EVwire brief: Terawatt Infrastructure, the charging company focused on autonomous fleet depots, has secured up to $300 million in Credit facility to acquire and build charging depots in the U.S. and abroad.
A bank syndicate led by RBC Capital Markets has set up a five-year senior secured credit facility worth up to $150 million, with an option to draw another $150 million, the company said Wednesday. Sumitomo Mitsui Banking Corporation and UBS are also in the group.
“If you want to be operating in 2028, you have to be thinking about infrastructure today already in 2026. […] We want to be in every single global market that makes sense for large rideshare markets.”
Waymo is one of Terewatt’s most prolific clients
Terawatt had already raised more than $1 billion from investors before this debt facility. The company now holds more than 50 properties and over 200 megawatts of power at various stages of development across more than a dozen states.
Prior to the recently announced debt, Terawatt had already raised more than $1 billion from investors.
Context:
Terawatt’s raise lands on a simple bottleneck: there are not enough charging depots to support fast-growing autonomous and ride-hail fleets, and now charging firms are increasingly pitching themselves to robotaxi operators rather than to consumer EV drivers alone.
The recent merger of Voltera and Revel into a dedicated fleet-and-robotaxi charging network is a good example of the tidal wave incoming that is the new robotaxi era.
The scale of serving the charging of that wave is enormous. BloombergNEF estimates the global charging buildout will require more than $635 billion in investment through 2040 to serve electric and autonomous fleets.
Charging depots, not just curbside plugs, are becoming the choke point (and opportunity) with robotaxi expansion.
Neha Palmer spent close to a decade running energy strategy at Google before founding Terawatt in 2021. She has said the company grew out of a parallel she saw between siting power-hungry data centers and building charging hubs for busy fleets, where lining up the right land, power, and zoning is the hard part. Terawatt is concentrating its expansion on major U.S. rideshare hubs, and Palmer said international markets could follow.
Source: Bloomberg via Financial Post
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