Revolv Scores $15 Million Series A

SAN FRANCISCO &&num;8212&semi; <a href="https&colon;//c212&period;net/c/link/&quest;t=0&amp&semi;l=en&amp&semi;o=3814747-1&amp&semi;h=3022886896&amp&semi;u=https&percnt;3A&percnt;2F&percnt;2Fwww&period;revolv&period;us&percnt;2F&amp&semi;a=Revolv" target="&lowbar;blank" rel="nofollow noopener">Revolv</a>, a full-service provider of electric medium-to-heavy commercial fleets, announced it has closed a &dollar;15 million Series A funding round led by an affiliated fund of Greenbacker Capital Management&period; With the investment, Revolv plans to expand its operations across North America to support the growing demand for decarbonized commercial fleets with light, medium and heavy-duty trucks&period; The company 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&period;&NewLine;Medium-to-heavy commercial vehicles are responsible for an estimated 25&percnt; of the transportation industry&&num;8217&semi;s carbon emissions&period; To make progress on U&period;S&period; target decarbonization goals, the Biden Administration, states and municipalities are allocating unprecedented resources to accelerate fleet electrification&period; The federal tax incentives for commercial EV charging stations and fleets under the Inflation Reduction Act coincide with the State of California&&num;8217&semi;s mandate to eliminate new purchases of diesel trucks by 2040, with a recent January 1st deadline that bans the operation of pre-2010 Class 4 through Class 8 diesel trucks&period; In support of these policies and the rising market demand, automakers like Ford, Volvo, and General Motors (through its subsidiary Brightdrop) have begun to offer medium-to-heavy electric vehicles capable of 100 to 300 miles per charge for purchase for any use case&period;&NewLine;&&num;8220&semi;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,&&num;8221&semi; said Ben Baker, Managing Director of Greenbacker&period; &&num;8220&semi;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&&num;8217&semi;s decarbonization ambitions&period;&&num;8221&semi;&NewLine;Founded with a mission to support the day-to-day needs of commercial businesses, Revolv brings a critical development-focused mindset shaped by decades of cross-functional expertise in energy development, fleet management and fleet operations&period; Revolv offers a full-service development model that covers electric vehicles, facilities and installation and maintenance of on-site charging infrastructure&period; On behalf of its customers, Revolv selects the best vehicles based on expected routes and payloads, manages utility interconnection and builds scalable site infrastructure&period; 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&period;&NewLine;&&num;8220&semi;Businesses seeking to decarbonize their fleets are facing several challenges&colon; an unpredictable supply chain, rapidly changing technology, complex regulatory regimes and infrastructure upgrades, amongst other logistical impediments,&&num;8221&semi; said Revolv CEO Scott Davidson&period; &&num;8220&semi;Revolv&&num;8217&semi;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&period;&&num;8221&semi;&NewLine;

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