SAN FRANCISCO, April 03, 2024 (GLOBE NEWSWIRE) -- EV Realty, Inc. (“EV Realty”), an EV infrastructure development platform powering commercial fleets, today announced the formation of a joint venture alongside GreenPoint Partners (“GreenPoint”), an alternatives firm investing at the intersection of real assets, technology and sustainability, to drive the rapid buildout of $200 million of EV Realty’s Powered Properties™, high-powered charging hubs for medium and heavy-duty commercial fleet electric vehicles, across California and other strategic U.S. markets.
The joint venture leverages EV Realty’s proprietary technology and GreenPoint’s deep real estate investment expertise to identify and acquire optimal real estate and develop Powered Properties™ in key logistics markets across California. EV Realty will operate and manage each location, delivering critical charging services to commercial fleets.
The EV Realty team possesses a strong track record of delivering complex energy and infrastructure projects over the past two decades, including the installation of 70 Supercharger hubs and more than 7,000 EV chargers across the state of California in the last five years at predecessor companies including Tesla and PG&E. The Company’s real estate-centric approach addresses key barriers for numerous stakeholders seeking large commercial fleet electrification solutions:
- Fleet operators will have access to grid-optimized, large-scale EV charging hubs located strategically near fleet operation centers, and will enjoy dedicated charging access, reduced costs, and accelerated charging infrastructure implementation.
- California policy makers will be supported in rapidly and efficiently scaling charging infrastructure to decarbonize commercial fleets across the State and improve local air quality. EV Realty’s Powered Properties™ directly support the State’s ambitious climate and transportation goals, as California estimates 500,000+ medium- and heavy-duty EVs in service by 2035.
“With a shared vision for the property type and deep understanding of commercial real estate markets, GreenPoint and our team structured a partnership that enables us to be a competitive, but realistic, market buyer of quality infill industrial and commercial real estate,” said Patrick Sullivan, Co-Founder and CEO of EV Realty. “Leveraging our infrastructure development and grid expertise, we are focused on a grid-first strategy to acquire property that unlocks access to large amounts of power – a critical barrier to electrifying large commercial fleets at scale.”
Powered Properties™ is an emerging, dynamic asset class for real estate investors at a crucial point in the nationwide movement to electrify transportation. By securing strategic properties with access to significant grid capacity necessary to power commercial EV fleets, Powered Properties™ represent the opportunity to invest in critical precursors for building out national charging infrastructure. The joint venture stands to significantly increase EV Realty’s portfolio of charging projects throughout California, including existing projects in Oakland, Livermore and San Bernardino.
“This partnership brings together two organizations with a shared conviction and commitment to enabling the long-term electrification of the economy in the U.S. and around the world,” said Chris Green, Founder and Chief Executive Officer of GreenPoint. “While California continues to stand out as the fastest adopter of EV technology in the U.S., there is a clear and significant need for the EV charging infrastructure required to meet growing commercial demand. The combination of our industrial real estate expertise with EV Realty’s proprietary Powered Properties™ structure will create a scalable solution for large fleets, and we see tremendous opportunity to build a portfolio of high-powered charging assets that can deliver for fleet customers in California, while also serving as a roadmap for ambitious commercial vehicle charging projects across the country.”
About EV Realty
EV Realty develops, deploys, and owns charging infrastructure critical to electrifying commercial fleets in the U.S at scale. The company accelerates the adoption of large EV fleets by focusing on the fundamental constraint all electric fleets face: low-cost, reliable, and expandable access to grid-scale power. EV Realty is developing a network of grid-optimized, large-scale EV charging hubs for delivery, logistics, and services fleet customers. Our Powered Properties™ serve multiple commercial fleets in secure, high-power locations with guaranteed charging access and availability, and are located proximate to major logistics corridors within last-mile delivery/duty range of urban population centers. By aggregating multiple fleets with shared private infrastructure in grid-ready locations, EV Realty charging hubs reduce upfront and recurring costs for fleets, optimize charging times and provide high utilization rates. Learn more about EV Realty and how it is transforming fleet charging at www.evrealtyus.com.
About GreenPoint
GreenPoint is an alternatives investment firm that invests at the intersection of real assets, technology and sustainability. Founded in 2019 by Chris Green and headquartered in New York, the firm is deploying complementary strategies across technology investing and private equity to integrate the disparate worlds of real assets and technology. Green has 20 years of real assets experience, including 16 years at Macquarie Capital where he was the global head of real estate. The firm's activities are supported by a team of investors and operating partners who bring decades of experience in technology, real estate investing and operations at top firms. Visit us at www.greenpointpartners.com.
Media Contacts
For EV Realty:
FischTank PR
EVR@fischtankpr.com
For GreenPoint:
Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
GreenPoint-JF@joelefrank.com
