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Electric vehicles (EVs) are quickly gaining popularity as a more sustainable and environmentally-friendly mode of transportation. As more people switch to EVs, the need for convenient and accessible EV charging stations also increases. In this blog post, we’ll explore the basics of EV charging, the different types of chargers, and the importance of having a robust charging infrastructure.
Growth in the segment is being driven heavily by government subsidies, new EPA emission standards, EV adoption by consumers looking to lower cost of ownership and increasing fuel costs to name a few. All of this is driving growth in the EV charging infrastructure segment.
A new round of funding and rules around EV was signed into law last week. Biden set a goal of having 500,000 EV chargers in all 50 states by 2030. This is critical since it aligns with another goal that calls for 50% of all car sales to be EV by 2030.
As everyone knows, electricity is not free, or at least not usually but there are alternative options for EV charging that make a lot of sense and one of those is solar. Automotive dealerships are beginning to discover that this is indeed an option.
Taco Bell, Subway, 7-Eleven, Buck-ee's, Shell, BP, TravelCenters of America, Porsche, BMW, Mercedes Benz, Volkswagen, and Ford, just to name a few.
Shell is the latest petroleum company to jump in the EV charging game. Earlier this year, BP announced currently has around 22,000 EV-charging points globally, and hopes to have more than 100,000 by 2030.
BP (BP - NYSE) has been heavily investing in the EV charging space. In February, BP announced that it had purchased TravelCenters of America for $1.3 Billion in cash for approximately 280 fuel, convenience, and restaurant centers in the United States.
The worlds largest EV battery charger manufacturing plant opened in Lebanon Tennessee. Tritium, an Australian based company opened the plant in August and it is now in full production.
Chances are, you have a 7-Eleven near you. The retail chain, one of the largest in the world has over 9,500 locations in the United States and over 83,000 globally so I would say their entry into the EV charging space is significant.
The funds will be available to cities, counties, regional governments, and Indian reservation lands over a 5 year period. The money will help deploy EV chargers, hydrogen fuel stations and other reduced-emissions systems near their residents although hydrogen fuel stations have not received a lot of attention.
