A&O Energy Transition Team advises on fleet electrification funding
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Allen & Overy (A&O) announced today that it advised Revolv, a leading full-service provider of electric commercial fleets, on a USD25 million equity project financing facility to fund the deployment of fleet electrification projects in the United States.
Made possible by a commitment from Greenbacker Capital Management through an affiliated investment vehicle focused on sustainable infrastructure, the new Revolv facility will be the first dedicated project financing facility for commercial EV fleets and charging stations in North America.
Government policies, public opinion and the notable environmental and economic benefits of electrification are quickly incentivizing corporates to decarbonize their fleets. Revolv enables businesses to decarbonize their fleets by meeting customers wherever they operate, providing them with a single partner solution that encompasses electric vehicles and EV charging infrastructure owned, implemented and maintained by Revolv – all supported by the company’s post-implementation fleet optimization, analytics, and insights. The new project financing facility will enable Revolv to finance long-term contracts with its corporate customers while significantly scaling national EV fleet adoption by funding dozens of new fleet decarbonization projects within the coming year.
Los Angeles partner and co-chair of A&O’s U.S. PENRI practice Daniel Sinaiko noted, “We are thrilled to assist Revolv on this first-of-its-kind financing facility. As the demand for electrification grows and additional electric vehicles come to market, we look forward to continuing to push energy transition forward.”