Exclusive: EV Realty, GreenPoint invest $200M in truck charging
Illustration: Gabriella Turrisi/Axios
EV Realty, a commercial vehicle charging provider, is forming a $200 million joint venture with private equity firm GreenPoint Partners to develop charging hubs for medium- and heavy-duty vehicles.
Why it matters: They join a growing number of firms pouring cash into topping up electric vans and trucks.
The big picture: The joint venture's "Powered Properties" hubs will have 50-100 chargers. The first will be built in California.
- GreenPoint is putting up the bulk of the $200 million. The NYC-based firm is positioning the charging sites as "an emerging, dynamic asset class for real estate investors," per a press release.
- Minority investor EV Realty, based in San Francisco, will own and operate the hubs.
Between the lines: Last fall, California enacted an ambitious Advanced Clean Fleets initiative requiring haulers to buy only zero-emissions trucks starting Jan. 1.
- The measure has spurred significant investment in truck-charging infrastructure.
- Greenlane, a $675 million joint venture between BlackRock, NextEra Energy Resources, and Daimler Truck North America, last week said it will build its first truck-charging sites in Southern California.
- Meanwhile truck-charging unicorn TeraWatt Infrastructure last fall broke ground on a site outside Long Beach; Forum Mobility has a $400 million joint venture focused on trucks serving California seaports; and Schneider National unveiled a truck-charging station last year in South El Monte.
What's next: EV Realty and GreenPoint Partners plan to bring the first site online in Q1 2025, with more to follow later in the year.
