Revolv, a full-service provider of electric medium-to-heavy commercial fleets, today announced it has closed a $15 million Series A funding round led by an affiliated fund of Greenbacker Capital Management LLC (“Greenbacker”), which provides growth capital and best-in-class guidance for growth-stage clean energy companies. With the investment, Revolv will expand its operations across North America to support the growing demand for decarbonized commercial fleets with light, medium and heavy-duty trucks. The company is on track to deliver over 100 vehicles ranging from Class 2 through Class 8 by the end of 2023, with plans to scale and manage a fleet of vehicles in the thousands by the following years.
Medium-to-heavy commercial vehicles are responsible for an estimated 25% of the transportation industry’s carbon emissions. To make progress on U.S. target decarbonization goals, the Biden Administration, states and municipalities are allocating unprecedented resources to accelerate fleet electrification. The federal tax incentives for commercial EV charging stations and fleets under the Inflation Reduction Act coincide with the State of California’s mandate to eliminate new purchases of diesel trucks by 2040, with a recent January 1st deadline that bans the operation of pre-2010 Class 4 through Class 8 diesel trucks. In support of these policies and the rising market demand, automakers like Ford, Volvo, and General Motors (through its subsidiary Brightdrop) have begun to offer medium-to-heavy electric vehicles capable of 100 to 300 miles per charge for purchase for any use case.
“We have seen outsized interest and rapid development within the space, and after an extensive search, Greenbacker is proud to enter the zero-emission transportation sector with a company as transformative as Revolv,” said Ben Baker, Managing Director of Greenbacker. “In a crowded market, Revolv is well positioned to offer a truly comprehensive yet simple solution to its customers, easing the pain points of what could otherwise prove fatal to a company’s decarbonization ambitions.”
Founded with a mission to support the day-to-day needs of commercial businesses, Revolv brings a critical development-focused mindset shaped by decades of cross-functional expertise in energy development, fleet management and fleet operations. Revolv offers a full-service development model that covers electric vehicles, facilities and installation and maintenance of on-site charging infrastructure. On behalf of its customers, Revolv selects the best vehicles based on expected routes and payloads, manages utility interconnection and builds scalable site infrastructure. After vehicles are operational, Revolv continues to work hand-in-hand with its customers to help drivers make the transition to electric, beginning the virtuous cycle of reducing costs and improving the driver experience.
“Businesses seeking to decarbonize their fleets are facing several challenges: an unpredictable supply chain, rapidly changing technology, complex regulatory regimes and infrastructure upgrades, amongst other logistical impediments,” said Revolv CEO Scott Davidson. “Revolv’s approach to activating businesses to decarbonize their fleets is to meet customers wherever they operate, providing our customers with single partner solutions to future-proof their business.”