Revolv, a full-service provider of electric commercial fleets, has raised $25 million in equity project financing to fund the deployment of U.S. fleet electrification projects.
Made possible by a commitment from Greenbacker Capital Management (GCM) through an affiliated investment vehicle focused on sustainable infrastructure, the new Revolv facility will be the first dedicated non-recourse financing facility for commercial EVs and charging stations in North America.
The new facility will enable Revolv to finance long-term contracts with its corporate customers while significantly scaling national EV fleet adoption by funding dozens of new fleet decarbonization projects within the coming year.
Revolv says it enables businesses to decarbonize their fleets by meeting customers wherever they operate, providing them with a single-partner solution that encompasses electric vehicles and EV charging infrastructure owned, implemented and maintained by Revolv – all supported by the company’s post-implementation fleet optimization, analytics and insights.
“Greenbacker’s commitment to Revolv signifies the proven benefits of our full-service fleet solutions model, as well as the growing desire of corporates looking to expedite the adoption of their electric fleets,” said Revolv CEO Scott Davidson.
The financing announcement comes on the heels of Revolv’s recent Series A announcement, which set the company on course to expand its operations to support the growing demand for decarbonized light-, medium- and heavy-duty commercial fleets. Revolv’s Series A financing was led by another GCM-affiliated fund, which focuses on growth equity investments in sustainable infrastructure development platforms.