Zenobē Acquires Revolv, Driving Deeper into US Electric Truck Market

CHICAGO, IL – March 19, 2026 – Global fleet electrification specialist Zenobē has acquired California-based Revolv, a significant strategic move that marks its official entry into the competitive North American commercial electric truck sector. The deal, announced today, signals a strong vote of confidence in the long-term viability of U.S. fleet decarbonization, even as the market navigates short-term policy and sales volatility.

Through the acquisition, Zenobē takes control of 13 operational customer sites and a fleet of over 100 electric trucks, primarily concentrated in California. This immediately establishes a robust foothold in the nation's leading market for zero-emission vehicles and complements Zenobē's existing North American projects in student transportation and public transit.

A Calculated Bet on a Volatile Market

Zenobē's expansion into trucking comes at a pivotal moment for the U.S. Zero-Emission Truck (ZET) market. While adoption is growing rapidly—with over 59,000 ZETs now deployed nationwide according to recent data from CALSTART—the path has not been smooth. The market experienced a notable downturn in 2025, with sales falling significantly below the previous year's levels, a trend analysts attribute to shifting federal policies and the termination of some clean vehicle tax credits.

Despite these headwinds, the underlying momentum at the state level remains strong. California, with over 10,600 ZETs, continues to lead the charge, driven by its aggressive Advanced Clean Trucks (ACT) and Advanced Clean Fleets (ACF) regulations. Other states are also showing impressive growth, with Texas and Florida now ranking second and third for total deployments, respectively. This acquisition positions Zenobē to capitalize on this powerful, state-led push for decarbonization.

"Revolv's end-to-end fleet electrification model is highly complementary to Zenobē's global experience and our growth plans in North America," said Andreas Lips, Zenobē's President of EV North America. "As commercial fleet electrification enters its next phase, operators are increasingly seeking partners who can deliver vehicles, infrastructure, financing and long-term battery performance under one roof."

Beyond the Vehicle: An End-to-End Service Model

The strategic value of the acquisition lies not just in the number of trucks but in the integration of two companies championing a comprehensive, service-based approach to electrification. Before the acquisition, Revolv built its business by offering a turnkey "EV Fleet-as-a-Service" model, bundling vehicles, charging infrastructure, software, and maintenance into a fixed monthly payment. This approach was designed to simplify the complex transition for small and medium-sized businesses, which often lack the resources to manage the process themselves.

Zenobē brings a similar, but globally scaled, philosophy. The company is renowned for its "battery-as-a-service" offering, where it assumes the risk of battery performance and degradation, provides performance guarantees, and manages the battery's entire lifecycle, including second-life applications. By combining Revolv's on-the-ground U.S. fleet expertise with Zenobē's global engineering depth and sophisticated financing models, the merged entity aims to offer an unparalleled, low-risk pathway for fleet operators to go electric.

"This is a strong opportunity to accelerate electrification at scale, by pairing Revolv's fleet electrification platform with our deep experience and unique financing models," noted Steven Meersman, Founder Director of Zenobē. The Revolv team will be integrated into Zenobē, ensuring operational continuity for existing customers and strengthening the company's North American commercial fleet capabilities.

California as a Launchpad for Continental Ambition

With Revolv's assets heavily concentrated in California, Zenobē is effectively acquiring a ready-made laboratory for navigating the country's most advanced regulatory environment. The state’s ACF rule, which mandates a phased transition toward 100% zero-emission truck sales by 2036, creates a predictable, long-term demand that de-risks investment in charging infrastructure and fleet services. Success in this demanding market can serve as a blueprint for expansion into other states and regions that are following California's lead.

This move is not an isolated venture but part of a broader, multi-faceted North American strategy. Zenobē has already established a presence through school bus electrification projects in Illinois, Massachusetts, and New York. The company is also developing a large-scale transit program in Brampton, Ontario, and recently provided CA$48 million in debt financing to Canadian leasing firm 7Gen to support the deployment of over 500 commercial EVs. This pattern of investment across different vehicle segments and geographies underscores a long-term commitment to becoming a dominant force in the continent's energy transition.

Investor Confidence in the Face of Headwinds

The acquisition is backed by Zenobē’s major investors, KKR and Infracapital, who view the current market turbulence as a temporary "bump in the road" on a clear long-term trajectory. Their continued investment highlights a belief that the fundamental economics of fleet electrification—including lower total cost of ownership, reduced maintenance, and fuel price stability—will ultimately win out over short-term political shifts.

"This acquisition reflects our shared belief in the long-term opportunity for fleet electrification and the important role private infrastructure capital can play in accelerating the global energy transition," said Shreya Malik, Managing Director, Infrastructure at KKR.

Priya Veerapen, Managing Director at Infracapital, added, "The addition of Revolv marks another important milestone, providing a strong foundation for further growth in this vital, hard‑to‑decarbonize sector."

This confidence is bolstered by data from the field. Despite challenges, surveys show that over 90% of fleet operators currently using EVs plan to acquire more, citing benefits like improved driver satisfaction and significant emissions reductions. By acquiring Revolv, Zenobē is not just buying assets; it is betting that the practical, on-the-ground benefits of electric trucks will fuel sustained demand, creating a vast market for the integrated, full-service solutions it is now uniquely positioned to provide across North America.