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Exclusive: Startup using PPAs to electrify vehicle fleets

Illustration of a commercial electric truck leaving lighting bolt tracks behind it

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.
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