TeraWatt Infrastructure, a San Francisco company that builds charging centers for electric vehicle fleets, raised $1 billion dollars this month in a Series A funding round, following a $100 million dollar seed round in 2021.
In June, the company announced a partnership with Kaptyn, a passenger transit company that aims to shift away from contracted ride-shares, only a fraction of which use electric vehicles. Kaptyn instead operates a fleet of entirely electric, employee driven vehicles. Just months after this partnership, in August of this year, the California Air Resources Board approved a rule that requires 100% of new car sales in California to be zero-emission vehicles by 2035 — and that includes commercial fleets of small vehicles. In 2020, through Executive Order N-79-20, Gov. Gavin Newsom set an ambitious goal to transition all medium- and heavy-duty vehicles in the state to zero-emissions by 2045.
Terawatt is expected to use its $1 billion capital influx to develop more charging infrastructure, hire employees and continue with an extensive project along a major highway corridor, targeting long-haul vehicles. Currently, they own sites in 18 states. On Tuesday, the federal government announced the approval of E.V. infrastructure plans in all 50 states as well as Puerto Rico. Another aspect of the $1 trillion IRA, is that it will administer $5 billion to facilitate charging infrastructure construction along interstate highways over the next five years.
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