Revolv secures $25 million in project financing for EV fleets

The electric vehicle fleet financing facility with Greenbacker Capital Management will be the first-in-kind in North America and support the deployment of hundreds of commercial EVs and charging stations

SAN FRANCISCO, Calif. November 16, 2023 – Revolv, a leading full-service provider of electric commercial fleets, today announced it has raised $25 million in equity project financing to fund the deployment of fleet electrification projects in the United States. Made possible by a commitment from Greenbacker Capital Management (“GCM” or “Greenbacker”) through an affiliated investment vehicle focused on sustainable infrastructure, the new Revolv facility will be the first dedicated non-recourse financing facility for commercial EVs and charging stations in North America.

The new facility will enable Revolv to finance long-term contracts with its corporate customers while significantly scaling national EV fleet adoption by funding dozens of new fleet decarbonization projects within the coming year. Revolv enables businesses to decarbonize their fleets by meeting customers wherever they operate, providing them with a single partner solution that encompasses electric vehicles and EV charging infrastructure owned, implemented, and maintained by Revolv – all supported by the company’s post-implementation fleet optimization, analytics, and insights. 

“Greenbacker’s commitment to Revolv signifies the proven benefits of our full-service fleet solutions model, as well as the growing desire of corporates looking to expedite the adoption of their electric fleets,” said Revolv CEO Scott Davidson.

“Revolv’s new non-recourse finance facility, which we hope to be the first of many, will enable us to continue our mission of becoming the leading national provider of commercial electric fleets,” said Trevor Hill, Director of Capital Markets for Revolv.

The transportation industry is one of America’s heaviest polluters, accounting for nearly 29 percent of all greenhouse gas emissions. Government policies, public opinion, and the notable environmental and economic benefits of electrification are quickly incentivizing corporates to decarbonize their fleets.

“Greenbacker’s expanded partnership with Revolv reaffirms our commitment to accelerating the deployment of sustainable infrastructure through innovative financing,” said Elle Brunsdale, Assistant Vice President on Greenbacker’s infrastructure investment team. “We look forward to collaborating with Revolv to help companies across the country decarbonize their fleets.”

The financing announcement comes on the heels of Revolv’s recent Series A announcement, which set the company on course to expand its operations to support the growing demand for decarbonized light, medium and heavy-duty commercial fleets. Revolv’s Series A financing was led by another GCM-affiliated fund, which focuses on growth equity investments in sustainable infrastructure development platforms.

“We are proud to assist our portfolio companies in raising innovative asset-level financings. This type of capital markets activity is a critical component of the value we add,” said Quinn Pasloske, Principal for Greenbacker’s growth equity strategy. “We are especially pleased to collaborate once again with Greenbacker’s affiliated infrastructure vehicle.”

Allen & Overy served as legal advisor to Revolv on the transaction. Sheppard Mullin served as legal advisor to Greenbacker on the transaction.