19 Jan WattEV Secures Record-Breaking $75.6 Million in Federal Grants

WattEV, the nation’s leading medium- and heavy-duty electric truck charging infrastructure developer, has clinched a record-breaking $75.6 million in federal grants from the U.S. Federal Highway Administration (FHWA). This substantial funding is dedicated to expanding the West Coast Electric Truck Charging Corridor with the construction of three additional commercial electric truck charging depots in California.

Partnering with the San Joaquin Valley Air Pollution Control District (APCD) and the City of Blythe, WattEV’s grant awards stand out as the most significant financial allocation in this FHWA grant cycle for any individual charging infrastructure developer across the nation.

WattEV CEO Salim Youssefzadeh expressed enthusiasm, stating, “These substantial investments from the federal government play a pivotal role in advancing the development of essential public truck charging infrastructure, a key factor for the success of commercial freight electrification on the West Coast and beyond.”

This financial boost follows WattEV’s earlier $33.6 million grant from the Transportation Corridor Enhancement Program in late 2023, bringing their total recent federal funding awards to an impressive $109 million.

WattEV has been at the forefront of the push towards zero-emission transport solutions, with the successful launch of the first corridor for public-access medium- and heavy-duty electric vehicle charging over the past three years. The company also offers an innovative Truck-as-a-Service (TaaS) model, providing fleets with access to Class 8 battery-electric trucks, maintenance support, insurance, and charging across the entire WattEV network.

The latest FHWA grants, part of the Charging and Fueling Infrastructure Discretionary Grant Program (CFI) 2023-24 grant cycle, include a $56 million award for two state-of-the-art truck charging sites in Taft and Gustine, California. These sites, strategically located along the I-5 freight corridor, aim to support zero-emissions goods movement, addressing the urgent need for sustainable solutions in the region.

WattEV’s commitment extends to grid stability and cost-effective charging solutions, with the Taft and Gustine sites incorporating solar panels, battery electric storage systems, and a total of 175 CCS chargers and 17 MCS chargers.

Another grant of $19.6 million has been awarded to WattEV and the City of Blythe for a multi-class electric vehicle charging facility on a 127-acre parcel of land in Riverside County, California, near the state line with Arizona. This facility, situated along the I-10 freight corridor, aligns with environmental goals and supports interstate electric truck commerce.

WattEV’s CEO highlighted their leadership in adopting the new MCS charging standard, anticipating a fundamental shift in how truck drivers perceive the viability of electric trucks for longer freight routes. The debut of MCS chargers is expected in early 2024 at WattEV’s Bakersfield charging depot, partially funded by the California Energy Commission.

Automobility Ltd is proud that its EXCELerate portfolio company WattEV has received $75.6 Million in grand funding to further expand WattEV’s MCS charging network, facilitating quick recharging and maximizing uptime for truck drivers.

Please contact us at [email protected] if you would like further information on this startup or to learn more about other Auto & Mobility investment opportunities from our EXCELerate opportunity pipeline.