EV charging infrastructure provider Voltera has secured a $100 million debt facility that it will use to support the development of Voltera-owned and operated charging sites, as well as corporate growth and other initiatives.
In a first-of-its-kind arrangement for the EV charging industry, the financing secured by Voltera from ING Capital and Investec will support capital expenditure deployment on assets that are backstopped by customer contracts.
Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilised. ING acted as Bookrunner, together with Investec as Lead Arranger and Green Loan Co-Coordinator on the financing.
Matt Horton, CEO of Voltera, said: “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.”
Jason Aingorn, Managing Director at ING, commented: “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.”
The debt facility is in addition to Voltera’s ongoing equity support from EQT.
In February, Voltera announced it had secured 19 new zero emission vehicle infrastructure development sites taking its total portfolio to 21 sites, but said it planned to double this figure during 2024
