Revolv, a leading provider of electric commercial fleets, has recently secured $25 million in equity project financing to support its fleet electrification projects in the United States. The funding, provided by Greenbacker Capital Management, will be used to deploy hundreds of commercial electric vehicles (EVs) and charging stations across the country. This groundbreaking initiative marks the first dedicated non-recourse financing facility for commercial EVs and charging stations in North America.
Through this financing facility, Revolv aims to finance long-term contracts with corporate customers, enabling them to decarbonize their fleets and accelerate the adoption of EVs on a national scale. As a full-service provider, Revolv offers a comprehensive solution that includes electric vehicles, EV charging infrastructure, fleet optimization, analytics, and insights. By meeting customers wherever they operate, Revolv ensures a seamless transition to electric fleets.
The transportation industry contributes significantly to greenhouse gas emissions, making fleet electrification a crucial step towards reducing carbon footprint. With government policies and public opinion favoring sustainable practices, corporates are increasingly motivated to decarbonize their fleets. Greenbacker’s expanded partnership with Revolv underscores their commitment to sustainable infrastructure and supports companies in transitioning to electric fleets.
This financing announcement follows Revolv’s recent Series A funding round, which enabled the company to expand its operations and meet the growing demand for decarbonized commercial fleets. By partnering with Greenbacker, Revolv gains valuable support from an experienced investor focused on sustainable infrastructure development platforms.
Revolv’s non-recourse financing facility is a significant step towards achieving their mission of becoming a leading provider of commercial electric fleets nationwide. With this collaborative effort, Revolv and Greenbacker are driving the transition to sustainable transportation and helping companies decarbonize their fleets.
FAQ
What is non-recourse financing?
Non-recourse financing is a type of loan or funding in which the borrower is not personally liable for repayment. Instead, the lender relies solely on the collateral or assets associated with the financing project to recover their investment.
Why is fleet electrification important?
Fleet electrification plays a significant role in reducing greenhouse gas emissions and combatting climate change. By transitioning to electric vehicles, fleets can contribute to cleaner air, improved public health, and a more sustainable future.
How does Revolv support fleet electrification?
Revolv offers a comprehensive solution for fleet electrification, including the provision of electric vehicles, EV charging infrastructure, fleet optimization services, analytics, and insights. They work closely with corporate customers to ensure a seamless transition to electric fleets.
Who is Greenbacker Capital Management?
Greenbacker Capital Management is an SEC-registered investment adviser that focuses on project development, acquisition, and operations in the renewable energy, energy efficiency, and sustainability industries.
Source: Revolv