The mobility revolution is here. CFI backs the innovators building the EVs, charging networks, battery systems, and software platforms defining the next generation of transportation. We are investing in the companies that will power the roads, skies, and seas of tomorrow.
Sector Overview
The global transportation industry is undergoing a once-in-a-century transformation. After more than 100 years of dominance by the internal combustion engine, electric powertrains are rapidly becoming the default choice for passenger vehicles, commercial fleets, two-wheelers, and increasingly, heavy-duty trucks, marine vessels, and aircraft. Global EV sales surpassed 14 million units in 2023, representing roughly 18% of all new car sales — up from just 4% in 2020.
CFI Corporation recognized the potential of electric mobility early and has been actively investing in the EV ecosystem for nearly a decade. Our portfolio spans the full value chain — from vehicle manufacturers and component suppliers to charging infrastructure providers, battery technology companies, fleet management software platforms, and the recycling and second-life solutions that will close the loop on battery materials. This comprehensive approach gives us unique visibility into the interdependencies and bottlenecks across the EV landscape.
The transition to electric vehicles is being driven by a powerful combination of forces: declining battery costs (which have fallen over 80% in the past decade), tightening emissions regulations in every major market, growing consumer preference for electric drivetrains, and corporate fleet electrification commitments. Governments worldwide are implementing policies ranging from purchase subsidies and tax credits to outright bans on new ICE vehicle sales by 2030-2035. These structural tailwinds are creating a massive, multi-decade investment opportunity.
At CFI, we believe the companies that will capture the most value in this transition are not necessarily the vehicle manufacturers themselves, but rather the technology and infrastructure providers that enable the entire ecosystem. Charging networks, battery management systems, power electronics, fleet telematics, and the software that ties it all together — these are the picks and shovels of the EV revolution, and they are our primary focus.
Investment Thesis
We invest in the manufacturers and platform developers creating the next generation of electric vehicles across passenger, commercial, and specialty segments. Our focus is on companies with differentiated technology, strong brand positioning, and capital-efficient business models that can achieve profitability without requiring massive scale. We look beyond traditional automotive to emerging categories like electric aviation, marine, and off-highway vehicles.
A scaled EV future requires ubiquitous, reliable charging. We back networks, hardware innovators, and software platforms managing the charging ecosystem — from DC fast charging along highway corridors to Level 2 solutions for workplaces, multifamily housing, and fleet depots. We are particularly focused on companies solving the "charging desert" problem in underserved communities and the complex challenge of grid integration.
Advanced battery chemistry, power electronics, and drivetrain systems are the competitive moat of tomorrow's EV leaders. We invest across the battery value chain — from cathode and anode material innovators to cell manufacturers, pack designers, battery management systems, and the thermal management solutions that determine range, performance, and longevity. We also track emerging chemistries like solid-state, sodium-ion, and lithium-sulfur.
Our Approach
CFI's electric vehicle practice takes a systems-level view of the mobility transition. Rather than making isolated bets on individual companies, we build a portfolio that captures value across the entire EV ecosystem — from raw materials and components to vehicles, infrastructure, software, and end-of-life solutions. This approach allows us to identify opportunities that others miss and to create synergies between our portfolio companies.
We invest at the growth stage, typically in companies with proven technology and initial commercial traction that are ready to scale. Our check sizes range from $30 million to $150 million, and we are comfortable leading rounds or co-investing alongside other top-tier investors. We seek to partner with founders and management teams who combine deep technical expertise with commercial acumen and the ambition to build category-defining companies.
Our operating team includes former automotive executives, battery engineers, and infrastructure specialists who bring hands-on expertise to our portfolio companies. We help with supply chain optimization, manufacturing scale-up, regulatory navigation, strategic partnerships, and capital planning — the operational challenges that separate successful EV companies from those that struggle to move beyond the prototype stage. We understand that building hardware companies is fundamentally different from building software companies, and our approach reflects that reality.
Key Investment Themes
While consumer EVs dominate headlines, the electrification of commercial fleets — delivery vans, buses, trucks, and utility vehicles — represents an equally significant opportunity. Fleet operators are driven by total cost of ownership economics, which increasingly favor electric powertrains due to lower fuel and maintenance costs. CFI invests in the vehicles, charging solutions, and fleet management software enabling this transition, with particular focus on medium-duty vehicles where the economics are most compelling today.
