Zeem Solutions secures funds, partner for EV fleet-as-a-service model growth
By Becky Schultz07 July 2022
Zeem Solutions, a zero-emission “fleet-as-a-service” provider, announced it has secured a $50 million capital commitment from a fund managed by Arclight Capital Partners, LLC (ArcLight) to expand its business model, which overcomes barriers to EV adoption by providing customers the opportunity to operate battery-electric trucks, vans and shuttle buses for a flat monthly fee – inclusive of vehicle lease, charging, maintenance and insurance – at a reportedly lower cost than owning and operating a gas or diesel fleet.
According to Jake Erhard, partner and head of ESG at ArcLight, “The investment in Zeem Solutions furthers ArcLight’s strategy of making tactical, scalable investments in the energy transition space, in partnership with leading operators that can leverage our execution capabilities and existing investments in advanced mobility, electric power and real estate.”
In addition to its unique business model, Erhard said, “The tangible environmental and social impacts of the company’s strategy really stood out to us. We are also thrilled to capitalize in this transaction on our relationship with LAZ Parking Realty Investors (LPRI), a proven industry leader that is poised to be a key enabler of the decarbonization of transportation.”
Zeem Solutions has formed a strategic partnership with LPRI, a national commercial real estate developer and part of leading privately-owned parking operator LAZ Parking. The partnership – through which LPRI will become an equity partner in Zeem Solutions - will include co-development of new charging and service depot locations nationwide. LPRI will provide site selection, acquisition and construction capabilities.
“Our partnership with Zeem Solutions aligns with our continued focus on cutting edge technology and supports our broader investment to build an expansive network of EV charging solutions,” said Alan Lazowski, chairman and CEO of LAZ Parking. “As an expert in commercial infrastructure, we provide a critical component to help scale Zeem Solutions’ model nationwide.”
Paul Gioupis, co-founder and CEO, Zeem Solutions, stated, “The investment by ArcLight and our partnership with LPRI allows us to rapidly build out commercial electric vehicle depots at locations across California and beyond. Our growing portfolio of electric vans, trucks, and buses, when bundled with our specialized charging infrastructure and services, will transform the way fleet operators do business using EVs.”
This latest announcement coincides with the launch of Zeem Solutions’ first LAX-based depot, which encompasses nearly 100 electric vehicles, 77 fast charging ports and 53 Level 2 chargers. Once at its full planned capacity, the depot will be the largest private commercial EV charging facility in the United States.