The investment in the US-based EV charging infrastructure company came from Vision Ridge Partners along with existing investors Keyframe Capital and Cyrus Capital
TeraWatt raised over $1bn in new investment round. (Credit: Gerd Altmann from Pixabay)
TeraWatt Infrastructure has raised over $1bn of institutional capital to expand a network of charging centres for commercial electric vehicles (EVs) across the US.
The investment for the EV charging infrastructure company came from funds managed by Vision Ridge Partners as well as existing investors Cyrus Capital and Keyframe Capital.
Vision Ridge Partners managing director Paul Luce 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 organisations seeking to continue operating their fleets while decreasing their carbon footprint.”
TeraWatt Infrastructure intends to use the capital to expedite its next phase of development and growth. As part of this, the EV charging infrastructure developer will pursue the buildout of a portfolio of charging centres and hire new talent for its team.
TeraWatt Infrastructure CEO and co-founder Neha Palmer said: “Fleets are electrifying faster than ever, and we have been hard at work planning, building charging centres, and scaling up to make this transition easier for fleets.
“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-recognised for its track record of investing in and growing EV charging platforms.”
Emerging from stealth last year, TeraWatt Infrastructure has built a platform that is said to bring together an EV charging-focused property portfolio, capabilities in asset financing, project development, and expertise in charging and energy management.