Northleaf commits US$200m to EVPassport infrastructure
EVPassport, Inc, was founded by a team of leaders across technologies, enterprise software, and financial services representing experience from companies like Oracle, Salesforce, Booz Allen, and the White House. Headquartered in Los Angeles, California, the company is the technological evolution of EV charging software and hardware for forward-thinking companies worldwide
Northleaf Capital Partners, a leading global private markets investment firm, has acquired a controlling stake in EVPassport. Funds managed by Northleaf have committed US$200 million to fund EVPassport’s capital requirements and accelerate the build-out of EV charging systems.
Consumer-focused EV charging
EVPassport provides an end-to-end EV charging solution to both enterprise and commercial businesses. The company utilises an innovative business model that allows for charging infrastructure to be installed under an infrastructure-as-a-service (“IaaS”) model, supporting its client base with turnkey solutions. This contractual framework is paired with an advanced technology platform that prioritises the customer experience through high reliability, open API integrations, and an app-less charging experience.
“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. 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.”
Since EVPassport was founded in 2020, the company has expanded to 35 US states, as well as Canada and Mexico. It has deployed thousands of chargers, primarily focusing on the multi-family, hospitality, and retail sectors, while delivering a 99.97% uptime.
“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,” said Hooman Shahidi, Co-Founder and CEO of EVPassport.
“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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