Home Energy Management TeraWatt Raises $1 Billion to Build Commercial EV Charging Centers

TeraWatt Raises $1 Billion to Build Commercial EV Charging Centers

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SAN FRANCISCO—TeraWatt Infrastructure, a company powering electrified fleets with its network of charging centers, announced that it has secured more than $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations. Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, both of which have increased their commitments to the company. The company expects to use the over $1 billion committed to accelerate its next phase of development and expansion, which is focused on the buildout of a growing portfolio of charging centers and adding talent to the team to support this work.

“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,” said Paul Luce, Managing Director at Vision Ridge Partners. “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. We look forward to working with Neha and the entire TeraWatt team to achieve our shared goal of decarbonizing road transport as we seek to generate strong returns for our investors.”

Launched out of stealth in May 2021, TeraWatt is accelerating the decarbonization of transport with a purpose-built platform that combines an EV charging-focused property portfolio, asset financing capabilities, project development, and charging and energy management expertise. The company acquires properties in locations strategically relevant to fleets and develops the energy and charging infrastructure necessary to operate at scale. TeraWatt’s Charging Centers provide reservable and reliable space as well as high-power charging levels at optimal locations for commercial electric vehicle fleets.

TeraWatt Got Its Start in 2018

“The Keyframe team began building TeraWatt in 2018, recognizing then that the demand for fleet charging hubs would rapidly outpace supply, which is now a commonly understood challenge,” said Benjamin Birnbaum, partner at Keyframe Capital and one of TeraWatt’s founders, alongside John Rapaport and Ethan Goldsmith. “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. We’re delighted to welcome Vision Ridge to the investor team and believe this injection of capital positions TeraWatt to be the backbone of this emerging industry.”

TeraWatt works with fleets across light, medium, and heavy-duty vehicles, leveraging a property portfolio that spans core metro areas, logistics hubs, and key highway corridors. The company develops and owns charging centers, bringing these online with in-house expertise and experience, enabling fleets to avoid capital expenditure and focus on their own operations.

“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,” said Neha Palmer, co-founder and CEO of TeraWatt. “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-recognized for its track record of investing in and growing EV charging platforms. We look forward to continuing to build on our market position, leveraging their collective investment to move even faster in providing solutions for the rapidly growing category of EV charging.”

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