EV Realty Inc., an EV infrastructure development platform for commercial fleets, has secured a $28 million investment from energy transition investors and expanded its executive team.
EV Realty is developing grid-scale charging infrastructure designed for fleet customers at strategically sited “powered-properties” in key commerce hubs and along last-mile routes. The company is focused on identifying and developing a portfolio of near-term, grid-ready charging depot projects that will power critical commercial operations, including delivery, utility, telecom, vocational, and other light and medium-duty fleets.
To support its expanding development portfolio, EV Realty recently raised institutional capital from NGP ETP, the energy transition investing platform of NGP, and Segue Sustainable Infrastructure, with participation from Fifth Wall, Broadscale Group and Alpaca.
“We’re excited to partner with EV Realty as they are the first company to bring together a diverse executive team and investor group with experience from mobility, power, and real estate to support commercial fleet customers’ transition to electric vehicles,” says Greg Lyons, principal at NGP. “NGP has been at the forefront of backing innovative companies tackling the energy transition and we look forward to supporting the EV Realty team as they create this new real estate and infrastructure asset class and develop scalable, high-use charging projects within the constraints of the electric grid.”
EV Realty recently welcomed three key executives to its leadership team: Jim Ludovico as chief customer officer, Suncheth Bhat as chief business officer and Shana Patadia as senior director of business development.
Ludovico joins as a GE leadership veteran and the former managing director of the Western U.S. for Element Fleet Management, where he delivered hundreds of thousands of fleet vehicles to global accounts in the last-mile delivery, telecom services and oilfield services sectors.
In his previous role, Bhat served as the director of clean energy transportation for northern California utility Pacific Gas and Electric where he led the utility’s EV strategy and programs.
Patadia joins from ChargePoint, where she was the director of emerging technologies and business development, overseeing EV fleet partnerships for ride-share, rental car and autonomous vehicle customers.
“The electrification of the transportation sector is an enormous opportunity to transform society by significantly reducing greenhouse gas emissions,” states Suncheth Bhat, chief business officer of EV Realty. “The grid is central in this transition and understanding how to effectively collaborate with utilities is essential in supporting our customers’ efforts to decarbonize their fleet operations and realize fuel savings.”
“Our expanded leadership team represents the best in class from renewables to grid management and mobility to electrification,” comments Patrick Sullivan, CEO of EV Realty. “Through our collective experience we understand how to develop, finance and build clean infrastructure at scale, optimized for the built electrical distribution system and working with utilities as long-term partners. The electric grid in the U.S. was never designed to be the fuel source for 50 million, let alone 300 million vehicles. Powered property is already hard to come by, and as our customers transition to EV fleets, our grid-ready depots will enable a turnkey, scalable charging solution for them.”