Fleet electrification solutions company Current Trucking announced that a fund managed by Ares Management’s Infrastructure Opportunities strategy has acquired a controlling interest in the company, and may invest up to $250 million to support the company’s expansion into new markets and to broaden its turnkey fleet electrification solution capabilities for medium and heavy duty electric trucks.

Founded by CEO Pip Decker and Chief Operating Officer Daniel Boyd, Current Trucking deploys electric vehicles in the Class 3–8 truck segment, utilizing a “Trucks-as-a-Service” model to deliver an end-to-end solution including EV truck procurement, charging infrastructure, and operations & maintenance (O&M), as well as the development, installation and management of EV charging infrastructure.

Decker said that the investment from Ares will enable the company to “deliver immediate solutions to our deployment partners and meet the wave of demand for electric vehicles across commercial trucks, drayage and off-road vehicles,” adding:

“We are very excited to work with Ares as we push to accelerate the electrification of commercial fleets, ports and logistics facilities nationwide and drive the transition to cost-effective, sustainable transportation.”

Ares Partner Steve Porto said that the investment comes as commercial fleets rapidly adopt electric vehicles, driven by “technology-driven cost reductions, volatile diesel prices and robust federal and state policy support.”

Porto added:

“We are excited to provide financial and strategic support to the Current Trucking team as both Ares and the Company continue to advance our efforts to accelerate the transition to a lower-carbon economy.”