Revolv, a San Francisco-based full-service provider of electric medium-to-heavy commercial fleets, has closed $15 million in a Series A funding round led by an affiliated fund of New York-based Greenbacker Capital Management.
The fund will help Revolv to expand its operations across North America to support the growing demand for decarbonised commercial fleets with light, medium, and heavy-duty trucks.
The company claims that it is on track to deliver over 100 vehicles ranging from Class 2 through Class 8 by the end of 2023, with plans to scale and manage a fleet of vehicles in the thousands by the following years.
“Businesses seeking to decarbonize their fleets are facing several challenges: an unpredictable supply chain, rapidly changing technology, complex regulatory regimes, and infrastructure upgrades, amongst other logistical impediments,” said
Revolv CEO Scott Davidson. “Revolv’s approach to activating businesses to decarbonize their fleets is to meet customers wherever they operate, providing our customers with single partner solutions to future-proof their business.”
Simplifies transition to electric
Led by Scott Davidson, Revolv simplifies commercial fleets’ transition from internal combustion engines to electric, helping its customers navigate the complexities of incentive regimes, charging infrastructure, and financing, all while reducing the total cost of ownership
As a result, the US company offers a full-service development model that covers electric vehicles, facilities, and installation and maintenance of on-site charging infrastructure.
On behalf of its customers, Revolv selects the best vehicles based on expected routes and payloads, manages utility interconnection, and builds scalable site infrastructure.
After vehicles are operational, Revolv continues to work hand-in-hand with its customers to help drivers make the transition to electric, beginning the virtuous cycle of reducing costs and improving the driver experience.
“We have seen outsized interest and rapid development within the space, and after an extensive search, Greenbacker is proud to enter the zero-emission transportation sector with a company as transformative as Revolv,” said Ben Baker, Managing Director of Greenbacker. “In a crowded market, Revolv is well positioned to offer a truly comprehensive yet simple solution to its customers, easing the pain points of what could otherwise prove fatal to a company’s decarbonisation ambitions.”