EV Realty, a commercial vehicle charging provider, is forming a $200 million joint venture with private equity firm GreenPoint Partners to develop charging hubs for medium- and heavy-duty vehicles.

They join a growing number of firms pouring cash into topping up electric vans and trucks.

The joint venture’s “Powered Properties” hubs will have 50-100 chargers. The first will be built in California.

GreenPoint is putting up the bulk of the $200 million. The NYC-based firm is positioning the charging sites as “an emerging, dynamic asset class for real estate investors,” per a press release.

Minority investor EV Realty, based in San Francisco, will own and operate the hubs.

Last fall, California enacted an ambitious Advanced Clean Fleets initiative requiring haulers to buy only zero-emissions trucks starting Jan. 1.

The measure has spurred significant investment in truck-charging infrastructure.Greenlane, a $675 million joint venture between BlackRock, NextEra Energy Resources, and Daimler Truck North America, last week said it will build its first truck-charging sites in Southern California.

Meanwhile truck-charging unicorn TeraWatt Infrastructure last fall broke ground on a site outside Long Beach; Forum Mobility has a $400 million joint venture focused on trucks serving California seaports; and Schneider National unveiled a truck-charging station last year in South El Monte.

What’s next: EV Realty and GreenPoint Partners plan to bring the first site online in Q1 2025, with more to follow later in the year.