Real Estate company EV Realty receives a $75 million investment from NGP for the growth of their electric vehicle charging infrastructure.
In a bid to revolutionise commercial fleet charging, EV Realty has announced the opening of its first large-scale project later this year. The facility, located in San Diego, California, will be the largest grid-connected charging project in the country.
EV Realty, a realtor focusing on private, dedicated facilities for commercial fleets rather than public truck stops, has designed this project to streamline fleet charging access across networks. The San Diego project features 76 DC fast-charging stalls and 9.9 MW of grid capacity, capable of serving more than 200 Class 8 trucks daily.
The strategic location of the facility near the BNSF intermodal facility is a testament to EV Realty's commitment to making charging accessible for commercial fleets. Patrick Sullivan, CEO of EV Realty, emphasised that the company's focus is on addressing the barrier of access to large amounts of power and scalable solutions for fleet adoption.
The San Diego facility was selected using proprietary data science tools that mapped distribution power systems to identify optimal sites with available grid capacity. This meticulous site selection process ensured that the facility would not require backup generation, making it an environmentally friendly choice.
The project has received funding support from the South Coast Air Quality Management District and was selected for a conditional award from the EnergIIZE Commercial Vehicles Project, funded by the California Energy Commission. EV Realty has also secured $75 million in growth equity from private equity investor NGP, and additional financing from other institutions, although the specific names are not disclosed.
In addition to this project, EV Realty is scaling its portfolio of commercial fleet charging hubs. The company has recently formed a partnership with Prologis to streamline fleet charging access across networks. Furthermore, EV Realty has acquired assets from charging provider Gage Zero, a move that strengthens its position in the real estate market.
Approximately 60 million square feet of industrial and distribution warehousing space and nearly 4,000 Class 8 trucks operate daily within five miles of the San Diego facility. Sullivan noted that some customers are already operating at a positive margin with fleet electrification. He emphasised that the long-term trend toward fleet electrification remains strong, particularly where the economics make sense.
The opening of the San Diego facility marks a significant milestone in EV Realty's expansion of its Powered Properties® portfolio. Sullivan stated that the company's focus is on eliminating points of friction for fleet electrification, a mission that this project undoubtedly supports.
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