CHICAGO, Ill. — Zenobē is expanding into U.S. electric truck operations through the acquisition of California-based Revolv, a commercial fleet electrification company backed by GDEV Management.
“The acquisition signals growing confidence in the long-term opportunity for commercial vehicle electrification in North America,” Zenobē said.
The U.S. Zero Emission Truck (ZET) market is seeing rapid growth, with more than 59,000 ZETs deployed nationwide, with the highest concentration, more than 10,600, in California, according to a recent CALSTART Market Update.
“This acquisition adds to Zenobē’s established U.S. presence in student transportation and public transit while bringing its global operational depth, engineering expertise and customer focus to new customer sites and fleets,” Zenobē said. “Zenobē now supports multiple live EV fleets in North America, with more projects under development, and over 3,400 vehicles supported by its global business.”
Revolv Aquisition
Zenobē has assumed operational responsibility for 13 customer sites and 100-plus electric trucks in California, as well as additional projects in development. The Revolv team joining Zenobē will strengthen its North American commercial fleet expertise and ensure continuity for customers as Zenobē focuses, post-acquisition, on a seamless transition.
“Revolv’s end-to-end fleet electrification model is highly complementary to Zenobē’s global experience and our growth plans in North America,” said Andreas Lips, Zenobē’s president of EV North America. “As commercial fleet electrification enters its next phase, operators are increasingly seeking partners who can deliver vehicles, infrastructure, financing and long-term battery performance under one roof. This acquisition strengthens our ability to provide flexible, end-to-end solutions at scale across North America.”
Accelerating Electrification
“This is a strong opportunity to accelerate electrification at scale, by pairing Revolv’s fleet electrification platform with our deep experience and unique financing models,” said Steven Meersman, founder, director of Zenobē. “We’re grateful to Revolv CEO Scott Davidson and the team at GDEV Management for backing Revolv early on. Now we are taking it to the next stage.”
Zenobē is focused on supporting operators through the transition to zero-emission fleets. The company’s project portfolio includes school bus electrification projects in Methuen, Mass., New York’s Long Island and Chicago, Ill.; a large-scale transit program in Brampton, Ont. currently under development; and commercial fleet partnerships across Canada and the U.S.
Battery-as-a-Service
Zenobē’s fleet electrification approach places battery performance, health and lifecycle value at the center of its electrification strategies. Through its battery-as-a-service offering, the company provides performance guarantees, assumes battery and electrification risk, and captures residual value through second-life solutions, benefitting school bus, transit and commercial fleet operators alike, according to Zenobē.
“This acquisition reflects our shared belief in the long-term opportunity for fleet electrification and the important role private infrastructure capital can play in accelerating the global energy transition,” said Shreya Malik, managing director, infrastructure at KKR, an investor in Zenobē. “We are pleased to support Zenobē as it continues to scale its North America platform.”
Expanding North American Infrastructure
“Since first investing in 2020, we have worked alongside Zenobē to support its expansion, and we’re proud to continue backing the business as it scales its premium fleet electrification capabilities in North America,” said Priya Veerapen, managing director, Infracapital. “The addition of Revolv marks another important milestone, providing a strong foundation for further growth in this vital, hard‑to‑decarbonize sector.”
Revolv and GDEV Management were represented by Troutman Pepper Locke LLP, and Zenobē was represented by Dentons US LLP, in connection with the transaction.
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
