Northleaf Capital Partners has agreed to acquire a controlling stake in EVPassport Inc., an electric vehicle charging platform firm based in the US.
EVPassport focuses on the deployment of Level 2 and Level 3 EV chargers across North America.
According to GlobalData’s deals database, funds managed by Northleaf have committed $200 million to EVPassport to help the build-out of EV charging systems.
Olivier Laganiere, Managing Director at Northleaf said: “With a significant installed base across the country, EVPassport is poised to meaningfully expand its footprint and help drive the EV transition.”
Since being established in 2020, EVPassport has expanded its network to 35 states in the US, as well as Canada and Mexico. It has focused on hospitality and retail sectors.
Hooman Shahidi, Co-Founder and CEO of EVPassport 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.”
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EVPassport provides end-to-end EV charging to both enterprise and commercial businesses. The company uses a business model that allows for charging infrastructure to be installed under an infrastructure-as-a-service (IaaS) model. The framework is paired with a technology platform uses open API integrations.
Since EVPassport’s inception in 2020, the company has scaled its network to 35 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. Existing customers include Viejas Casino and Resort, National Development, Ace Parking, Millennium Park Garages, and Nuveen.
“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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