Plug Power, a San Francisco-based startup that sells batteries for electric vehicles, is now accepting new donations in order to expand its reach and expand into new markets.
The company’s goal, according to its founders, is to offer affordable, reliable, and energy-efficient electric vehicles that can save drivers money.
The idea for Plug Power was born out of the fact that many people in the US are struggling to find affordable, high-performance, and low-emissions cars, according.
Plug Power’s mission is to address the need by providing the same high-end vehicle for less money.
PlugPower’s mission, according on its website, is: “Plug Power is a battery manufacturer and supplier that provides affordable and reliable electric vehicles and chargers for all of the world’s drivers.”
It is one of a number of electric car companies that has raised money from angel investors and venture capital firms in recent months.
However, the founders of Plug Power believe the new fundraising push is the beginning of a new chapter in the electric car industry, as they said in a statement.
Plug Power founders said they have received hundreds of donations since launching in March.
Many of the funds have come from individuals, and others have come directly from the founders.
They are raising money for PlugPower because the company is now able to offer the vehicles it does, said the statement.
In order to reach its goal of offering low-cost, energy-saving electric vehicles to drivers, Plug Power needs to grow its business, said cofounder and CEO of PlugPower, Jason Wachter.
“The company is starting to be able to scale up to a larger size, which means it is starting from scratch and that allows us to grow even more,” Wachters said.
PlugPower is also looking for help from a large group of investors.
Its angel investors include Greylock Partners, Andreessen Horowitz, Founders Fund, Lightspeed Venture Partners, and Sequoia Capital, among others.
Wachters and his partners said they are currently seeking investors to help them build PlugPower into a company that can reach new markets, including India and Southeast Asia, and bring more affordable and high-performing electric vehicles into the market.
“We are very excited about the opportunities that we have with PlugPower and the support that we are getting from a larger group of institutional investors,” Wacha said.
The founders said that the company plans to add more charging stations, including a new facility in San Francisco that will allow PlugPower to expand the reach of its service in the Bay Area.
The company is also working to expand to other markets, such as the UK, India, and the US.
Plugpower has raised about $100,000 in seed capital from investors including Greylocks, Andreampos, Lightspear Ventures, Sequoias Venture Partners and Lightspeed Ventures, among many others.