San Francisco-based charging startup TeraWatt Infrastructure locked down a Series A of more than $1 billion.
Launched out of stealth in May 2021, TeraWatt has built out a network of charging stations for the operation of light- to heavy-duty fleets. The company acquires property in “strategically relevant” locations and helps customers operate EV fleets without the need to own and operate their own infrastructure.
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The cash infusion will be used for further development and expansion, including the buildout of a growing portfolio of charging centers, according to the company.
“Fleets are electrifying faster than ever, and we have been hard at work planning, building charging centers, and scaling up to make this transition easier for fleets,” said co-founder and CEO Neha Palmer in a release. “We look forward to continuing to build on our market position, leveraging their collective investment to move even faster in providing solutions for the rapidly growing category of EV charging.”
The round is the largest raised by a VC-backed startup in the electric vehicle segment this year, according to Crunchbase data.
Money has rolled into the sector for some time as electric vehicles have gained in popularity due to both environmental concerns and rising costs of gas. Last December, the Biden administration said $5 billion will be available to states to fund electric vehicle charging stations over the next five years.
Last year, the sector saw more than $20 billion of capital come to startups in the EV space, per Crunchbase. This year is unlikely to match that number, but still has seen more than $9.1 billion come into the space to date.
Illustration: Dom Guzman
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