Financing from ING and Investec will be used to scale charging infrastructure deployments for zero-emission vehicles

August 13, 2024 06:00 AM Pacific Daylight Time

PALO ALTO, Calif.–(BUSINESS WIRE)–Voltera, a leading developer, owner, and operator of charging infrastructure for zero-emission vehicle (ZEV) fleets, today announced it has secured a $100 million debt facility to support capital expenditure deployment on assets that are backstopped by customer contracts, a first-of-its-kind for the electric vehicle (EV) charging industry.

“We are delighted to have supported the Voltera team with its deep expertise in the sector and proven ability to efficiently deliver power to its customers and look forward to partnering further as they expand their portfolio.”

The financing will be used to support the development of multiple Voltera-owned and operated charging sites as well as continued corporate growth and other initiatives. Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilized. ING Capital LLC (“ING”) acted as Bookrunner and together with Investec Inc. (“Investec”) as Lead Arranger and Green Loan Co-Coordinator on the financing.

“Our mission is to help customers succeed in a carbon-free transportation future by removing the time and financial burden of having to develop, own, and operate charging infrastructure entirely. Expanding our sources of capital enables us to extend these benefits to a greater number of customers as we continue to scale,” said Matt Horton, CEO of Voltera. “Funding from partners like ING and Investec reinforces the market’s positive response to our offering and further validates our business model.”

“ING is pleased to support Voltera’s vision to deliver a scalable solution for businesses looking to increase their adoption of or conversion to electric vehicle fleets. The ability to deliver large-scale charging infrastructure and networks for electric vehicles will help break down current obstacles for commercial adoption,” said Jason Aingorn, Managing Director at ING. “This green financing marks a significant milestone in the decarbonization of the US transportation industry. ING’s deep knowledge in structuring financing arrangements to support infrastructure development combined with our sustainable finance expertise contributed to the success of this transaction,” further added Levina Felix, Director on ING’s Sustainable Finance team.

“Our partnership with Voltera aligns with Investec’s commitment to advancing electric infrastructure and supporting the transition to a sustainable economy,” said Hans Beekmans, Co-Head Energy and Infrastructure Finance at Investec. “We are delighted to have supported the Voltera team with its deep expertise in the sector and proven ability to efficiently deliver power to its customers and look forward to partnering further as they expand their portfolio.”

Voltera’s debt facility from ING and Investec comes in addition to its ongoing equity support from EQT, which provides access to billions of dollars of equity capital that EQT has raised for sustainable infrastructure development.

“Solving for the energy transition creates one of the most attractive investment opportunities of our time, and private capital will play a big role in ensuring all sectors reach their net-zero goals on time,” said Erwin Thompson, Partner at EQT. “Voltera’s focus on driving high utilization, by strategically siting charging stations in areas where fleet demand is either established or anticipated, means it can support more EVs with less capital, optimize operational costs and environmental benefits​, and increase returns for investors.”

About Voltera

Voltera develops, owns, and operates strategically located, fit-for-purpose charging facilities to enable EV deployment and operation at scale. With equity backing from EQT and plans to invest billions in capital, alongside a team with deep experience deploying charging assets, proven critical infrastructure expertise, and key strategic partners, Voltera is uniquely positioned to help solve the EV infrastructure challenge and scale zero-emission transportation. For more information, visit volterapower.com.

About ING

ING Americas is the brand name of ING’s wholesale business in the Americas region and a part of ING Group N.V. (“ING”), a global financial services company of Dutch origin with a network spanning over 40 countries with more than 60,000 employees. Sustainability pioneering is one of ING wholesale business’ three key differentiators alongside global reach and sector expertise. With ING’s Terra Approach, it was the first bank to analyze its lending portfolio and to use science-based scenarios to steer its business strategy towards the Paris Agreement. ING also works closely with its clients to realize their sustainability projects and goals and has committed to mobilize €150B annually by 2027 to that end.

About Investec

Investec Bank plc (‘IBP’) is the banking subsidiary of Investec plc. Investec plc is a FTSE-250 listed company which holds the Investec Group’s non-Southern African businesses under a dual listed company structure. IBP partners with private, institutional and corporate clients, offering banking and investment services in the UK, Europe, the United States and certain other countries. IBP also offers wealth management services through its strategic partnership with Rathbones Group, the UK’s largest discretionary wealth manager. IBP has operated in the UK since 1992. As part of the Investec Group, IBP is a purpose-driven organization, dedicated to its core purpose of creating enduring worth. This means we will always strive to create long-term value for all stakeholders and contribute meaningfully to people, communities and the planet. Further information can be found at www.investec.com.

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership. More info: www.eqtgroup.com Follow EQT on LinkedIn, X, YouTube and Instagram.

Contacts

Media
Tori Bentkover
voltera@antennagroup.com

(c)2024 Business Wire, Inc., All rights reserved.