Exclusive: Startup using PPAs to electrify vehicle fleets
Illustration: Eniola Odetunde/Axios
Revolv, a San Francisco-based vehicle fleet manager, raised a $15 million Series A to electrify commercial vans and trucks, the company tells Axios.
Why it matters: The company plans to use power purchase agreements (PPAs) to help fuel its growth and fleet expansion.
Details: Greenbacker Capital Management led the all-equity round. It closed in December. Revolv declined to disclose the valuation.
How it works: A fleet operator hires Revolv to acquire the vehicles, install the charging infrastructure, handle the maintenance and manage the charging.
- "There are striking barriers to fleets: cost complexity and risk,” CEO Scott Davidson says. “We provide assurance for the fleet that it’s up and running.”
What’s next: The company expects to deliver about 100 vehicles this year, mostly in California due to state incentives.
- Customers range from 20-vehicle fleets to 10,000-vehicle fleets.
What we’re watching: Companies such as TeraWatt are betting they can draw electric trucks to their charging stations.
- Others like Revolv are betting on bringing charging infrastructure directly to the fleet operators.