Investment Summary

Newlight Partners Invests In Rove

On January 1, 2021, private equity firm Newlight Partners invested in electrical equipment company Rove

Investment Highlights
  • This is Newlight Partners’ 1st transaction in the Electrical Equipment sector.
  • This is Newlight Partners’ 7th transaction in the United States.
  • This is Newlight Partners’ 2nd transaction in California.

Investment Summary
Date 2021-01-01
Target Rove
Sector Electrical Equipment
Investor(s) Newlight Partners
Deal Type Growth Capital

Target

Rove

Costa Mesa, California, United States
Rove is a developer, owner, and operator of next-generation electric vehicle (“EV”) charging stations. Leveraging software and on-site battery storage, Rove’s network of stations offers fast charging alongside an array of amenities, including restrooms, lounges, car wash and other retail. Rove provides a convenient and reliable public charging experience tailored to drivers and fleets underserved by current EV charging infrastructure. Rove was founded in 2019 and is based in Costa Mesa, California.

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Investor(S) 1

Investor

Newlight Partners

Category Private Equity Firm
Founded 2018
PE ASSETS 4.0B USD
Size Small
Type Sector Agnostic
DESCRIPTION

Newlight Partners is a growth-focused middle market private equity firm investing in companies across North America. The Firm seeks to partner with founders and management teams in businesses in a variety of industries including healthcare, financial services, digital transformation, and decarbonization. Newlight Partners typically commits up to $150 million per transaction to support long-term growth initiatives. Newlight Partners was founded in 2018 and is headquartered in New York, New York.

DEAL STATS #
Overall 9 of 12
Sector (Electrical Equipment) 1 of 1
Type (Growth Capital) 5 of 8
State (California) 2 of 2
Country (United States) 7 of 9
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-11 Sail Internet

Palo Alto, California, United States

Sail Internet is a high-speed internet provider leveraging fiber and next-generation wireless infrastructure to serve homes and businesses. With fiber at the core of everything it does, Sail delivers high-speed internet to single-family homes, multifamily buildings, and businesses in the San Francisco Bay Area. The sail has no data caps for customer use and is net neutral. Sail Internet was founded in 2015 and is based in Palo Alto, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-05 BayoTech

Albuquerque, New Mexico, United States

BayoTech is a hydrogen supplier, offering production, transport, storage, fueling and power solutions. BayoTech’s highly efficient model of local production and distribution hubs, including its proprietary on-site hydrogen generation system, provides reliable, low-cost, low-carbon hydrogen to consumers in rapidly growing power and mobility applications. BayoTech was founded in 2015 and is based in Albuquerque, New Mexico.

Buy -
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