Robotaxi infrastructure draws investor rush

Long before companies like Waymo, Tesla or Uber announce robotaxi deployments, they're competing behind the scenes to lock up the best sites for AV maintenance depots and charging hubs.

Why it matters: Deploying a fleet in a new city is the easy part. Building out the necessary infrastructure to support it can take three years or more, and requires plenty of capital.

The big picture: Hundreds of billions of dollars have already been invested in self-driving technology, and now the AV infrastructure layer is starting to attract its own set of investors.

• Private equity firms — including EQT and BlackRock's Global Infrastructure Partners — are betting that robotaxi depots will become a new category of infrastructure investment, much like data centers, warehouses and cell towers.
• "I think everyone realizes this is now a new asset class," said Frank Reig, whose charging company, Revel, recently merged with Voltera in a deal backed by EQT and GIP.

Zoom in: Reig leads the combined company, operating as Voltera, which has more than 1,000 EV fast-charging stalls open or under development across 11 major U.S. cities.

• "The electrification of urban mobility is one of the most capital-intensive infrastructure buildouts of this decade, and the operators who move first in the right markets, and with the right assets, will define the category," Erwin Thompson, partner at EQT, said at the time of the merger.

Between the lines: Finding suitable real estate in any densely populated city is difficult, but robotaxi depots need to be carefully located to maximize efficiency and avoid empty trips.

• The challenge is compounded by zoning and permitting delays, not to mention required utility upgrades to wire sites with up to 12 megawatts of power for fast-charging large fleets.
• "You're literally looking at (only) a handful of sites in every market," Reig told Axios in his first interview since the merger.
• Companies that don't secure depot sites early could find themselves locked out of future markets, or saddled with inefficient operations that damage profits.

What we're watching: Robotaxis will still grab the headlines, but tech companies need the real estate and charging expertise of companies like Voltera and rival Terawatt to build their AV depots.