Invisible Urban Charging (IUC), a leading provider of Charging-as-a-Service (CaaS) solutions, announced that it has entered into a financing agreement with Redaptive, a leader in Energy-as-a-Service (EaaS) installations for whole-building portfolios and the installation of energy-saving and generating solutions, to supply capital for the financing and refinancing of certain upcoming and existing portions of IUC’s portfolio of contracted EV charger deployments at sites throughout the United States and Europe.
Redaptive’s financing solutions help enterprises with energy efficiency and sustainability projects, including funding the upfront costs, providing turnkey implementation of projects, and measuring results through smart metering. Its backers include Linse Capital, Canadian Pension Plan Investment Board, Honeywell International, and CBRE Group. Redaptive recently announced a US$650M credit facility from CDPQ, a global investment group, and Nuveen, the investment manager of TIAA, to expand its EaaS platform and grow its capabilities to fund projects with companies such as IUC.
“The IUC-Redaptive financing partnership provides us with the additional resources to meet our goal of deploying EV chargers in high density,” said IUC co-CEO and co-founder Jake Bezzant. “The addition of this financing creates a single source of sustainable, market-ready EV deployments for commercial real estate, with no upfront costs, fixed monthly expenses, exceptional service, and highly transparent, efficient energy solutions.”
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Initial financing from Redaptive has already been committed to funding several hundred new chargers that IUC has contracted, in addition to potentially several thousand more in its pipeline. That pipeline includes 5,000 chargers that IUC has partnered with Icon Parking, the largest private operator of public parking facilities in New York City, to deploy throughout its more than 200 sites. In addition, following Icon’s acquisition of Platinum Parking in 2024, IUC announced that it would be deploying 35,000 chargers across Platinum’s more than 300 sites in 19 U.S. cities. IUC also partnered with Highwoods Properties, a publicly traded real estate investment trust (REIT), rolling out EV chargers at several of its premier properties, beginning with three in Atlanta. IUC is also deploying at various commercial real estate sites in other states, including California, Illinois, Massachusetts, Connecticut, and New Jersey.
“The demand for upgraded EV infrastructure continues to grow and can create long-term value for a number of groups, including commercial real estate, industrial organizations, and REITs,” said Worth Gentry, Redaptive‘s Head of Product. “In IUC, we found a solutions provider whose approach to delivering this infrastructure – providing charging as a service in partnership with industry-leading groups – mirrors our own. By making the solution simple, and one market-tested and approved, we achieve the best kind of sustainable business, one that is profitable, repeatable, and transformative.”
SOURCE: PRNewsiwre