NORWALK, Conn., May 15, 2024 (GLOBE NEWSWIRE) -- Despite a recent growth forecast of 27.5% CAGR and the size of the electric vehicle (EV) charging infrastructure market estimated to exceed $224.8 billion by 2032, the lack of reliable and managed on-site charging options remains a key challenge to broad EV adoption for commercial fleets. To provide vehicle OEMs and commercial users with access to critical EV infrastructure, Mitsubishi HC Capital America, the largest non-bank, non-captive finance provider in North America, and Electrada, the electric fuel solutions leader for fleets, announce their partnership to provide Electrada's 360 Charging-as-a-Service (CaaS) as part of a holistic offering. Electrada's 360 CaaS model already serves numerous light-, medium- and heavy-duty fleet customers at their own depots, deploying 100% of the charging and related energy infrastructure as investor/operator under a performance contract structure. Under this partnership with Electrada, Mitsubishi HC Capital America provides the financing for the vehicle component of the electrification program, an efficient integration of EV and energy through a unified offering. "Electrada's approach represents a comprehensive infrastructure and electric fuel solution to unlock the benefits for fleets going electric and complements the long-standing financing support provided by Mitsubishi HC Capital America to commercial customers and vehicle OEMs," according to John Critelli, Director of SDG Sales, Transportation Finance at Mitsubishi HC Capital America. "The clear difference with this type of service model is that it's not entirely about equipment finance, but rather about a risk mitigation solution for the energy component of a customer's electric fleet program. The customer makes a fixed-rate, pre-negotiated CaaS payment for the entire contract term, covering everything from capital equipment to energy supply to maintenance and uptime management," says Critelli. "Electrada shifts ...