Apollo (NYSE: APO) and Vitol today announced that Apollo-managed
funds (the “Apollo Funds”) and Vitol have agreed to provide a
structured debt and equity financing to WattEV (“WattEV” or the
“Company”), an industry leader in heavy-duty freight
electrification providing end-to-end solutions to customers through
the development of electric charging infrastructure and
provisioning of electric vehicle trucks.
Based in Long Beach, California, WattEV benefits
from a first-mover advantage in the medium- and heavy-duty
electrification space and operates the largest heavy-duty public
access electric charging site by capacity in the U.S. at the Port
of Long Beach. The Company will seek to provide a solution for the
more than 30,000 heavy-duty drayage trucks in California that must
comply with near-term regulations to eliminate emissions, while
over time facilitating the electrification of heavy-duty vehicles
across the country more broadly. New financing from the Apollo
Funds and Vitol will help WattEV fund the development of its
near-term truck charging depots throughout California, including
locations in warehouse districts in nearby Gardena, San Bernadino,
and Bakersfield.
Salim Youssefzadeh, Co-Founder and CEO of
WattEV, commented, “By providing the infrastructure, supplies and
services to move freight and help fleets transition to cleaner
electric energy, WattEV is able to help customers achieve
meaningful decarbonization benefits while providing an efficient,
effective and economical solution for shippers and carriers across
the country. With the support of the Apollo and Vitol teams, we
believe we are well positioned to scale our operations and make
meaningful change towards a greener future.”
Apollo Partner Joey Romeo said, “With a
differentiated business model, first-mover advantage and
significant tailwinds supporting the Company’s trajectory, we
believe WattEV is poised to capture a significant share of the
high-growth EV fleet charging sector. We are excited to partner
with Vitol on this financing to help accelerate the Company’s
growth and look forward to working with the WattEV team to help the
Company execute on its mission to accelerate the heavy-duty
trucking industry’s transition to all-electric transportation.”
“With 1.2 GW of operational renewable generation capacity and
over $2.2 billion committed to renewable and sustainable
investments, Vitol is focused on building an energy business for
the future,” said R. Andrew de Pass, Head of Renewables and
Sustainability Investments at Vitol. “WattEV’s leadership in using
distributed energy resources with solar and battery storage to
support the growth of clean freight transportation is aligned with
our commitments to clean energy and zero emission transport,” de
Pass said.
The transaction underscores Apollo’s commitment
to driving a more sustainable future and long track record of
investing in or lending to companies supporting the energy
transition. Last year, Apollo launched its Sustainable Investing
Platform, which targets the deployment of $50 billion in clean
energy and climate capital by 2027 and sees the opportunity to
deploy more than $100 billion by 2030. Over the last five years,
Apollo Funds have deployed over $23 billion1 into energy transition
and sustainability-related investments, supporting companies and
projects across clean energy and infrastructure, including offshore
and onshore wind, solar, storage, renewable fuels, electric
vehicles as well as a wide range of technologies to facilitate
decarbonization.
Like Apollo, Vitol has a strong legacy of investing in companies
driving forward the energy transition and pursuing decarbonizing
technologies, from its sustainable transport company VGMobility,
which delivers e-fleet solutions in South America to battery
swapping solution provider, Sun Mobility in India.
Marathon Capital served as financial advisor to
WattEV on the transaction.
About WattEVWattEV's mission is to accelerate
the transition of U.S. trucking transport to zero emissions. It
relies on a combination of business and technology innovations to
create charging infrastructure and data-driven workflow that
provide truckers and fleet operators the lowest total cost of
ownership. WattEV's goal is to get 12,000 heavy-duty electric
trucks on California roads by the end of 2030, exceeding existing
forecasts. More information is available online at
www.WattEV.com.
About ApolloApollo is a high-growth, global
alternative asset manager. In our asset management business, we
seek to provide our clients excess return at every point along the
risk-reward spectrum from investment grade to private equity with a
focus on three investing strategies: yield, hybrid, and equity. For
more than three decades, our investing expertise across our fully
integrated platform has served the financial return needs of our
clients and provided businesses with innovative capital solutions
for growth. Through Athene, our retirement services business, we
specialize in helping clients achieve financial security by
providing a suite of retirement savings products and acting as a
solutions provider to institutions. Our patient, creative, and
knowledgeable approach to investing aligns our clients, businesses
we invest in, our employees, and the communities we impact, to
expand opportunity and achieve positive outcomes. As of September
30, 2023, Apollo had approximately $631 billion of assets under
management. To learn more, please visit www.apollo.com.
About VitolVitol is a global leader in the
energy sector with a presence across the spectrum: from oil through
to power, renewables and carbon. We trade and distribute energy
safely and responsibly around the world using our logistical
expertise and infrastructure network. Vitol’s clients include
national oil companies, multinationals, leading industrial
companies and utilities. Founded in Rotterdam in 1966, today Vitol
serves clients from some 40 offices worldwide and is invested in
energy assets globally, including 17 m m3 of storage globally,
circa 500 k b/d of refining capacity, more than 7,000 service
stations and a growing portfolio of transitional and renewable
energy assets. Revenues in 2022 were $505 billion. For more
information: www.vitol.com
WattEV ContactMichael
Coatesmedia@wattev.com(408) 399-9081
Apollo ContactsNoah GunnGlobal Head of Investor
RelationsApollo Global Management, Inc.(212)
822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
Vitol ContactAndrea SchlaepferHead of Corporate
Affairs+44 (0)7525 403796acs@vitol.com
1 As of December 2022. Reflects (a) for equity investments: (i)
total enterprise value at time of signed commitment for initial
equity commitments; (ii) additional capital contributions from
Apollo funds and co-invest vehicles for follow-on equity
investments; and (iii) contractual commitments of Apollo funds and
co-invest vehicles at the time of initial commitment for preferred
equity investments; (b) for debt investments: (i) purchase price on
the settlement date for private non-traded debt; (ii) increases in
maximum exposure on a period-over-period basis for publicly-traded
debt; (iii) total capital organized on the settlement date for
syndicated debt; and (iv) contractual commitments of Apollo funds
and co-invest vehicles as of the closing date for real estate debt;
(c) for SPACs, the total sponsor equity and capital organized as of
the respective announcement dates; (d) for platform acquisitions,
the purchase price on the signed commitment date; and (e) for
platform originations, the gross origination value on the
origination date.
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