GDEV Management announces sale of Revolv to fleet electrification provider Zenobē
The acquisition of Revolv marks the first portfolio exit from GDEV’s second Fund
NEW YORK , March 19, 2026 – GDEV Management, LLC (“GDEV”), a leading middle-market specialist in distributed energy resources, today announced the sale of commercial EV fleet full-service provider Revolv to Zenobē. Backed by leading global investment firms KKR and Infracapital, Zenobē specializes in fleet electrification and battery storage solutions. Revolv’s commercial EV fleet assets marks Zenobē’s entry into the North American commercial fleet and truck segment, adding to its growing portfolio of student transportation and public transit fleets in the United States.
Revolv’s turnkey fleet electrification solution brought an entirely new offering to the commercial fleet market, successfully deploying to 13 customer sites in the face of continued market uncertainty. Revolv proved substantial resiliency as a business and in its unit economics, culminating in the transaction with Zenobē. In addition to existing customer sites and trucks, Zenobē is acquiring additional projects in development to support its North American growth.
“We applaud Zenobē’s shared confidence in the inevitability of commercial fleet electrification, and this transaction validates the platform we built to serve the market at scale,” said Scott Davidson, CEO and founder of Revolv. “I’m incredibly proud of our team and grateful to the customers and investors who helped create one of the largest U.S. commercial EV platforms. As the market enters its next phase, this transaction provides the scale, capital, and capabilities customers need to fully embrace commercial EVs.”
GDEV recently closed its $200MM Fund II, which represented a continued focus on the firm’s strategy of building and scaling distributed energy resource (DER) platforms into mature infrastructure businesses that, in turn, deploy and operate long-term, high-value assets. The acquisition of Revolv by Zenobē represents the first company exit from the second fund, allowing the company to maintain its growth and provide returns to GDEV.
“Revolv marked GDEV’s first investment in the e-mobility space, and we are happy to see our conviction in the market play out through the completion of this acquisition, which also represents the first realization for our second fund,” said Quinn Pasloske, Managing Director of GDEV Management. “The Revolv team effectively created an entirely new market product by offering turnkey fleet electrification solutions. GDEV is glad to have found a partner in Zenobē that shares its conviction in the thesis and will continue to scale the platform.”
Revolv and GDEV Management were represented by Troutman Pepper Locke LLP, and Zenobē was represented by Dentons US LLP, in connection with the transaction.
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About GDEV Management, LLC
GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels. GDEV Management, LLC is affiliated with Greenbacker Capital Management, LLC, an SEC-registered investment adviser.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. GDEV undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations. Additionally, past performance is not a guarantee or indicator of future results.
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