Terawatt Infrastructure Secures Up to $300M for EV and AV Charging Build-Out

Terawatt Infrastructure has secured a five-year senior secured credit facility of up to $150 million, with an option to increase total financing to $300 million, to accelerate the expansion of its electric vehicle and autonomous vehicle charging network across the U.S.

The financing, provided by a syndicate of global banks led by RBC Capital Markets, will support the acquisition and development of additional charging depots designed to serve commercial electric vehicle fleets and autonomous transportation providers.

Terawatt operates what it describes as the nation’s largest network of dedicated charging infrastructure for autonomous vehicles and commercial EV fleets. Unlike many charging providers, the company owns and operates the full infrastructure stack, including the underlying real estate, electrical power systems, charging equipment, energy management software and charging operations.

The integrated model is designed to improve reliability and uptime for fleet operators as they transition from internal combustion engines to electric transportation.

“Electrification of fleets is here to stay, and the infrastructure powering it has to be bulletproof,” said Neha Palmer, co-founder and chief executive officer of Terawatt. “We give fleets the certainty they need to scale.”

RBC Capital Markets, LLC served as the sole structuring agent and coordinating lead arranger, with SMBC as coordinating lead arranger, administrative and collateral agent, and UBS Investment Bank as coordinating lead arranger.

Vinson & Elkins LLP served as counsel to Terawatt, Milbank LLP served as counsel to the lending group, and DNV Energy USA Inc. served as technical advisor to Terawatt.