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On February 7, 2023, Motor announced a successful closing of a $7 million Series A investment round, co-led by AES Corporation (NYSE: AES) and Mitsubishi Corporation (TYO: 8058). This funding is aimed at enhancing Motor’s platform for electric vehicle (EV) adoption among electric utility customers. The investment aligns with the automotive industry's goal to achieve 50% EV sales in the U.S. by 2030. Motor's innovative approach simplifies the EV journey, helping utilities increase customer participation in managed charging programs. The funding will support Motor's expansion into new markets and strengthen partnerships in the growing EV sector.
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