New Zealand-based charging-as-a-Service (CaaS) provider Invisible Urban Charging (IUC) has entered into a financing agreement with Redaptive, which deploys energy-as-a-service (EaaS) installations for whole-building portfolios, to supply capital for the financing and refinancing of some of IUC’s portfolio of contracted EV charger deployments in the US and Europe.
The partnership aims to allow sites to upgrade their EV infrastructure at scale with no upfront costs.
Redaptive recently announced a $650-million credit facility from CDPQ, a global investment group, and Nuveen, the investment manager of TIAA, to expand its EaaS platform and increase its capabilities to fund projects with companies such as IUC, which has a deep inventory of charger deployment contracts that will leverage the funding.
Initial financing from Redaptive has already been committed to funding several hundred new IUC-contracted chargers, in addition to potentially more in its pipeline. That pipeline includes 5,000 chargers that IUC plans to deploy in partnership with Icon Parking, a private operator of public parking facilities in New York City.
In addition, following Icon’s acquisition of Platinum Parking in 2024, IUC announced that it would deploy 35,000 chargers across Platinum’s more than 300 sites in 19 US cities. IUC has also partnered with real estate investment trust Highwoods Properties, rolling out EV chargers at several of its properties, starting with three in Atlanta. IUC is also deploying at various commercial real estate sites in California, Illinois, Massachusetts, Connecticut and New Jersey.
“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.”
Source: Redaptive