California-based electric vehicle charging infrastructure company TeraWatt has secured over $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations.

Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, which have increased their commitments to the company.

TeraWatt, launched in 2021, is accelerating the decarbonization of transport with a purpose-built platform that combines an EV charging-focused property portfolio, asset financing capabilities, project development, and charging and energy management expertise.

The company said it would use the capital raised to accelerate its next phase of development and expansion. The expansion plans aim to grow its portfolio of charging centers while skilling up the team to support the development works.

TeraWatt works with fleets across light, medium, and heavy-duty vehicles, leveraging a property portfolio that spans core metro areas, logistics hubs, and key highway corridors.

The company develops and owns charging centers bringing them online with in-house expertise and experience, enabling fleets to avoid capital expenditure and focus on their operations.

Co-founder and CEO of TeraWatt Neha Palmer observed, “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. We are thrilled to receive this additional capital commitment from Keyframe Capital and Cyrus Capital, along with new support from Vision Ridge, which is well-recognized for its track record of investing in and growing EV charging platforms.”

Managing Director at Vision Ridge Partners Paul Luce said, “The future of electrified transport is at a critical inflection point, whereby solutions for large-scale EV charging infrastructure must be established to meet the increasing demand for electrification of all fleets. We are thrilled to support TeraWatt, a distinctive platform with transformational permanent solutions for organizations seeking to continue operating their fleets while decreasing their carbon footprint.”

Earlier this year, the U.S. Department of Energy announced funding of $96 million to expand E.V. charging accessibility and maximize EV efficiency and affordability.