Posted October 12, 2021
By Ray Blanco
Can We Support a Nation of Electric Vehicles?
Public and private entities alike are gearing up to spend billions of dollars building out the critical infrastructure needed for the influx of electric vehicles set to hit the road over the next decade.
And while wildfires, extreme weather and rising temperatures are battering the country — and the world — it’s no secret that we are long overdue for decarbonization.
Transportation alone accounted for 29% of all U.S. greenhouse gas emissions in 2019 and the majority of that came from passenger vehicles.
Luckily, we are on the cusp of fully transitioning drivers to EV ownership, which would certainly help the cause.
However, this transition brings up another problem… in order to achieve widespread EV use, the country will need a lot more EV chargers — fast.
First off, the majority of EV drivers will most likely be doing the bulk of their charging at home.
But the lack of public charging infrastructure will prove difficult for those who live in apartments, as well as cross-country travelers (i.e., long-distance delivery vehicles).
Currently it seems that the Biden administration could be close to netting around $7.5 billion to fund public EV charging stations over the next five years.
There is also the possibility for an additional $5 billion in Department of Transportation grants.
But still, consulting firm AlixPartners has said that it expects it will require a lot more money to build out an adequate public charging network by 2030… about $50 billion as a rough estimate.
So what does building a public charging station look like? Well, it’s a little more involved than it might appear to be.
Every charging station requires three entities to work together.
First, you need a site host: any public space that can support a charging site (Walmart, a shopping mall, parking garage, etc.)
Next, you need a hardware provider: This would be a charging station company like Blink or EVgo.
Last, you need a utility service provider: an entity to actually provide the electricity used for charging the vehicle.
As one could imagine, the coordination across all these entities can get complicated. Especially when you consider that we will need public charging stations across the country, state and local governments will come into play as well.
So we certainly have our work cut out for us when it comes to preparing the nation for widespread EV use.
And as all of this ramps up, there will be no shortage of investment opportunities that I’ll be sure to keep you updated on!
Stay tuned. There will be more to come.
To a bright future,
Chief Technology Expert, Technology Profits Daily