyond charger installation, Treehouse is helping EV owners maximize incentives and rate plans by compiling every federal, state, and local incentive for home EV charging. This ensures that Treehouse's customers are able to claim available rebates and select the best utility plans for their needs.

Eric Owski, CEO and Co-founder,Treehouse: ''Decarbonizing homes is an urgent task, with over 1 billion machines needing to be replaced or upgraded on the path to decarbonizing US homes in the next 15 years. This funding round will allow us to rapidly expand our geographic footprint and solve core technical problems that have been barriers to scale in this industry until now."

www.treehouse.pro