EVwire brief: Energea is putting up to $20 million toward financing EV charging stations in the US. ChargedEV Hubs, the Supercharger for Business operator behind an 8-stall Tesla V4 site in Georgia, will receive the first $10 million.
The first deal is a $10 million credit facility to ChargedEV, which develops and owns Tesla V4 Supercharger stations. Its initial draw is secured by two operating charging stations in Georgia, and the capital is meant to fund ChargedEV's expansion across the Southeast US. Energea says it is negotiating a similar structure with a second charging station developer and plans to pursue more deals with US charging developers.
Hat tip to EVwire reader Dan Boyd for sending this our way.
The financing structure includes:
Monthly payments at a fixed interest rate
Seven-year amortization of each draw, after a short interest-only period
A first-priority secured interest in the charging station assets
An option for Energea's portfolio to acquire a minority equity stake in the assets later
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Energea Co-Founder and Managing Partner Mike Silvestrini said EV charging is becoming an asset class of its own, and that starting on Tesla's network was an easy choice:
"The Southeast U.S. continues to experience strong population growth, and to accommodate that growth, more capital is required to fund infrastructure like EV charging stations. We see a growing demand for EV chargers resulting in a new asset class with recurring, energy-based revenue. Having our first investments on the world's most recognized EV charging platform provides a perfect onramp."
Energea is a Chester, Connecticut-based investment platform that connects individual investors with energy infrastructure projects. Co-founded by Silvestrini and Chris Sattler, it launched its platform in 2020 and says it has facilitated more than $500 million in total investments since, across portfolios in the US, Latin America, Africa and Brazil.
Most of that has gone into solar, including Iron Spur Solar, a 140 MW DC utility-scale project in Texas that Energea financed earlier this year. The ChargedEV deal is the first time its US portfolio has moved beyond solar.
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Context:
ChargedEV Hubs came out of stealth in May with its first site in Norcross, Georgia. The site was an 8-stall hub of 325 kW Tesla V4 Superchargers along I-85 and the state's first privately owned Supercharger for Business deployment. Founder and CEO Jeremy Watrous, a former Senior Director of Sales Operations at Blink Charging, told EVwire at the time that the company wants to make Supercharger ownership accessible to property owners and investors of all sizes.
The company is based in Raleigh, North Carolina, with hundreds of stalls in various stages of development across the Southeast and Mid-Atlantic, and Watrous said the Norcross site was built in about four months at roughly half the cost of a typical NEVI-funded project, without public funding.
Energea's financing adds another piece to a fast-growing Supercharger for Business ecosystem. EVgo is deploying EVgo Superchargers as third-party Tesla sites across its network, and United Chargers Network was built specifically around the program.
Source: Energea on Business Wire.
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