Highland Electric Fleets has secured up to $150 million in new equity financing from Aiga Capital Partners as it prepares for a significant expansion of electric bus deployments beginning in 2026. The Beverly, Massachusetts-based company said the funding adds capacity for growth, strengthens an already strong balance sheet, and will support expansion into new markets and additional rollouts next year.
Highland said its business is built on long-term, government-backed contracts that provide stable and predictable revenue. The company’s Electrification as a Service model is designed to handle the full delivery stack for fleets, including financing and incentives, site work, vehicle and charger procurement, utility coordination, training, and ongoing support. Highland said this approach supports the development of high-quality assets across its portfolio and helps it raise additional equity and unlock debt capacity as it scales.
The company said it operates in more than 30 states and serves cities and school districts ranging from Compton, California, to Canutillo, Texas, to Jackson, Michigan, to Dixie County, Florida. Highland said its electric buses have traveled more than 7 million miles and that it is preparing for larger district rollouts, multi-site projects, and new charging hubs coming online in 2026 as districts move into later phases of electrification plans.
Highland also highlighted a recent commitment tied to the LA28 Olympic and Paralympic Games, saying it will supply 500 electric school buses as the official electric school bus provider for the Games and Team USA, and that it is expanding depot and charging infrastructure across Los Angeles County as part of a broader Southern California buildout.
Aiga Capital Partners said it focuses on long-lived essential infrastructure and invests in platforms that provide reliable services and durable community value. As part of the transaction, Angel Fierro, managing partner of Aiga, will join Highland’s board of directors. Highland said its balance sheet also includes other forms of capital raised in the past three years, including approximately $200 million in construction debt and tax advantaged financing from long term partners, along with revenue from district customers.
Support: Rothschild and Co served as Highland’s exclusive financial advisor and Latham and Watkins served as legal advisor. Aiga was advised by McDermott Will and Schulte.
KEY QUOTES:
“At Aiga, we back platforms that can scale essential infrastructure with consistency and discipline. Highland’s Electrification-as-a-Service model, supported by long-term contracts and a high-quality asset base, positions the company to lead the next chapter of fleet electrification, and we are excited to support their continued growth.”
Angel Fierro, Managing Partner of Aiga Capital Partners
“This investment strengthens our balance sheet and allows us to execute on large-scale, long-term contracts with our school district and municipal partners. With Aiga’s support, we are well-capitalized to deploy the reliable infrastructure our customers need while maintaining the financial discipline our funding partners expect.”
Duncan McIntyre, CEO of Highland Electric Fleets
