- Global investments in electric vehicle charging are expected to approach $1 trillion by 2040
- TeraWatt was launched out of stealth in May 2021
- The company expects to use the funds to accelerate its next phase of development and expansion
Vision Ridge Partners is teaming up with other firms to invest $1 billion of institutional capital in TeraWatt Infrastructure, a San Francisco-based developer of electric vehicle (EV) charging systems.
Based in Colorado and New York, Vision Ridge is joining current investors, Keyframe Capital and Cyrus Capital. With an expected wide scale adoption of electric vehicles supported by federal and state funding as well as new technological developments, appetite is growing among PE firms to invest in this space.
“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, Vision Ridge managing director in a statement.
TeraWatt was launched in May 2021 to focus on the decarbonization of the transport sector with a purpose-built platform that combines an EV charging-focused property portfolio, asset financing capabilities, project development, and charging and energy management expertise.
TeraWatt acquires properties in locations strategically relevant to fleets and develops the energy and charging infrastructure necessary to operate at scale, the company said.
“We’re delighted to welcome Vision Ridge to the investor team and believe this injection of capital positions TeraWatt to be the industry leader that builds the backbone of this new phase of transportation infrastructure,” said TeraWatt’s co-founder Benjamin Birnbaum who is also a partner at Keyframe Capital. “This will bring the most advanced charging technology and reliable infrastructure that customers demand to support their fleets.”
Chief executive officer Neha Palmer, also one of the co-founders of TeraWatt said: “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.”