EQT will take majority control of a merged electric-vehicle charging business combining its portfolio company Voltera with Revel Transit. The combined entity will operate under the Voltera brand with over 1,000 charging stalls across 11 major US markets at closing, though valuation terms remain undisclosed. Revel's Frank Reig will lead the merged operation.

Voltera brings development capabilities and fleet operator relationships to the table, while Revel contributes urban operating expertise in dense metropolitan areas. The merger creates a sharper division of labor between two major infrastructure sponsors, with EQT assuming operational control and BlackRock's GIP maintaining minority investment.

Erwin Thompson of EQT noted that urban mobility electrification represents one of this decade's most capital-intensive infrastructure buildouts. The deal comes as charger availability becomes a critical bottleneck for commercial EV adoption, particularly with robotaxi services scaling nationwide.

Revel pivoted from its loss-making New York rideshare operations nine months ago to focus exclusively on charging infrastructure, partnering with Uber to guarantee driver usage. The platform plans expansion into fleet services and energy management offerings, though Voltera CEO Brett Hauser will step down post-closing.