Real Estate company EV Realty secures $75 million to broaden the infrastructure for electric truck charging across California.
In a significant move for the electric vehicle (EV) industry, San Francisco-based charging site developer EV Realty is constructing one of California's biggest fully grid-powered, fast-charging depots for electric trucks in San Bernardino.
The new depot, set to be one of the largest of its kind, will feature 76 direct-current fast-charging ports, capable of pulling about 10 megawatts of power from the grid. This state-of-the-art facility is expected to revolutionise the electric trucking industry in the region.
All trucks using the San Bernardino site will be registered at EV Realty, and the chargers are designed to cater to the needs of customers with stalls and 24/7 power. The chargers at the site are pay-as-you-go, per kilowatt-hour, for the pull-through slots.
The chargers at the San Bernardino site include ultra-high-capacity chargers capable of refilling a Tesla Semi truck in 30 minutes or less, as well as high-voltage megawatt charging systems for trucks towing trailers. It's worth noting that EV Realty is not building open public charging sites for drive-by traffic. Instead, all 76 chargers at the San Bernardino site are dedicated to specific customers on multiyear contracts.
EV Realty has raised $75 million from private equity investor NGP, and with a recent cash infusion and a joint venture with GreenPoint Partners to develop $200 million in charging hubs, EV Realty is fully capitalized against an underwritten, five-year business plan.
This isn't EV Realty's first foray into large-scale depot construction. The company has more such projects in the works, including another in San Bernardino, one in Torrance near the Port of Long Beach, and a fourth in Livermore in Northern California. EV Realty has also installed chargers in a parking garage in Oakland, California, backed by Ava Community Energy.
In addition to these large-scale projects, EV Realty plans some smaller, built-to-suit projects. The company is also signing deals with major freight carriers and fleet owners for dedicated charging spots, further cementing its position in the EV charging market.
However, the name of the private investment firm that invested $75 million in EV Realty remains undisclosed at this time. NGP also led a $28 million investment in EV Realty in 2022.
This ambitious project in San Bernardino is just the beginning for EV Realty, which plans five to seven more projects of the same scale in the near future. With its focus on electric truck charging infrastructure, EV Realty is poised to play a crucial role in the transition to a more sustainable transportation industry.
