Real estate company EV Realty acquire $75 million investment from NGP for expanding their electric vehicle charging infrastructure.
In a significant move towards facilitating fleet electrification, EV Realty has announced the opening of a new commercial fleet charging hub in San Bernardino, California. This project, set to launch later this year, marks a significant milestone in EV Realty's expansion of its Powered Properties® portfolio.
The strategic location of the facility near the BNSF intermodal facility and approximately 60 million square feet of industrial and distribution warehousing space makes it an ideal hub for commercial fleets. Nearly 4,000 Class 8 trucks operate daily within five miles of the site, providing ample opportunity for the facility to serve a large number of vehicles.
The San Bernardino facility will be the largest grid-connected charging project in the country, with no backup generation required. It features 76 DC fast-charging stalls and 9.9 MW of grid capacity, enough to serve more than 200 Class 8 trucks daily.
The selection of the San Bernardino location was made using proprietary data science tools that mapped distribution power systems. This ensures the facility has access to the necessary power infrastructure to support its operations.
EV Realty has secured $75 million in growth equity from private equity investor NGP to fund this project and scale its portfolio of commercial fleet charging hubs. The company has also acquired assets from charging provider Gage Zero, further strengthening its position in the market.
Patrick Sullivan, CEO of EV Realty, stated that the focus is on addressing the barrier of access to large amounts of power and scalable solutions for fleet adoption. He emphasizes that the economics are already working for some customers in the long-term trend toward fleet electrification.
In addition to the San Bernardino project, EV Realty has entered into a partnership with Prologis to streamline fleet charging access across networks. This collaboration aims to make charging infrastructure more accessible and efficient for commercial fleets.
Despite the challenges, Sullivan maintains that the long-term trend toward fleet electrification remains strong. The project has received funding support from the South Coast Air Quality Management District, further demonstrating its potential to contribute to cleaner air and reduced carbon emissions.
With the San Bernardino facility, EV Realty's business model of private, dedicated facilities for commercial fleets rather than public truck stops continues to gain traction. Customers typically sign multi-year contracts for dedicated portions of the property, with EV Realty providing full maintenance of both chargers and facilities.
This expansion is a testament to EV Realty's commitment to driving the adoption of electric vehicles in the commercial sector. As more businesses transition to electric fleets, facilities like the one in San Bernardino will play a crucial role in enabling this transition.
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