Terawatt Infrastructure announced that it has entered into a five-year senior secured debt facility to expand its autonomous vehicle and electric fleet infrastructure platform. The facility includes up to $150 million in committed senior secured financing, with an option for up to $150 million of incremental financing.
The financing was provided by a syndicate of global banks led by RBC Capital Markets. Proceeds will support the acquisition and development of charging depots as Terawatt expands its network of sites across the United States.
Terawatt said the facility is the first commercial bank credit facility of its kind designed to fund the acquisition and development of purpose-built autonomous vehicle and electric vehicle charging depots.
Terawatt operates a large network of purpose-built autonomous vehicle and commercial EV charging infrastructure. Its customers include autonomous rideshare companies and heavy-duty fleets.
The company owns and operates across the full charging infrastructure stack, including real estate, power, chargers, power management software, and high-uptime charging operations.
By managing these infrastructure layers, Terawatt helps fleet operators convert large capital expenditures into a streamlined operating expense.
The company said the financing comes as the autonomous and electric fleet markets continue scaling. Terawatt cited estimates that the global robotaxi market could reach $415 billion by 2035, growing from about 7,000 vehicles in 2025 to 6 million vehicles by 2035.
Terawatt also said the infrastructure needed to support autonomous and electric fleets in core rideshare markets could surpass $200 billion in investment by 2040, based on company and Bloomberg New Energy Finance estimates.
RBC Capital Markets served as sole structuring agent and coordinating lead arranger. SMBC served as coordinating lead arranger, administrative agent, and collateral agent, while UBS Investment Bank served as coordinating lead arranger.
Vinson & Elkins served as counsel to Terawatt, Milbank served as counsel to the lending group, and DNV Energy USA served as technical advisor to Terawatt.
KEY QUOTES:
“Electrification of fleets is here to stay and the infrastructure powering it has to be bulletproof. We give fleets the certainty they need to scale. This financing accelerates our path to building a durable foundation of infrastructure for the industry which is emerging as an attractive new asset class.”
Neha Palmer, CEO and Co-Founder of Terawatt
“Terawatt controls strategically located assets in high-demand urban markets and has long-term relationships with the leading autonomous and electric fleet operators — it is an indispensable infrastructure layer for the industry. We view charging for EV and AV fleets as an important strategic asset class, and RBC is pleased to serve as lead arranger on this facility as Terawatt expands across the U.S.”
Nanda Kamat, Managing Director and Head of Project Finance at RBC Capital Markets
