Fleet-focused electric vehicle charging solutions provider TerraWatt announced today that it has raised more than $1 billion, with the capital aimed at supporting the company’s buildout of EV charging centers across the U.S.

Launched in 2021, TerraWatt designs, operates and owns electric vehicle charging centers for fleet operations. The company acquires properties in strategically relevant locations, and develops the energy and charging infrastructure necessary to operate at scale. The company’s platform combines its EV charging-focused property portfolio, asset financing capabilities, project development, and charging and energy management expertise.

Neha Palmer, co-founder and CEO of TeraWatt, said:

“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.”

TerraWatt stated that it expects to use the new capital to accelerate its next expansion phase, focused on building out a portfolio of charging centers and adding talent to its team.

The capital raise was backed by sustainable real asset investor Vision Ridge Partners alongside existing TerraWatt investors Keyframe Capital and Cyrus Capital.

Paul Luce, managing director at Vision Ridge Partners, said:

“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. 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.”

Benjamin Birnbaum, Partner at Keyframe Capital and one of TeraWatt’s founders, added:

“While we’re proud of TeraWatt’s current scale and all that Neha and the team have achieved so far, it barely scratches the surface as global investments in electric vehicle charging are expected to approach $1 trillion by 2040.”