Friday Funding: TeraWatt Exits Stealth Mode, Raises $1 Billion
Latest Funding Round
TeraWatt is an electric vehicle charging company that operates in 18 US states, mainly in the West. It focuses on building electric vehicle charging infrastructure for commercial fleets.
Most recently, TeraWatt secured over $1 billion in Series A funding. This will allow it to continue building out charging centers for commercial vehicles.
So far, Keyframe Capital, Cyrus Capital, and Vision Ridge Partners have led the funding for TeraWatt.
What TeraWatt Does
When talking about electric vehicles, it’s easy to focus on companies like Tesla (TSLA), Ford’s (F) EV mustang, and other consumer models. But, the bulk of global transportation consists of commercial vehicles. When the massive fleets of Amazon (AMZN), FedEx (FDX), and UPS (UPS) go electric, the need for charging will go through the roof. This is where TerraWatt comes in.
TerraWatt doesn’t build electric vehicles. Instead, it focuses exclusively on charging for light, medium, and heavy duty commercial electric vehicles.
Right now, TeraWatt is in the process of securing real estate in strategic locations for its fleets. This mainly includes property along highways in areas with access to cheap energy. From there, it plans to continue expanding its portfolio of commercial charging stations.
Keeping Commerce Moving
Neha Palmer, the company’s CEO, has stated that “grid capacity will be an issue for the entire industry, and for many industries, as the ‘electrify everything’ transition continues.” In other words, vehicles are going electric quickly, but that doesn’t mean that the infrastructure is necessarily in place to support this transition.
To prepare, Palmer expects a lot of collaboration between grid owners, operators, utilities, regulators and end users. This is part of the reason that TerraWatt has its foot on the gas. It wants to work with utility companies from the onset, so it can leverage tools for on-site generation and batteries to improve energy consumption.
By getting an early start and securing another round of funding, TeraWatt hopes to keep commerce moving around the country.
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