Terawatt Infrastructure has secured a five-year senior secured credit facility of up to $300 million to acquire and develop charging depots for autonomous and electric fleets across the United States. The facility, led by RBC Capital Markets, provides $150 million in committed financing with an option for up to $150 million more, and marks the first commercial bank facility for Terawatt, which operates a network of purpose-built AV and commercial EV charging sites. The company says the proceeds will fund the acquisition and development of charging depots as it expands its network.
Highlights
- Five-year senior secured facility of up to $300 million — $150 million committed, with a $150 million incremental option.
- Financing syndicate led by RBC Capital Markets, with SMBC and UBS Investment Bank as coordinating lead arrangers.
- Terawatt’s first commercial bank credit facility, structured to fund AV and EV charging depot acquisition and development across the U.S.
- Global robotaxi fleets are projected to grow from roughly 7,000 vehicles in 2025 to 6 million by 2035.
Inside the Financing
The facility carries a five-year term, with $150 million committed at close and an option for up to $150 million more, provided by a syndicate of global banks led by RBC Capital Markets. RBC Capital Markets, LLC served as sole structuring agent and coordinating lead arranger. SMBC acted as coordinating lead arranger, administrative agent, and collateral agent, and UBS Investment Bank served as coordinating lead arranger.
The advisory roster included:
- Vinson & Elkins LLP — legal counsel to Terawatt.
- Milbank LLP — counsel to the lending group.
- DNV Energy USA Inc. — technical advisor to Terawatt.
“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,” said Nanda Kamat, Managing Director and Head of Project Finance, RBC Capital Markets. “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 U.S.”
A Full-Stack Charging Model
Terawatt says it owns and operates every layer of the charging infrastructure stack, including real estate, power, charger and power-management software, and charging operations. Its customers include AV rideshare companies and heavy-duty fleets, and the company describes its network of purpose-built AV and commercial EV charging sites as the largest in the country. By absorbing the cost and complexity of building that infrastructure, Terawatt allows fleet operators to convert large capital expenditures into operating expenses.
“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,” said Neha Palmer, CEO and Co-Founder of Terawatt. “This financing accelerates our path to building a durable foundation of infrastructure for the industry which is emerging as an attractive new asset class.”
Charging as an Emerging Asset Class
The financing arrives as automated transportation scales. The global robotaxi market is expected to reach $415 billion by 2035, growing from roughly 7,000 vehicles in 2025 to 6 million in 2035. Terawatt estimates that the infrastructure supporting this technology, concentrated in core rideshare markets, could surpass roughly $200 billion in investment by 2040, based on company and Bloomberg New Energy Finance figures.
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