The company will focus on expanding its commercial charging centres portfolio
After a successful $100 million seed round from Keyframe Capital and Cyrus Capital, EV charging infra builder for fleets, TeraWatt Infrastructure grabbed around $1 billion in Series A round funding. Along with both the above-mentioned investors, Vision Ridge Partners also participated in the current funding round. Though the infrastructure for charging private passenger EVs is becoming consistently accessible, TeraWatt justifies its existence by the fact that with more electric vehicle models for fleets entering the market, the commercial sector needs its own charging centres too.
Paul Luce, MD, Vision Ridge Partners stated: “The future of electrified transport is at a critical inflexion point, whereby solutions for large-scale EV charging infrastructure must be established to meet the increasing demand for electrification of all fleets.”
As per TeraWatt’s CEO Neha Palmer, who also headed energy strategy at Google in the past, the latest funding will help TeraWatt both develop charging infrastructure at its current portfolio of properties, as well as acquire new properties. Palmer’s TeraWatt aims to find ways to leverage tools like on-site generation and batteries to interconnect quickly and have greater flexibility around energy consumption.
In a media statement, Palmer said, “We plan to more than double the number of new employees over the next year to fulfil needs across charging operations, real estate, sales, marketing and more.” She further added, “In the coming weeks, TeraWatt will announce the largest and most ambitious charging project to date for the electrification of long-haul transportation along a major highway corridor.”
