Revolv, a full-service provider of electric medium-to-heavy commercial fleets, has closed a $15 million Series A funding round led by an affiliated fund of Greenbacker Capital Management LLC, which provides growth capital and guidance for clean energy companies.
With the investment, Revolv will expand its operations across North America to support the growing demand for decarbonized commercial fleets with light-, medium- and heavy-duty trucks. The company is on track to deliver over 100 vehicles ranging from Class 2 through Class 8 by the end of 2023.
Medium-to-heavy commercial vehicles are responsible for an estimated 25% of the transportation industry’s carbon emissions. To make progress on U.S. target decarbonization goals, the Biden administration, states and municipalities are allocating unprecedented resources to accelerate fleet electrification. The federal tax incentives for commercial EV charging stations and fleets under the Inflation Reduction Act coincide with the State of California’s mandate to eliminate new purchases of diesel trucks by 2040, with a recent January 1st deadline that bans the operation of pre-2010 Class 4 through Class 8 diesel trucks.
“Businesses seeking to decarbonize their fleets are facing several challenges: An unpredictable supply chain, rapidly changing technology, complex regulatory regimes and infrastructure upgrades, amongst other logistical impediments,” says Scott Davidson, CEO of Revolv. “Revolv’s approach to activating businesses to decarbonize their fleets is to meet customers wherever they operate, providing our customers with single partner solutions to future-proof their business.”
Revolv offers a full-service development model that covers electric vehicles, facilities and installation and maintenance of on-site charging infrastructure. On behalf of its customers, Revolv selects the best vehicles based on expected routes and payloads, manages utility interconnection, and builds scalable site infrastructure. After vehicles are operational, Revolv continues to work with its customers to help drivers make the transition to electric, beginning the virtuous cycle of reducing costs and improving the driver experience.