Terawatt Infrastructure has secured a five-year senior secured credit facility of up to US$300 million to accelerate the expansion of its charging infrastructure network for autonomous and electric vehicle fleets across the United States.
The financing package includes US$150 million in committed funding at closing, with an option to increase the facility by an additional US$150 million. The transaction represents Terawatt’s first commercial bank credit facility.
Financing to Support Network Expansion
The proceeds will be used to acquire and develop charging depots serving autonomous vehicle (AV) and commercial electric vehicle (EV) fleets throughout the United States.
The financing syndicate was led by RBC Capital Markets, with SMBC and UBS Investment Bank acting as coordinating lead arrangers.
RBC Capital Markets also served as the sole structuring agent and coordinating lead arranger, while SMBC acted as administrative agent and collateral agent.
Legal and technical advisors on the transaction included:
- Vinson & Elkins LLP – legal counsel to Terawatt
- Milbank LLP – legal counsel to the lending group
- DNV Energy USA – technical advisor to Terawatt
Supporting Fleet Electrification
Terawatt develops, owns and operates charging infrastructure designed specifically for commercial electric and autonomous vehicle fleets.
The company manages the full charging ecosystem, including real estate acquisition, power infrastructure, charging hardware, energy management software and charging operations.
Its customers include autonomous ride-hailing operators and heavy-duty commercial fleets.
According to the company, its network of purpose-built charging depots is currently the largest dedicated network serving AV and commercial EV fleets in the United States.
Growing Demand for Charging Infrastructure
Nanda Kamat, Managing Director and Head of Project Finance at RBC Capital Markets, said Terawatt has established a strong strategic position in the sector.
“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,” Kamat said.
“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.”
Terawatt Chief Executive Officer and Co-Founder Neha Palmer said reliable charging infrastructure remains essential to large-scale fleet electrification.
“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,” Palmer said.
“This financing accelerates our path to building a durable foundation of infrastructure for the industry, which is emerging as an attractive new asset class.”
Expanding Autonomous Vehicle Infrastructure
Terawatt said the financing comes as the autonomous mobility market continues to expand.
The company cited industry forecasts projecting global robotaxi fleets to grow from approximately 7,000 vehicles in 2025 to 6 million by 2035, while estimating that charging infrastructure supporting autonomous transportation could attract more than US$200 billion in investment by 2040.
The new financing is expected to support Terawatt’s continued expansion in key urban markets where demand for commercial EV and autonomous fleet charging infrastructure is increasing.