Palo Alto, California-based Voltera, the EQT-backed Charging Infrastructure as a Service provider for trucking fleets, has closed an industry-first $100 million debt deal with ING Capital and Investec to support the ongoing development of existing charging sites along with other initiatives.
The final agreement between the parties states that Voltera has the option to increase its commitments over time as the facility is utilized.
“Our mission is to help customers succeed in a carbon-free transportation future by removing the time and financial burden of having to develop, own, and operate charging infrastructure entirely. Expanding our sources of capital enables us to extend these benefits to a greater number of customers as we continue to scale,” said Matt Horton, CEO of Voltera. “Funding from partners like ING and Investec reinforces the market’s positive response to our offering and further validates our business model.”
[Related: Voltera CEO: 'Megawatt charging can't come soon enough']
Voltera provides the "critical infrastructure necessary to support the full electrification of transportation," according to its website. This includes strategically locating, building, and operating charging depots for fleet operators.
The significance of this investment is profound due to ongoing industry challenges, such as infrastructure upgrade delays and already thin profit margins. Government-level issues also remain. For example, the Environmental Protection Agency (EPA) and state regulators such as the California Air Resources Board (CARB) are currently facing legal challenges from the trucking industry to some elements of their respective zero-emission policies.
[Related: CARB policies don't reflect reality, says Port of Oakland operator]
“ING is pleased to support Voltera’s vision to deliver a scalable solution for businesses looking to increase their adoption of or conversion to electric vehicle fleets. The ability to deliver large-scale charging infrastructure and networks for electric vehicles will help break down current obstacles for commercial adoption,” said Jason Aingorn, managing director at ING.
Hans Beemans, co-head of energy and infrastructure finance at Investec, added the following: "Our partnership with Voltera aligns with Investec's commitment to advancing electric infrastructure and supporting the transition to a sustainable economy. We are delighted to have supported the Voltera team with its deep expertise in the sector and proven ability to efficiently deliver power to its customers and look forward to partnering further as they expand their portfolio."
