Highland Electric Fleets announced the closing of a $75 million preferred equity commitment from Galvanize and its affiliates, bringing the company’s total preferred equity commitments to $150 million. The financing follows a previous preferred equity commitment from Aiga Capital Partners and is structured in stages to support Highland’s deployment schedule and continued nationwide expansion.
Founded in 2019, Highland Electric Fleets provides Electrification-as-a-Service (EaaS) solutions that help municipalities, school districts, and fleet operators transition from diesel-powered vehicles to electric fleets. The company supplies vehicles, charging infrastructure, software solutions, and operational support through long-term service agreements designed to align costs with traditional fuel alternatives while generating recurring revenue.
The new capital will primarily be used to accelerate the deployment of electric school buses and charging infrastructure across the United States, expand operations in strategic markets, and broaden Highland’s capabilities in municipal fleet and energy applications. The company also plans to invest in projects that integrate charging infrastructure with on-site energy resources for customers.
Highland noted that it will also serve as the Official Electric School Bus Provider of the LA28 Olympic and Paralympic Games, further highlighting its role in large-scale transportation electrification initiatives.
According to the company, its electric school bus fleet has traveled more than 10 million miles, demonstrating the operational viability of electric transportation at scale.
KEY QUOTES:
“This capital structure is designed to support long-term, asset-backed deployments at scale. From Florida to Michigan to California, we are seeing a clear shift toward solutions that can be deployed reliably across very different operating environments, from school districts to municipal and other fleet operators. Our focus is on execution: putting vehicles, infrastructure, and energy solutions into service in a way that works every day.”
Duncan McIntyre, CEO, Highland Electric Fleets
“We believe Highland is well-positioned for growth with an experienced management team and a leading, differentiated platform backed by long-term contracts and a high-quality portfolio of electric school buses and energy infrastructure. We are excited to invest in Highland as they rapidly scale to modernize aging fleets and meet rising electrification demands.”
Meghan Pasricha, Partner, Credit and Capital Solutions Strategy, Galvanize
