The San Francisco company that decided electric trucking is, at heart, a real estate problem.
San Bernardino, California · April 2026. Ribbon-cut on a 9-megawatt parking lot - the closest thing freight has to a new gas station.
It is 4:47 a.m. on a Tuesday in San Bernardino, and the most interesting thing in American logistics is happening in a parking lot. Seventy-six stalls, laid out in neat rows behind a chain-link fence off Interstate 10. A J.B. Hunt rig pulls in. A driver thumbs a screen. A 1.2-megawatt plug clicks home with the unceremonious thunk of a household kettle. Nine megawatts of contracted grid power - more than some small towns draw at peak - flow into the truck, and twenty-eight minutes later it leaves for the Port of Long Beach. This is the unsexy, miraculously banal future of freight, and the company that built it is called EV Realty.
It is not, despite the name, a real-estate brokerage. It is something stranger: a fleet-charging operator dressed up as a property developer, or perhaps the other way around. Patrick Sullivan, the co-founder and CEO, will tell you - flatly, with the patience of someone who has explained this a hundred times - that the missing link in electric trucking is not the truck. The trucks exist. The batteries exist. The plugs exist. What does not exist, almost anywhere along the freight corridors of California, is a place where one can put twelve Class 8 tractors on chargers at the same time and not wait five years for the local utility to find the spare amperage.
So EV Realty went and found the land. It locked in the power. It bought the steel. It put the whole thing behind a fence and gave it a name that sounds like a perfectly serious thing: Powered Properties.
Three rounds. Segue Sustainable Infrastructure seeded it. NGP wrote the $75M check that turned it into a network.
Enough installed power to charge more than 200 medium- and heavy-duty trucks per day.
Two of them are 1.2 MW Megawatt Charging System plugs - among the first commercially deployed in the US.
San Bernardino. Stockton. Torrance. Livermore. Plus a fifth - and the queue is longer.
The hardest unit of measurement in fleet electrification. EV Realty hoarded it early.
One of those headcount-to-megawatt ratios you only see when energy people meet real estate people.
The heresy, in 2021, went like this. While everyone else in climate tech was building chargers, EV Realty would build the parking lot the chargers stand on. While the rest of the market chased software, EV Realty would chase utility interconnect queues. While Tesla and Rivian argued about plug standards, EV Realty would buy land at the choke points of California's freight network and quietly call PG&E about transformers.
Patrick Sullivan had the receipts to make this less ridiculous than it sounds. Before EV Realty, he spent fifteen years scaling renewables. As VP of development at Clearway Energy Group, he helped commercialize about $9 billion - four gigawatts - of solar and wind across seventeen states. He knew, in a way that very few people in the EV-charging boom knew, what it actually takes to interconnect a multi-megawatt site to an American utility. He knew it took years. He knew it took specialists. He knew it was nearly invisible work, and that whoever did it first would be very hard to catch.
He co-founded EV Realty with Wyatt Toolson and Sean Kiernan. Segue Sustainable Infrastructure bankrolled the bet. By late 2022, the company had announced itself as a "turnkey, scalable fleet charging infrastructure" provider, which is a sentence only an investor could love. By 2024, it had a second round. By 2025, it had NGP - one of the most aggressive energy-transition private-equity firms in North America - leading a $75M growth round, and it was buying out a competitor named Gage Zero for good measure.
Then, in April of 2026, it cut a ribbon.
A rough comparison of how long it takes to bring different chunks of fleet-charging infrastructure online. The bottleneck is rarely the hardware.
Approximate ranges based on publicly reported project timelines. EV Realty's value: the interconnect work is already done.
A private, reserved bay with 24/7 access for one fleet. Up to 400 kW per stall. Predictable monthly fee. The dispatcher's dream: no waiting, no surprises, no public-network roulette.
Shared, high-power stalls along freight corridors. Per-kWh pricing. Includes 1.2 MW Megawatt Charging System (MCS) plugs - the future-proof connector built for Class 8 long-haul.
You can tell who is serious about electric trucking by who is paying for a stall before the concrete cures. EV Realty's anchor tenants, partners, and hardware suppliers read as a small index of the people actually doing the work.
| Round | Date | Amount | Lead Investor |
|---|---|---|---|
| Seed / Growth | Nov 2022 | Initial commitment | Segue Sustainable Infrastructure |
| Growth Equity | 2024 | ~$23M | Segue Sustainable Infrastructure |
| Growth Equity | Sep 2025 | $75M | NGP |
Round labels and dates per public announcements and Crunchbase. Earlier amounts approximate.
The "Powered Properties" name is intentional. The real estate is the product. The chargers are the appliances inside it.
The San Bernardino site sits at the intersection of I-10 and I-215 - the freight artery from the Ports of Los Angeles and Long Beach inland.
Patrick Sullivan helped bring 4 gigawatts of renewables online across 17 states before swapping wind turbines for truck stalls.
It is now 5:31 a.m. The J.B. Hunt rig is gone. A Nevoya truck is on stall 14, a Gate City Beverage tractor on 31. Three drivers are inside the small lounge looking at their phones. Outside, the gantry-mounted Kempower units hum at frequencies you can feel more than hear. A small LED on each cabinet flickers green.
Four years ago, this parking lot was just a parking lot. A square of compacted earth in an industrial pocket of San Bernardino with nothing to recommend it but proximity to a freeway exit and a sub-station two blocks away. The freeway exit was the obvious part. The sub-station was the part EV Realty noticed. It is, in a sense, the entire company in miniature: a piece of overlooked infrastructure, sitting next to another piece of overlooked infrastructure, suddenly worth a great deal because someone took the trouble to connect them.
A Class 8 truck weighs forty tons. Charging one in twenty-eight minutes used to be physics fiction. Today, in this lot, it is a contractual obligation. The cabinet in stall 7 will deliver 1.2 megawatts on demand because three years ago someone signed a piece of paper with PG&E and waited. That is the trick. There is no other trick. EV Realty figured out that the trick was sufficient, and that nobody else was particularly eager to do it.
By 6:00 a.m., the second wave is rolling in. The dispatcher's phone is quiet. Somewhere on I-10, a truck that left Long Beach last night is northbound, fully charged, hauling forty thousand pounds of consumer goods with zero diesel. The parking lot, still humming, watches it go.