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Voltera to Merge With Revel, Uniting EV Charging Networks
Business Is Building Infrastructure for Autonomous and Ride-Hail Vehicles
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Key Takeaways:
- Voltera and Revel are merging to build a large urban charging network focused on ride-hail and robotaxi fleets.
- The deal positions the company to capitalize on growing demand from commercial EV fleets as cities push electrification and charging remains a key bottleneck.
- EQT will control the combined company, blending Voltera’s development pipeline with Revel’s urban operations, while expanding into energy services and broader charging solutions.
Private equity-backed Voltera and Revel Transit Inc. have agreed to merge their electric vehicle charging businesses to serve ride-hail cars and robotaxis across urban areas in the U.S.
The combined business, which will operate under the Voltera brand and be led by Revel CEO Frank Reig, is expected to include more than 1,000 charging stalls across 11 major US markets, the companies said in a statement on May 26.
In addition to building infrastructure for autonomous and ride-hail vehicles, the new company “expects to explore adjacent opportunities,” including fleet services, charging for non-autonomous cars, and energy management solutions such as battery storage.
“Bringing these teams together is the natural next step to deliver greater scale and stronger solutions in the key markets where fleet and autonomous vehicle customers need reliable infrastructure the most,” said Reig in the statement.
The merger would create a major player in the market for charging commercial fleets as cities push taxi operators to switch to reduce carbon emissions. The number of available chargers has been a key bottleneck for EV adoption, with demand expected to grow as robotaxi companies expand commercial services across the .U.S this year.
Private equity group EQT AB, an existing shareholder of Los Angeles-based Voltera, will be the majority owner of the combined company. Revel’s primary investor, BlackRock Inc.’s Global Infrastructure Partners LP, will retain a stake in the new entity. The companies declined to disclose the valuation of the merged firm.
The development comes nine months after Revel announced plans to wind down its money-losing rideshare operation in New York and pivot to EV charging, with ambitions to add hundreds of stalls across L.A., San Francisco and New York this year. Revel counts Uber Technologies Inc. as a key partner after the ride-hail giant agreed to guarantee usage by its drivers at Revel charging stations.
The companies said the merger will combine Voltera’s development capabilities and customer relationships with Revel’s established urban footprint and operating expertise.
“The electrification of urban mobility is one of the most capital-intensive infrastructure buildouts of this decade, and the operators who move first in the right markets, and with the right assets, will define the category,” said Erwin Thompson, a partner at EQT.
Voltera CEO Brett Hauser will transition out of that role following the closing of the deal, and will remain at the organization in a “senior commercial advisory capacity” to ensure a smooth transition, according to the statement.
