Swift Charge aims to make electric vehicle charging more widespread
By
Karen Unland
and Stephanie Dubois
As he made his pitch at a recent investment summit, Swift Charge founder Zhongyi Quan got a laugh from the crowd with his concluding words.
"Soon, Swift Charge stations will be everywhere, and you probably will be paying us to use them. So why don't you invest in us and own a piece of them?" he said at Startup TNT's Investment Summit VI in November.
That somewhat cheeky proposition from the EV charging company's CEO did not persuade Startup TNT's syndicate of investors that evening, as they decided to put their money into 48Hour Discovery, Umay, and SketchDeck.ai instead. But Swift Charge is on the radar of other investors as it seeks to raise a $1-million pre-seed round to help with software development and further research and development.
Foresight Canada deemed Swift Charge one of Canada's 50 most investable cleantech companies, and it has been through the Alberta Accelerator by 500 and Plug and Play Alberta's accelerator. It has also raised $1.6 million in non-dilutive grant funding from Alberta Innovates and the National Research Council.
The company, which has 14 employees, has started to generate revenue from customers who want to install multi-unit EV charging stations with minimal upfront costs.
"What we do is we have smart charging technology," Quan told Taproot. "We can … integrate the EV chargers with other power sources to avoid any infrastructure upgrades so that we can install chargers quickly and at a much lower cost."
They do that through microgrid technology and a new power converter that can tie in everything: "EV chargers, solar PV (photovoltaic) batteries, everything in a very scalable way," said Quan, who invented the technologies on which Swift Charge is based and has 12 years of experience in the power conversion industry.
Microgrids are not new — in fact, they already exist in most homes — but they are increasingly discussed as an option to accommodate the expected demand for power as more people transition to electric vehicles.