ImpactAlpha, September 14 — A lack of charging infrastructure for commercial vehicles is slowing the deployment of electric trucks.
San Francisco-based TeraWatt Infrastructure has raised more than $1 billion to provide outsourced charging solutions for light, medium and heavy-duty commercial EV fleet operators. The company, launched last year, works with fleet partners in 18 U.S. states to finance, build and manage charging centers in strategic locations for their customers.
“Fleets are electrifying faster than ever, and we’ve been hard at work planning, building charging centers, and scaling up to make this transition easier for fleets,” said TeraWatt’s Neha Palmer. The huge raise “barely scratches the surface, as global investments in electric vehicle charging are expected to approach $1 trillion by 2040,” said TeraWatt’s Benjamin Birnbaum.
The company will use the investment from Vision Ridge Partners, Keyframe Capital and Cyrus Capital to expand its platform with commercial fleet operators in the U.S.
Separately, Copenhagen-based Monta raised €30 million ($30 million) in a Series A round led by Energize Ventures to meet the EV charging infrastructure challenge in Europe.
Nearly 3,000 new public charge points need to be built weekly for Europe to reach its target of one million charge points by 2025, Monta’s Casper Rasmussen told ImpactAlpha. Monta provides customers with an online profile for tracking pricing, charging use and queued reservations.
Monta will use the investment to expand in North America.