Northleaf Capital Partners is acquiring a controlling stake in EVPassport, a North American electric-vehicle (EV) charging company.
The private markets investment manager has committed $200m (€188m) to fund EVPassport’s capital requirements and to accelerate the development of its EV charging systems across North America.
Since its inception in 2020, EVPassport has deployed thousands of chargers in 35 US states, as well as Canada and Mexico.
The company allows for charging infrastructure to be installed under an infrastructure-as-a-service (IaaS) model. It also has a technology platform to support customer experience.
It provides an end-to-end EV charging solution to businesses, focusing on the multifamily, hospitality and retail sectors. Existing customers include Viejas Casino and Resort, National Development, Ace Parking, Millennium Park Garages, and Nuveen.
“We’re excited to partner with EVPassport and apply our market knowledge and industry expertise to build out this critical infrastructure,” said Olivier Laganiere, managing director at Northleaf.
“With a significant installed base across the country, EVPassport is poised to meaningfully expand its footprint and help drive the EV transition. Under EVPassport’s IaaS framework, site host customers are able to offer an increasingly critical transportation amenity to tenants or clients, while individual charging users benefit from strong reliability, high uptime, and customer-driven features.”
Laganiere added: “This investment is an excellent fit with Northleaf’s infrastructure strategy and our investors benefit from the long-term, contracted cashflow profile that underpins EVPassport’s business model.”
EVPassport was co-founded by CEO Hooman Shahidi and chief technology officer Aaron Fisher.
Shahidi said: “We are thrilled to have the support of a global infrastructure investor like Northleaf as an endorsement of our vision, model, and the market opportunity ahead of us.
“Northleaf’s experience and resources will enable us to accelerate our growth, execute our business plan, and ensure the highest quality of service and reliability to our drivers and enterprise customers. With our focus on building a secure, dependable and integrated charging network, we are strategically positioned to increase our market share through business and product innovation.”
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