TeraWatt Infrastructure designs, operates and owns charging facilities for industrial EV fleets (see the function article in the July/August 2021 challenge of Charged). Now the corporate has raised greater than $1 billion of institutional capital from traders together with Imaginative and prescient Ridge Companions, Keyframe Capital and Cyrus Capital.
The corporate will use the brand new funds to speed up its buildout of charging facilities and to develop its staff.
TeraWatt’s technique is to amass properties in strategic areas for truck fleets, and to develop the vitality and charging infrastructure essential to function at scale. TeraWatt’s Charging Facilities are designed to supply reservable area and excessive charging energy ranges at optimum areas.
The corporate works with fleets throughout light-, medium- and heavy-duty automobiles, and provides a charging platform designed to permit fleet operators to keep away from capital expenditure and concentrate on their very own operations.
“Fleets are electrifying quicker than ever, and we’ve been exhausting at work planning, constructing charging facilities, and scaling as much as make this transition simpler,” mentioned TeraWatt co-founder and CEO Neha Palmer. “We look ahead to persevering with to construct on our market place, leveraging [this investment] to maneuver even quicker in offering options for the quickly rising class of EV charging.”
“The way forward for electrified transport is at a essential inflection level, whereby options for large-scale EV charging infrastructure should be established to fulfill the growing demand for electrification of all fleets,” mentioned Paul Luce, Managing Director at Imaginative and prescient Ridge Companions.
“The Keyframe staff started constructing TeraWatt in 2018, recognizing then that the demand for fleet charging hubs would quickly outpace provide, which is now a generally understood problem,” mentioned Benjamin Birnbaum, a companion at Keyframe Capital and certainly one of TeraWatt’s founders. “Whereas we’re pleased with TeraWatt’s present scale and all that Neha and the staff have achieved to this point, it has barely scratched the floor.”
Supply: TeraWatt Infrastructure