Revolv, a provider of electric commercial fleets, raised $25 million in equity project financing to fund the deployment of fleet electrification projects in the U.S. Made possible by a commitment from Greenbacker Capital Management (GCM) through an affiliated investment vehicle focused on sustainable infrastructure, the Revolv facility is a dedicated non-recourse financing facility for commercial EVs and charging stations in North America.

The 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. Revolv enables businesses to decarbonize 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.

“Greenbacker’s commitment to Revolv signifies the proven benefits of our full-service fleet solutions model, as well as the growing desire of corporates looking to expedite the adoption of their electric fleets,” Scott Davidson, CEO of Revolv, said.

“Revolv’s new non-recourse finance facility, which we hope to be the first of many, will enable us to continue our mission of becoming the leading national provider of commercial electric fleets,” Trevor Hill, director of capital markets for Revolv, said.

The transportation industry is one of America’s heaviest polluters, accounting for nearly 29%of all greenhouse gas emissions. Government policies, public opinion and the notable environmental and economic benefits of electrification are quickly incentivizing corporates to decarbonize fleets.

“Greenbacker’s expanded partnership with Revolv reaffirms our commitment to accelerating the deployment of sustainable infrastructure through innovative financing,” Elle Brunsdale, assistant vice president at Greenbacker, said. “We look forward to collaborating with Revolv to help companies across the country decarbonize their fleets.”

“We are proud to assist our portfolio companies in raising innovative asset-level financings. This type of capital markets activity is a critical component of the value we add,” Quinn Pasloske, principal for Greenbacker’s growth equity strategy, said. “We are especially pleased to collaborate once again with Greenbacker’s affiliated infrastructure vehicle.”

Allen & Overy served as legal advisor to Revolv on the transaction. Sheppard Mullin served as legal advisor to Greenbacker on the transaction.