EvConneX merges with Revel

Voltera and Revel, two U.S. electric vehicle charging companies, have entered into a merger to form a new entity focused on providing fast-charging solutions for fleets and autonomous vehicles in urban areas. The merged company will operate under the Voltera name, managing over 1,000 charging stalls across 11 metropolitan markets in the United States. This strategic merger aims to create one of the largest networks catering specifically to fleet and autonomous vehicle customers in dense city environments.

The new company will have EQT as its majority owner. Global Infrastructure Partners, an arm of BlackRock, which is Revel’s primary sponsor, will retain a minority stake. Revel's Chief Executive, Frank Reig, is set to lead the combined entity as the new Chief Executive of Voltera. Meanwhile, Brett Hauser, currently Voltera's CEO, will transition to a senior commercial advisory role to assist with the integration process.

This merger represents a strategic effort to consolidate resources and expertise to better serve the evolving needs of fleet and autonomous vehicle customers, particularly in urban locations where reliable charging infrastructure is crucial. According to Reig, this collaboration is a pivotal move to enhance the scale and quality of solutions offered. Erwin Thompson, a partner at EQT, highlighted the importance of electrification within urban mobility, describing it as among the most capital-intensive infrastructure investments of the current decade.

The merger's focus on a capital deployment strategy that prioritizes fleet and autonomous vehicle operations is timely, given the growing trend towards electric fleets and the gradual shift to autonomous transport solutions. The initiative also plans to delve into services beyond charging in the future, including battery storage, energy management, and integrated fleet services, positioning the company to capitalize on emerging opportunities within the electric vehicle ecosystem.

As the integration unfolds, the new Voltera will need to navigate regulatory landscapes and align its operations across different urban markets. The merger's success will hinge on effectively deploying capital and managing the transition of operations to realize its ambition of becoming a dominant player in the urban EV charging sector.