Waymo charging provider secures $300m expansion financing

Terawatt, which counts autonomous taxi firm Waymo as a customer, is looking to finance upcoming acquisitions and the development of charging infrastructure in the US and abroad.

In its announcement, Terawatt explained that it has already entered a five-year facility for up to $150 million secured financing—with the option to increase by another $150 million incrementally through a syndicate of global banks. This is Terawatt’s first commercial bank facility.

The company operates a network of purpose-built autonomous vehicle (AV) and commercial EV charging stations, serving a customer base ranging from passenger taxis to eHGVs

To do so, Terawatt states that it has full oversight of its charging infrastructure stack, including real estate, power management software, and high-uptime charging operations. According to Terawatt’s announcement, this setup is designed to absorb the complexities of infrastructure management to allow fleet operators to generate uncomplicated revenue.

Neha Palmer, CEO and Co-Founder of Terawatt, elaborated: “Electrification of fleets is here to stay, and the infrastructure powering it has to be bulletproof. We give fleets the certainty they need to scale.”

Palmer explained that the financing will enable Terawatt to scale up this infrastructure setup and make it a durable foundation, thereby supporting the robotaxi industry as it becomes “an attractive new asset class.”

The international robotaxi market is anticipated to be worth $415 billion by 2035, increasing from around 7,000 vehicles in 2025 to six million in 2035. According to estimates from Terawatt and Bloomberg New Energy Finance, the technology supporting AV infrastructure could attract more than $200 billion in investment by 2040.

Nanda Kamat, Managing Director and Head of Project Finance, RBC Capital Markets, said: “Terawatt controls strategically located assets in high-demand urban markets and has long-term relationships with the leading autonomous and electric fleet operators – it is an indispensable infrastructure layer for the industry.

“We view charging for EV and AV fleets as an important strategic asset class, and RBC is pleased to serve as lead arranger on this facility as Terawatt expands across the US.”