EV Realty Inc., an electric vehicle infrastructure development platform powering commercial fleets, has formed a joint venture with GreenPoint Partners to drive the rapid buildout of $200 million of EV Realty’s Powered Properties, high-powered charging hubs for medium- and heavy-duty commercial fleet EVs across California and other strategic U.S. markets.
This JV leverages EV Realty’s proprietary technology and GreenPoint’s real estate investment expertise to identify and acquire optimal real estate and develop Powered Properties in key logistics markets across California. EV Realty will operate and manage each location, delivering critical charging services to commercial fleets.
The EV Realty team possesses a strong track record of delivering complex energy and infrastructure projects over the past two decades, including the installation of 70 Supercharger hubs and more than 7,000 EV chargers across California in the past five years at predecessor companies including Tesla and PG&E. The company’s real estate-centric approach addresses key barriers for stakeholders seeking large commercial fleet electrification solutions:
Fleet operators will have access to grid-optimized, large-scale EV charging hubs located strategically near fleet operation centers, and will enjoy dedicated charging access, reduced costs and accelerated charging infrastructure implementation.
California policymakers will be supported in rapidly and efficiently scaling charging infrastructure to decarbonize commercial fleets across the state and improve local air quality. EV Realty’s Powered Properties directly support the state’s climate and transportation goals, as California estimates 500,000-plus medium- and heavy-duty EVs will be in service by 2035.
“With a shared vision for the property type and deep understanding of commercial real estate markets, GreenPoint and our team structured a partnership that enables us to be a competitive, but realistic, market buyer of quality infill industrial and commercial real estate,” says Patrick Sullivan, co-founder and CEO of EV Realty. “Leveraging our infrastructure development and grid expertise, we are focused on a grid-first strategy to acquire property that unlocks access to large amounts of power — a critical barrier to electrifying large commercial fleets at scale.”
By securing strategic properties with access to significant grid capacity necessary to power commercial EV fleets, Powered Properties represent the opportunity to invest in critical precursors for building out national charging infrastructure. The joint venture stands to increase EV Realty’s portfolio of charging projects throughout California, including current projects in Oakland, Livermore and San Bernardino.
“This partnership brings together two organizations with a shared conviction and commitment to enabling the long-term electrification of the economy in the U.S. and around the world,” says Chris Green, founder and CEO of GreenPoint. “While California continues to stand out as the fastest adopter of EV technology in the U.S., there is a clear and significant need for the EV charging infrastructure required to meet growing commercial demand.
“The combination of our industrial real estate expertise with EV Realty’s proprietary Powered Properties structure will create a scalable solution for large fleets,” adds Green, “and we see tremendous opportunity to build a portfolio of high-powered charging assets that can deliver for fleet customers in California, while also serving as a roadmap for ambitious commercial vehicle charging projects across the country.”