Zenobē, a UK company that electrifies bus and truck fleets and runs grid batteries, acquired Revolv, a San Francisco startup that electrifies commercial vehicle fleets in the US. The sale was announced on March 19, 2026 by Revolv's backer GDEV Management, which sold the business, and reported by electrive the following day.
Terms were not disclosed. With the deal Zenobē took over operational responsibility for Revolv's 13 operating customer sites in California and more than 100 electric trucks, along with further projects still in development.
Zenobē said it plans to bring Revolv's team into the company to keep serving existing customers and complete ongoing projects. It has since said the acquisition is complete, and that services and billing for Revolv customers continue as agreed in their contracts.
What Revolv built
Revolv sold commercial fleets a single package for switching to electric vehicles: it acquired the trucks, installed and maintained the charging equipment, arranged the financing and managed charging over the life of the contract. Zenobē describes the model as end-to-end fleet electrification that also covers long-term battery performance.
When it raised its Series A in March 2023, Revolv said its customers ranged from fleets of 20 vehicles to companies moving 1,000 vehicles to electric, and that it aimed to deliver more than 100 vehicles by the end of that year, mostly in California. Zenobē has named ACME Bread as one of the Revolv customers it now supports.
In July 2024 Revolv secured $445,000 in grants for two of its clients through the CALSTART EnergIIZE programme, covering 70% of the cost of their charging infrastructure.
“Revolv's end-to-end fleet electrification model is highly complementary to Zenobē's global experience”
The founder and the funding
Revolv's chief executive and founder is Scott Davidson. The company raised a $15 million Series A in March 2023, led by an affiliated fund of Greenbacker Capital Management, a firm that invests in sustainable infrastructure.
In November 2023 it announced $25 million in equity project financing, which it described as the first dedicated non-recourse financing facility for commercial electric vehicles and charging stations in North America. It said the facility would let it finance long-term contracts with corporate customers.
The seller, GDEV Management, is a mid-market investor in distributed energy that had secured more than $200 million in commitments for its second fund. It said the sale of Revolv was the first exit from that fund. Davidson said the deal "validates the platform we built to serve the market at scale."
Why Zenobē is buying
Zenobē started operating in 2017 and has more than 380 employees. It says it supports over 3,400 electric vehicles across 122 depots worldwide, is the largest owner and operator of electric buses in the UK, Australia and New Zealand, and has more than 1 gigawatt of grid-scale battery storage operating or under construction. Its investors include KKR and Infracapital.
In North America the company already worked on electrifying school buses and public transport in the US and Canada. Revolv gives it its first business in commercial trucks there, and Zenobē said the deal makes it a leading player in North American commercial fleet and truck electrification. Lips said that as the market matures, fleet operators increasingly want a single partner that can supply "vehicles, infrastructure, financing".
"Revolv's end-to-end fleet electrification model is highly complementary to Zenobē's global experience," said Andreas Lips, Zenobē's president of EV North America. Founder director Steven Meersman called the deal "a strong opportunity to accelerate electrification at scale."
What happens to customers
Zenobē told Revolv customers that it does not expect any immediate change to their service or billing cycles. Support and on-site charging issues now go through Zenobē's own support team.
Suppliers are being moved onto Zenobē's accounting systems, and new purchase orders will come from Zenobē Americas. The company said it does not expect immediate changes to the scope of supply or to day-to-day site operations during the transition.
