TeraWatt Infrastructure has raised more than $1 billion to build electric vehicle charging centers across the United States. The company focuses on powering electrified fleets of cars and trucks with a network of solar-powered charging stations.
Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors, Keyframe Capital and Cyrus Capital, both of which have increased their commitments to the company.
The company expects to use the capital to accelerate its next phase of development and expansion, which is focused on the build-out of a growing portfolio of charging centers and adding talent to the team to support this work.
“The future of electrified transport is at a critical inflection point, whereby solutions for large-scale EV charging infrastructure must be established to meet the increasing demand for electrification of all fleets,” said Paul Luce, managing director at Vision Ridge Partners. “We are thrilled to support TeraWatt, a distinctive platform with transformational permanent solutions for organizations seeking to continue operating their fleets while decreasing their carbon footprint.”
Fleets for the future
Launched in May 2021, TeraWatt is accelerating the decarbonization of transport with a purpose-built platform that combines a robust EV charging-focused property portfolio, asset financing capabilities, project development and charging and energy management expertise.
The Company acquires properties in locations strategically relevant to fleets and develops the energy and charging infrastructure necessary to operate at scale. TeraWatt’s Charging Centers provide reservable and reliable space and high-power levels at optimal locations for transportation fleets.
TeraWatt works with fleets across light, medium and heavy-duty vehicles. It serves metro areas, logistics hubs and key highway corridors. The company develops and owns charging centers and brings them online with in-house expertise and experience, enabling fleets to avoid capital expenditure and focus on their own operations.
“Fleets are electrifying faster than ever, and we have been hard at work planning, building charging centers, and scaling up to make this transition easier for fleets,” said Neha Palmer, cofounder and CEO of TeraWatt Infrastructure. “We are thrilled to receive this additional capital commitment from KeyFrame Capital and Cyrus Capital, along with new support from Vision Ridge, which is well-recognized for its track record of investing in and growing EV charging platforms. We look forward to continuing to build on our market position, leveraging their collective investment to move even faster in providing solutions for the rapidly growing category of EV charging.”
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