Singapore sovereign wealth fund GIC joined Lime Rock New Energy to invest in Qmerit, which provides installation services for electric-vehicle charging stations for homes and small businesses, the company said in a press release Monday.
“We’re thrilled to bring GIC into this investment as our partner, and we look forward to working together with the GIC and Qmerit teams to execute the business plan to make Qmerit an important part of the electrification of transportation across the U.S. and Canada,” Mark McCall, managing director of Lime Rock New Energy, said in the statement.
GIC will gain a seat on California-based Qmerit’s board of directors, the statement said.
Tracy K. Price, chairman and CEO of Qmerit, added: “We are honored that a global leading institutional investor would see value in what we are bringing to the EV and broader electrification marketplace. Having GIC join us in our ambition to help create a zero-carbon future allows Qmerit to scale in sync with this once nascent industry as it becomes mainstream.”
The quantum of the funding round wasn’t disclosed.
In 2018, Qmerit raised US$11.8 million in a round led by Strandview Capital, and in 2016, the company raised US$2 million, according to Crunchbase data. Other investors in the company have included Schneider Electric, Future Energy Ventures and Colle Capital Partners, the data show.
Qmerit has a network of company-owned contractors and independent certified installers and servicers and a digitally managed services platform to offer EV charging stations, battery storage systems, solar system integration and microgrid services.
GIC, which manages Singapore’s foreign reserves, has around $453.2 billion under management, according to data from the Sovereign Wealth Fund Institute.
Lime Rock New Energy provides growth equity for companies in the renewable power products and services, energy efficiency and transportation electrification sectors.