Battery technology is the single most important determinant of EV performance, cost, and adoption rate. We actively invest in companies developing next-generation battery chemistries and manufacturing processes — including solid-state batteries that promise higher energy density and improved safety, silicon anode technologies that extend range, and dry electrode processes that reduce manufacturing costs and environmental impact. We also invest in battery recycling and second-life applications that will be critical to the long-term sustainability of the EV industry.
As millions of EVs connect to the grid, the software that manages charging becomes critical infrastructure. Smart charging platforms that optimize when and how vehicles charge can reduce electricity costs, minimize grid stress, and even enable vehicle-to-grid services that turn EV batteries into distributed energy storage assets. CFI invests in the software layer that makes this possible — from charge management platforms and payment systems to demand response aggregation and grid balancing services.
The EV industry's rapid growth is creating enormous demand for specialized components, materials, and manufacturing capacity. From electric motors and power inverters to thermal management systems, wiring harnesses, and lightweight structural components, there is a deep tier of suppliers building the parts that go into every electric vehicle. CFI invests in companies that are critical to the EV supply chain — businesses with strong technology positions, long-term customer relationships, and the ability to scale production rapidly.
Electric vehicles are increasingly the platform of choice for autonomous driving technology. The inherent advantages of EVs — their drive-by-wire architecture, abundant electrical power for sensors and computing, and compatibility with over-the-air software updates — make them ideal hosts for autonomy systems. CFI monitors the convergence of electrification and autonomy closely, investing in the sensor, software, and computing companies that are enabling vehicles to see, think, and drive themselves.
The electrification trend extends far beyond passenger vehicles. Electric boats, aircraft, construction equipment, agricultural machinery, and last-mile delivery vehicles are all emerging as significant markets. CFI is selectively investing in companies electrifying these specialty segments, where the competitive landscape is less crowded, margins can be higher, and the technology requirements create meaningful barriers to entry. We see particular promise in electric aviation and marine applications, where regulatory and environmental pressures are creating strong demand pull.
Why CFI
Our investments span the entire EV ecosystem, giving us unique insight into where value is created and where bottlenecks exist. This perspective helps us identify non-obvious opportunities and make better investment decisions than specialists focused on a single segment.
EV investing requires the ability to evaluate complex technical claims — battery performance data, manufacturing yield projections, charging throughput metrics. Our team includes engineers and scientists who can assess technology risk with a level of rigor that generalist investors cannot match.
The graveyard of EV companies is filled with great technology that never made it to volume production. CFI's operating team brings specific expertise in manufacturing ramp, supply chain management, and quality systems — the operational disciplines that separate prototypes from products.
Our relationships with major automakers, fleet operators, utilities, and government agencies create a powerful network for our portfolio companies. We facilitate introductions, support partnership negotiations, and help our companies access the customers and channels they need to grow.
Sector Outlook
The electric vehicle industry has passed a critical tipping point. EV adoption is no longer dependent on subsidies or early adopter enthusiasm — the vehicles themselves are becoming genuinely competitive on price, performance, and total cost of ownership. As battery costs continue to decline and charging infrastructure expands, the remaining barriers to mass adoption are falling one by one. We expect global EV penetration to exceed 40% of new car sales by 2030.
Several structural forces reinforce our conviction. Automakers have committed over $500 billion to EV development and manufacturing capacity through the end of the decade. Government policies in the EU, China, and several U.S. states will phase out new ICE vehicle sales within the next 10-12 years. Fleet operators are accelerating electrification as total cost of ownership parity arrives for more vehicle segments. And consumers are increasingly choosing EVs for their performance, convenience, and lower operating costs — not just their environmental benefits.
CFI is positioned to capitalize on this multi-decade transition through our deep sector expertise, experienced investment team, and comprehensive portfolio approach. We continue to see a rich pipeline of investment opportunities across the EV value chain and are actively deploying capital into the companies that will power the future of transportation.
"We are not just investing in electric vehicles — we are investing in the complete reimagining of how people and goods move. The companies in our portfolio are building the infrastructure, technology, and platforms that will define mobility for the next century."CFI Electric Vehicles Team
