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
Funding History
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) |
Product Specifications
| 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 |
Partnerships & Investors
TeslaOEM Supplier
370 Tesla Semi order announced May 2026 — largest Class 8 EV deployment in California
Apollo Global ManagementInvestor
Strategic financing partner
VitolInvestor
Energy trading firm; strategic investment
Canon EquityInvestor
Lead seed investor (2022 $6M)
Federal Highway AdministrationGovernment Grant
$75.6M CFI grant (Jan 2024)
US DOTGovernment Grant
$33.6M Corridor Enhancement grant (Late 2023)
California Energy CommissionGovernment Grant
~$5M for Bakersfield depot
Key Milestones
2020
Company Founded
Salim Youssefzadeh founds WattEV in Long Beach to build solar-powered megawatt truck charging and a Truck-as-a-Service offering
Oct 2021
Bakersfield Groundbreaking
Construction begins on California's first solar-powered electric truck stop
2022
Port of Long Beach Depot Opens
First public truck-charging depot at the Port of Long Beach
2023
Bakersfield Megawatt Depot Opens
Solar-powered megawatt truck charging depot goes live in Bakersfield (4th California site)
Jan 2024
$75.6M FHWA Grant
Federal Highway Administration awards record CFI grant for West Coast Electric Highway buildout
2025
Three New SoCal Megawatt Depots
Accelerated buildout: additional megawatt depots in Southern California announced
2025
75-Truck Fleet, 7M+ Miles
WattEV-operated fleet surpasses 7 million electric freight miles in drayage and middle-mile
Feb 2026
San Bernardino Expansion
Doubles capacity at busiest depot to >11 MW, supporting 200 charging cycles/day
May 2026
370 Tesla Semi Order
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