- Apollo and Vitol back WattEV for electric freight solutions, targeting emissions regulations in California.
- The plan includes setting up charging depots across the state, with a focus on efficient and economical solutions.
- WattEV, supported by Apollo’s Sustainable Investing Platform and Vitol’s clean energy commitment, aims to lead in heavy-duty electrification.
Apollo and Vitol have teamed up to boost WattEV’s initiative to electrify freight in California
Based in Long Beach, California, WattEV is ahead of the game in electrifying medium- and heavy-duty vehicles. They run the largest heavy-duty public electric charging site at the Port of Long Beach. The plan? Tackling emissions regulations for over 30,000 heavy-duty drayage trucks in California.
Apollo-managed funds and Vitol are throwing in structured debt and equity financing. This financial boost aims to help WattEV set up truck charging depots all over California. They’re eyeing spots in Gardena, San Bernardino, and Bakersfield. Therefore, this move could seriously pave the way for cleaner freight solutions.
Salim Youssefzadeh, Co-Founder and CEO of WattEV, said:
“By providing the infrastructure, supplies and services to move freight and help fleets transition to cleaner electric energy, WattEV is able to help customers achieve meaningful decarbonization benefits while providing an efficient, effective and economical solution for shippers and carriers across the country. With the support of the Apollo and Vitol teams, we believe we are well positioned to scale our operations and make meaningful change towards a greener future.”
The deal reflects Apollo’s strong commitment to a sustainable future. So, they’ve launched a Sustainable Investing Platform, targeting $50 billion in clean energy and climate capital by 2027. Vitol, with its global energy transition legacy, aligns with WattEV’s mission.
R. Andrew de Pass, Head of Renewables and Sustainability Investments at Vitol, stated:
“With 1.2 GW of operational renewable generation capacity and over $2.2 billion committed to renewable and sustainable investments, Vitol is focused on building an energy business for the future.
WattEV’s leadership in using distributed energy resources with solar and battery storage to support the growth of clean freight transportation is aligned with our commitments to clean energy and zero emission transport.”
This collaboration is a significant step in electrifying heavy-duty trucking. Ultimately, it brings together financial know-how, industry leadership, and a commitment to sustainability. With backing from Apollo and Vitol, WattEV will revolutionize the electric freight solutions landscape in California.
Apollo Partner Joey Romeo commented:
“With a differentiated business model, first-mover advantage and significant tailwinds supporting the Company’s trajectory, we believe WattEV is poised to capture a significant share of the high-growth EV fleet charging sector. We are excited to partner with Vitol on this financing to help accelerate the Company’s growth and look forward to working with the WattEV team to help the Company execute on its mission to accelerate the heavy-duty trucking industry’s transition to all-electric transportation.”
