EV Realty, an EV infrastructure development platform for commercial fleets, has formed a joint venture with real estate investment firm GreenPoint Partners to build what EV Realty calls Powered Properties—charging hubs for medium- and heavy-duty EVs—in California and other strategic US markets.
For the $200-million project, the companies will use GreenPoint’s real estate investment expertise to identify and acquire strategic sites in key logistics markets with access to significant grid capacity, and will develop Powered Properties, which EV Realty will operate and manage.
EV Realty’s existing portfolio of charging projects includes sites in Oakland, Livermore and San Bernardino. Members of the EV Realty team have been involved in the installation of 70 Tesla Supercharger hubs and more than 7,000 EV chargers in California.
“With a shared vision for the property type and deep understanding of commercial real estate markets, GreenPoint and our team structured a partnership that enables us to be a competitive buyer of quality infill industrial and commercial real estate,” said Patrick Sullivan, co-founder and CEO of EV Realty. “Leveraging our infrastructure development and grid expertise, we are focused on a grid-first strategy to acquire property that unlocks access to large amounts of power—a critical barrier to electrifying large commercial fleets at scale.”
“There is a clear and significant need for the EV charging infrastructure required to meet growing commercial demand,” said Chris Green, founder and CEO of GreenPoint. “The combination of our industrial real estate expertise with EV Realty’s proprietary Powered Properties structure will create a scalable solution for large fleets.”
Source: EV Realty
