TeraWatt Infrastructure has actually raised over $1 billion to develop electric truck charging centers across the United States
A market in constant evolution
TeraWatt Infrastructure is a company that builds electric vehicle charging infrastructure for fleets. It has secured more than $1 billion in Series A financing to expand its portfolio of commercial charging centers.
Electric vehicle charging infrastructure for private passengers is increasingly accessible and well developed these days. For fleets, electric vehicle models are coming to market in droves. The commercial sector will need its own charging centers, and that's where TeraWatt comes in.
A unicorn in only 1 year?
The company was founded in May 2021 and is led by CEO Neha Palmer. TeraWatt is developing charging centers in strategic areas to operate light, medium and heavy duty electric automobiles at scale. TeraWatt's charging centers provide reservable space for fast charging of commercial electric car fleets.
TeraWatt Infrastructure is committed to reducing its carbon footprint
This deployment accompanies the decarbonizationof transportation. Recent studies have shown that with the strong industrialization of electric cars, this use is beneficial for the environment, compared to a gasoline-powered car.
"We are excited to support TeraWatt, a distinct platform with irreversible transformational services for companies that want to continue to operate their fleets while reducing their carbon footprint." The managing director at Vision Ridge Partners.
The future for this brand new company?
TeraWatt plans to more than double the number of new hires in the coming year. Soon, it will announce its most ambitious charging project to date to electrify long-distance transportation on major highways.
TeraWatt currently has sites in 18 states and plans to roll out a large number of charging centers in the rest of the United States.
This new unicorn could become a decacorn in the future...