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TeraWatt Infrastructure received funding to expand the charging center infrastructure
TeraWatt Infrastructure held a Series A financing round that raised $1 billion. The funds will be used to expand the infrastructure of charging centers for electric vehicles.
TeraWatt is engaged in the development of charging complexes for electric vehicles. This niche is becoming more and more relevant, given the climate problems and the desire of the world community to achieve an environmental strategy. The company provides charging stations for commercial electric vehicles, making them more affordable. The popularization of electric cars and the support of states for their manufacturers has led to an increase in the number of such vehicles. At the same time, however, the problem of a limited number of charging stations for them has arisen. TeraWatt provides solutions for the commercial sector, trying to create the necessary infrastructure for it that can cover the growing demand
The company started out as one of Google’s divisions, but in 2021 it began doing business on its own. Since then, it has bought properties located in strategic locations, such as near gas stations, car parks, and along highways. It now has car charging centers there, and several other projects are under construction. The company now has facilities in 18 states, a number of which are being converted to electric vehicle infrastructure. In the first stages, TeraWatt plans to expand its network in the western regions, after which it will begin to roll out centers in the east.
TeraWatt is rolling out infrastructure for large- and medium-duty electric trucks. The network is being built along the I-10 freeway, which starts in California and leads to Texas. According to the company’s plans, the electric corridor will include several charging centers, and they will be located throughout California, New Mexico, and Arizona. This infrastructure is intended exclusively for trucks. Thus, TeraWatt wants to differentiate the network separately for cars and trucks.
Each I-10 center includes about 10 separate constant-current chargers that provide quick charging. In addition, the facilities allow drivers to spend time in comfort while they wait for their batteries to charge. Such centers are oriented primarily to vehicles that perform long-haul transportation, but they can also be used for short-distance transportation.
TeraWatt’s charging centers are about 150 miles apart, so drivers don’t have to worry about whether they have enough charge to make it to the station. In the future, such centers will appear along other important highways, but first, the company must purchase suitable real estate to equip them. To do this, it will use raised funds.