EV Realty Wins $75M Private Equity-Led Capital Infusion
Infrastructure Developer to Complete First Heavy-Duty Truck Site by End of Year
Key Takeaways:
- EV Realty secured $75 million in new funding from private equity investor NGP despite underwhelming demand for electric trucks.
- Charging infrastructure shortage remains the biggest barrier to electric truck adoption, with Daimler Truck North America citing "a complete lack of adequate charging infrastructure" as the primary sales inhibitor.
- California dominates commercial EV charging development, with EV Realty's partnerships and acquisitions concentrated in the state, including a 76-stall San Bernardino facility capable of charging more than 200 Class 8 trucks daily.
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The size of EV Realty’s wallet for building commercial fleet charging infrastructure increased by $75 million in recent days, even as demand underwhelms.
Private equity investor NGP plus EV Realty’s management team will provide the funds, San Francisco-based EV Realty said Sept. 18.
EV Realty’s first public charging facility in San Bernardino, Calif., will be among the projects receiving an influx of cash from the additional funding round.
Construction of the 76-stall San Bernardino site — capable of charging more than 200 Class 8 trucks a day — is expected to be completed by the end of 2025, a spokesman said. The official groundbreaking for the facility took place Sept. 18.
“The market is experiencing near-term challenges, but the longer-term trend toward fleet electrification is unmistakable — vehicle technology is improving, battery costs are falling and we’re enabling customers to make the transition economically today,” EV Realty CEO Patrick Sullivan said.
(EV Realty)
“Our strategy is built for stability amid changing policies and industry conditions, ensuring we can deliver reliable, cost-effective charging solutions for fleets,” he said, adding: “As a long-term partner, NGP shares our vision, and today’s groundbreaking on our first large-scale site in San Bernardino is a major step toward making this vision a reality.”
Formed in 2022, EV Realty received its last round of funding in April 2024 when teaming up with investment firm GreenPoint Partners in a $200 million joint venture to build charging facilities for medium- and heavy-duty commercial vehicles, especially in California.
New York-based GreenPoint is also the main backer of truck parking and for-hire fleet terminal provider Outpost.
The first site acquired in August 2024 by the JV between EV Realty and GreenPoint is in Torrance, Calif.
EV Realty Buys Gage Zero Portfolio
At least part of the JV funds were also used to acquire a portfolio of assets from Gage Zero for an undisclosed sum in March. Gage Zero was focused on infrastructure for electrification of regional and drayage fleets in California.
Gage Zero’s development portfolio included sites in Long Beach, Ontario, Los Angeles, San Diego, Fresno, Oakland and Sacramento. Facilities in Illinois and Texas were also acquired.
Also in California, EV Realty and Prologis Mobility plan to team up, linking access to their California charging networks, the companies said in August.
The partners’ customers will be able to access sites in Vernon, Calif., and San Bernardino, with more to come in both Northern and Southern California.
Prologis’ Vernon facility near the ports of Long Beach and Los Angeles has 32 charging berths for Class 2 to Class 8 vehicles. Prologis offers a subscription-based EV charging service that covers design, construction, energy procurement, hardware, software and maintenance.
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A paucity of public charging infrastructure has been one of a number of elements curbing appetite for battery-electric trucks over the past couple of years, even in California.
Truck manufacturers including Daimler Truck North America laid off production plant employees partly as a result of the weaker-than-predicted appetite. DTNA is the parent company of Freightliner and Western Star.
As DTNA told the California Air Resources Board in a July regulatory filing: “The single biggest factor inhibiting sales is a complete lack of adequate charging infrastructure to support commercial zero-emission vehicles.”
Meanwhile, DTNA-led charging JV Greenlane earlier in September rolled out a program for dealers offering charging credits and software perks to try to boost truck sales. Velocity Truck Centers is the first partner of the “Charge On Us” initiative, which provides $500 in credits and six months of complimentary access to Greenlane Edge, a subscription service with discounted rates, reservation tools and integrated billing.
