We’re living during a “Gold Rush” era of electrification, says Birmingham founder Ian Hoppe. And that means big business for his startup Condoit, an energy management tool. Because in the midst of this electrification gold rush, Hoppe said Condoit is “selling shovels.”
We last spoke with Hoppe in April of 2021, right after the Techstars Alabama graduate closed its pre-seed round from Overline VC and Alabama Futures Fund. Since then, the team has narrowed in on the EV charging space in order to help electricians keep up with demand.
“Over the lifecycle of your company, you figure out what the market is demanding,” Hope added. He recognized that the market really needed a tool to help electrical infrastructure data and streamline the equipment design process.
Hoppe added that Condoit was built to “dramatically shorten the design and engineering time it takes for this electrification movement at any given facility.”
That is crucial since the “electrification movement” in the country is dealing with two simultaneous problems: While demand for EV chargers is increasing, there simply aren’t enough qualified electricians to keep up the requests.
Focusing on the EV charging market has been fruitful for the early stage Birmingham startup. Hoppe told Hypepotamus that the number of people on Condoit’s platform grew by 6x last summer. Revenue is also up 50% month-over-month since the start of 2023.
The team has grown from two to five people, with more hiring plans on the horizon.
The team also recently inked an agreement with Miller Electric Company to work with their electric vehicle charging stations, solar energy installations, and other energy-efficient retrofit efforts.
Venture capitalists have also taken note. Condoit recently closed its seed round led by Connecticut-based C2 Ventures. Previous investors Atlanta-based Overline, the Alabama Futures Fund, Techstars, and several angel investors, also joined the round.
EV in the Southeast
From car manufacturing to EV battery innovation, the Southeast region is positioning itself as a major player in the electric transportation industry.
Not only has the region’s EV innovation scene earned international attention and partnerships recently, it has spurred a number of new startups. Alongside Condoit, ventures like EnviroSpark and Resilient Power are working to improve how the country electrifies the grid.
The region as a whole is currently home to 54,000 EV-related jobs and has brought in an estimated $54 billion worth of investments, according to a recent report by the Southern Alliance for Clean Energy.