Revolv secures $25 million in project financing for EV fleets

Provider of electric commercial fleets Revolv has announced it has raised $25 million in equity project financing to fund the deployment of fleet electrification projects in the United States, supported by a commitment from Greenbacker Capital Management.

Revolv secures $25 million in project financing for EV fleets
Courtesy of Revolv.

The new Revolv facility will be the first dedicated non-recourse financing facility for commercial EVs and charging stations in North America. It 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 decarbonisation projects within the coming year.

Revolv enables businesses to decarbonise 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 optimisation, 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 transportation industry is one of America’s heaviest polluters, accounting for nearly 29 percent of all greenhouse gas emissions. Government policies, public opinion, and the notable environmental and economic benefits of electrification are quickly incentivising corporates to decarbonise their fleets.

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 decarbonised 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.

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