#76: Terawatt secures $300M for AV charging

The 2 big stories

• Terawatt raises $300M in debt financing to build AV and fleet charging depots

• On America’s 250th birthday, new poll shows broad concern about the country’s direction

Plus, featured headlines.

Steve

Industry News

Terawatt raises up to $300M in debt

Terawatt has secured up to $300M in debt financing through a bank syndicate led by RBC Capital Markets, along with Sumitomo Mitsui Banking Corporation and UBS Group.

The facility begins with $150M committed and includes an option for another $150M. The capital will fund development of new charging depots serving autonomous vehicle fleets.

Terawatt has already raised more than $1B in equity and Waymo is one of its highest-profile customers.

Steve's take

This debt financing shows that charging infrastructure has officially graduated into an institutional asset class. Venture investors were betting Terawatt could build a new category. Banks are now betting that the underlying infrastructure is durable enough to lend against. By issuing this debt facility, RBC and its syndicate are directly underwriting Terawatt’s cash flows against tangible real assets and its core partnership with Waymo.

This is a significant shift from a year ago, when fleet infrastructure relied heavily on dilutive venture equity and strategic corporate tie-ups, such as Uber's $100M robotaxi charging investment (issue #67). The core thesis remains that robotaxi fleets cannot scale without dedicated, high-power charging infrastructure. What’s changed is how that infrastructure is being financed, shifting from expensive venture capital to lower-cost institutional debt.

Power and Policy

New poll shows broad concern about America’s direction ahead of 250th Anniversary

As the United States prepares to celebrate its 250th anniversary, a new PBS News/NPR/Marist poll finds that Americans across the political spectrum share a striking sense that the nation has drifted from its founding ideals. Fully 83% of Americans say the country has moved at least somewhat away from its founding principles, including 47% who believe it has moved “far away.” While views differ over the causes—and Republicans and Democrats often point to different explanations—the poll suggests a rare area of bipartisan agreement: many Americans believe the country’s core institutions and civic culture are under strain. At the same time, most respondents remain proud to be American and view the nation’s founding principles as worth preserving, underscoring that concern about the country’s direction is rooted more in a desire for renewal than a rejection of its ideals.

Rob’s take

As we pause to celebrate America’s 250th birthday, I choose to focus on what has always made this country exceptional: our remarkable ability to adapt, debate, innovate, and ultimately move forward together. The United States has endured civil war, economic depression, world wars, terrorism, and countless political disagreements. Each generation has been challenged to leave the country stronger than it found it, and history shows that Americans have repeatedly risen to that challenge. I remain confident that this generation will do the same.

That optimism is shaped in part by Steve and my experience serving in the United States Navy. It was a privilege to serve alongside Americans from every corner of the country, with different backgrounds, beliefs, and life experiences, all united by a shared commitment to something larger than themselves. That experience reinforced my belief that our greatest strength has never been the absence of disagreement—it has been our shared dedication to the Constitution, the rule of law, and the enduring promise of the American experiment. As we celebrate 250 years of our republic, I remain proud of that service, grateful to call this country home, and optimistic about the future that lies ahead.

Happy Birthday, America 🇺🇲

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Featured Headlines

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⚡️Steve and Rob

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