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TeraWatt, a builder of commercial EV charging hubs, raises more than $1 billion in funding

TeraWatt Infrastructure designs, operates and owns charging centers for commercial EV fleets (see the feature article in the July/August 2021 issue of Charged). Now the company has raised more than $1 billion of institutional capital from investors including Vision Ridge Partners, Keyframe Capital and Cyrus Capital.

The company will use the new funds to accelerate its buildout of charging centers and to expand its team.

TeraWatt’s strategy is to acquire properties in strategic locations for truck fleets, and to develop the energy and charging infrastructure necessary to operate at scale. TeraWatt’s Charging Centers are designed to offer reservable space and high charging power levels at optimal locations.

The company works with fleets across light-, medium- and heavy-duty vehicles, and offers a charging platform designed to allow fleet operators 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,” said TeraWatt co-founder and CEO Neha Palmer. “We look forward to continuing to build on our market position, leveraging [this investment] to move even faster in providing solutions for the rapidly growing category of EV charging.”

“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.

“The Keyframe team began building TeraWatt in 2018, recognizing then that the demand for fleet charging hubs would rapidly outpace supply, which is now a commonly understood challenge,” said Benjamin Birnbaum, a partner at Keyframe Capital and one of TeraWatt’s founders. “While we’re proud of TeraWatt’s current scale and all that Neha and the team have achieved so far, it has barely scratched the surface.”

Source: TeraWatt Infrastructure

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