Voltera Raises $50 Million to Boost Expansion Plans
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Charging infrastructure developer Voltera raised $50 million in backing from a unit of German export finance bank KfW earlier in November.
The funds will be used for Voltera’s expansion plans, Tyler Sentman, senior director for strategic finance at Voltera, said in a statement.
Voltera said in late October that it had acquired two development sites in California, lifting its portfolio to 22 sites at transit hubs in California, Texas, Georgia, Arizona and Florida.
Palo Alto, Calif.-based Voltera has three facilities up and running, a spokeswoman said in October, and a further eight are set to open in 2025.
KfW IPEX-Bank’s backing for Voltera followed earlier support for EdgeConneX, which the charging developer was spun out of.
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“We consider EV charging infrastructure a key component for decarbonizing the mobility sector and are therefore glad to have won Voltera as our first customer in this segment in the U.S.,” said Andreas Ufer, a member of the bank’s management board of KfW IPEX-Bank.
“What is more, with this financing we continue our long-standing relationship with our valued clients EQT and EdgeConneX, who we already supported with their data center projects,” he added.
Swedish investment house EQT is Voltera’s biggest backer.
Voltera also raised $100 million in debt financing in August. The funds will also be used for building out the company’s planned network of charging sites.
ING Capital and Investec Inc. led the August financing round.
Carriers’ biggest concern before investing in battery-electric trucks has been whether sufficient charging infrastructure will be available to facilitate broader adoption rates.
To help sell more battery-electric vehicles, North America’s largest truck maker, Daimler Truck North America, launched its own charging infrastructure development group, Greenlane, and teamed up with rivals and customers to lobby for speedier construction through the Powering America’s Commercial Transportation initiative.
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