COMPANY

Name: NeoCharge

Legal Name: NeoCharge, Inc. 

Location: Los Angeles, CA

Founded: 2018

Founder(s): Akhil Veluru and Spencer Harrison

Website: https://www.getneocharge.com/ 

Social Media: 400 followers on LinkedIn, 109 followers on Facebook, 277 followers on Instagram

Industry: Global Electric Vehicle Market

Size: $118,864.5M in 2017 (Source: Allied Market Research)

Future: $567,299.8M by 2025 (Source: Allied Market Research)

Introduction

NeoCharge’s charging system seeks to make it easier and more affordable to own electric vehicles. By doing away with complicated electrical wiring setups, the startup offers access to fast Level 2 charging at home from existing electrical outlets.

The brand’s flagship product, the NeoCharge Smart Splitter, makes it possible for users to run their appliances (electric dryer or water heater), while charging their electric vehicle. And the best part is they don’t have to spend on panel upgrade or engaging an electrician to install a fast charger.

“As an [electric vehicle] owner, level two charging is crucial,” CEO Spencer Harrison said in a blog post. “Our product gives you the fastest way to get the affordable charging you need at home.”

The Product

Neocharge’s 220-volt Smart Splitter is a plug and play solution that helps save thousands of dollars in electrical upgrades and electrician fees. This portable charging device delivers up to 25 miles of charge per hour by enabling power-sharing between common home appliances. 

These smart adapters also provide EV owners the option of choosing to charge using non-renewable fuel, thus reducing the stress on the power grid.  

This device is available for preorder at $449 on the NeoCharge website. They also retail a Dual Car Smart Splitter, at $449, that lets users charge two cars with one outlet – simultaneously or one after the other.

Origin and Founding Team

The idea for NeoCharge was birthed by engineers, Akhil Veluru and Spencer Harrison, while working on their senior project at the California Polytechnic State University (Cal Poly). 

They started developing this concept within Cal Poly’s incubator program, according to a blog post on Cal Poly’s website. Soon after, they were accepted into a HotHouse accelerator program. According to Pitchbook, NeoCharge received $10k in funding from them. 

Since October 2018, the startup has also been part of a two-year incubator program at CIE HotHouse.

Performance and Trends

In May 2019, Poly Canyon Ventures made an investment in NeoCharge.