TeraWatt Infrastructure

Launched out of stealth in May 2021, TerraWatt acquires properties in metro areas, logistics hubs, and key highway corridors, which are strategically relevant to fleets, and develops EV charging infrastructure for commercial EV fleets with light, medium, and heavy-duty vehicles.

In October 2022, TeraWatt announced the development of a network of high-powered charging centers, each located 150 miles apart, along the Interstate 10 highway, from the Port of Long Beach (Los Angeles) to El Paso (Texas). In October 2023, the company acquired two heavy-duty EV fleet charging sites across the Inland Empire in California. The two sites are set to become operational in 2025, will provide 40 MW of power, and will support up to 500 trucks per day.

Key customers and partnerships

In June 2022, TeraWatt partnered with Kaptyn, an EV mobility company, to establish EV charging hubs in Las Vegas. In June 2023, the company partnered with Desert Cab, a taxi service provider in Las Vegas, to further electrify the latter’s EV fleet with software, operations, and maintenance services.

Funding and financials

TeraWatt’s most recent funding round was in January 2024, when it received a grant of USD 63.8 million from the US Department of Transportation and Federal Highway Administration, for the I-10 electric corridor project with the New Mexico Department of Transportation. Previously in September 2022, the company raised over USD 1 billion in a Series A funding round led by Vision Ridge Partners. The company plans to use the funds to accelerate its next phase of development and expansion, which focuses on growing its existing portfolio of charging centers.