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Total Raised
$130M+
Heavily federal-grant-funded
Federal Grants Awarded
~$109M
FHWA + Corridor
Operational Depots
6
Long Beach, San Bernardino, Gardena, Bakersfield, Vernon, Oxnard
Active Fleet
75 trucks
7M+ miles operated
Tesla Semi Order
370
Largest Class 8 EV CA order
Sites in Development
15+
Including Stockton, Sacramento, Oakland, Fresno
Total raised: $130M+ (incl. ~$109M federal grants)
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Seed | 2022 | $6M | - | Canon Equity (lead) |
| Early/strategic equity | 2020-2023 | Undisclosed | - | VitolApollo Global Management (later financing) |
| California Energy Commission Grant | 2021-2022 | ~$5M | - | California Energy Commission |
| FHWA Federal Grant | 2024 | $75.6M | - | Federal Highway Administration (CFI program) |
| Transportation Corridor Enhancement Grant | Late 2023 | $33.6M | - | US DOT (CFI / Corridor program) |
| Feature | WattEV Charging Depot | WattEV Truck-as-a-Service |
|---|---|---|
| Model | Public + private megawatt-capable charging hubs | Pay-per-mile leasing of trucks + charging + maintenance |
| Operational Sites | Port of Long Beach, San Bernardino, Gardena, Bakersfield, Vernon, Oxnard (6 active) | 75-truck fleet operating across SoCal drayage and middle-mile |
| Power Source | On-site solar + grid; solid-state transformer R&D | N/A: fleet operations |
| Charging Speed | Up to MCS megawatt-class (300 mi in ~30 min on Tesla Semi) | N/A |
| Target Vehicle | Class 8 medium- and heavy-duty trucks | Class 8: Tesla Semi and other OEMs |
| Pipeline | Stockton (2026), Sacramento (groundbreaking 2026), Port of Oakland, Fresno, +15 sites in development | Scaling toward full 370-Tesla-Semi rollout by end of 2027 |
370 Tesla Semi order announced May 2026: largest Class 8 EV deployment in California
Strategic financing partner
Energy trading firm; strategic investment
Lead seed investor (2022 $6M)
$75.6M CFI grant (Jan 2024)
$33.6M Corridor Enhancement grant (Late 2023)
~$5M for Bakersfield depot
Salim Youssefzadeh founds WattEV in Long Beach to build solar-powered megawatt truck charging and a Truck-as-a-Service offering
Construction begins on California's first solar-powered electric truck stop
First public truck-charging depot at the Port of Long Beach
Solar-powered megawatt truck charging depot goes live in Bakersfield (4th California site)
Federal Highway Administration awards record CFI grant for West Coast Electric Highway buildout
Accelerated buildout: additional megawatt depots in Southern California announced
WattEV-operated fleet surpasses 7 million electric freight miles in drayage and middle-mile
Doubles capacity at busiest depot to >11 MW, supporting 200 charging cycles/day
Largest single Class 8 EV truck order in California; first 50 trucks delivering 2026, full fleet operational by end of 2027; new Port of Oakland and Fresno MCS sites planned
Truck-as-a-Service with dedicated charging depots; $75.6M FHWA grant. WattEV was founded in 2020 and is headquartered in Long Beach, CA.
WattEV has raised $130M+ (incl. ~$109M federal grants) in total, based on the funding rounds Sterling tracks.
Sterling groups WattEV in the Semi Trucks sector, alongside TeraWatt Infrastructure (private) and Greenlane (private).
If you are researching WattEV, also look at TeraWatt Infrastructure (private) and Greenlane (private). You can browse the full Semi Trucks sector on Sterling.
