EVALV

 

The electric vehicle market currently makes up 4% of all new vehicle purchase at an estimated ownership of 2,442,270 dated 11/23. The US electric vehicle market is currently valued as a $49.1 billion industry. At the end of 2022, there were 2.7 million public charging points worldwide, more than 900,000 of which were installed in 2022, about a 55% increase on 2021 stock. 

 

As part of President Biden's goal of having 50 percent of all new vehicle sales be electric by 2030, the White House announced public and private commitments to support America's historic transition to electric vehicles (EV) under the EV Acceleration Challenge. The S&P Global Mobility forecasts electric vehicle sales in the United States could reach 40 percent of total passenger car sales by 2030, and more optimistic projections foresee electric vehicle sales surpassing 50 percent by 2030. The industry is projected to be valued at 1,579.10 billion USD by 2030.

 

As the market penetration of EVs increases, public charging becomes increasingly important to support EV adoption among drivers who do not have access to private home or workplace charging options. 10-15% are expected to use public charging stations in which EVALV lockers will target high traffic public charging stations.  There are currently Four types of plugs that exist two for AC (type 1 and 2) and two for DC (CHAdeMo and CCS) for electric vehicle owners to charge on the go. Traditionally network owned charging stations are only compatible with certain vehicles. The company will place an adaptor lease vending lockers (EVALV lockers) at EV charging stations in its network that will provide the adaptor needed in the event the electric vehicle owner doesn’t own one or have the correct one. The adaptor can be leased from the vending locker for ~$6 (average cost of an adaptor is ~$80USD). The network owner will receive small kickback for vendor placement but will ultimately draw more customers to pay for the charging at their station thus increasing their market penetration.

 

Like myself, many of you own a mobile phone. I'm even more certain that a good portion of folks who nodded in agreement have let that cell-phone battery die. The only time I usually panic when this happens is if I don't have access to a charger or the proper USB adapter to the cord. Now, as one can imagine, it is frustrating to not be able to capture an amazing picture, or access one's virtual boarding pass. Now, what if this same scenario happened to your Electric Vehicle? 

Well needless to say, I am an owner of an EV who has had the wonderful opportunity to allow my EV range to run out and there are many others. 

Now, I'm certain many folks are wondering why I wasn’t prepared for a roadtrip. In this case, I came prepared with one of the adapters that will be mentioned later, arrived at a public charging location, and was shocked to unveil the need for a different one. A bit frustrated, as I had recently purchased the adapter at the time costing $200,  I did not realize different network providers use different connectors. In that moment I searched for nearest locations that I could use my adapter at or local shops with one for pickup. At the end of the fiasco, I ended up needing to order one for same day pickup (40 miles away & $175 cost), Amazons delivery day would’ve been the following day, and the pending cost of an insurance claim all led to the realization for a serious need in the industry. 

There are currently four types of charging plugs for electric vehicle owners. Two of which are for AC (type 1 and 2) connectors and two for DC (CHAdeMo and CCS). Traditionally network owned charging stations are only compatible with certain vehicles and will only provide access to one or two of the charger types. 

We will place a adaptor lease vending lockers (EVALV lockers) at EV public charging stations in our network that will provide the adaptor needed in the event the electric vehicle owner doesn’t own one or have the correct one. The adaptor can be leased from the vending locker for ~$6 (average cost of an adaptor is ~$80USD). The customer will be able to match there vehicle to the correct adapter, pay the service fee through the locker or app, and charge and return the adapter to the locker.  The network owner will receive small kickbacks for locker placement and user fee, but will ultimately draw more customers to pay for the charging at their station thus increasing their market penetration. 

 

Meet the team & Partners

The team has gotten buy-in from many interested private investors. A market research analysis has been conducted to understand the impact. Project budgeting has commenced with identifying the primary target locations, the cost to launch, available federal grant funding, and a sound business plan is in tact. 

Our team consist of an electrical engineer whose served in this capacity with many fortune 500 companies including At&t and Comed. Him and his team will ensure the correct installation of the product. The founder of the organization will also partner closely on the project who currently holds an MBA, a BS, and over 15+ years of operational risk management and other industry specific roles. They have had success with assisting start-ups, mentoring on financial strategy, and serving as board member on non-profits. Finally, our member of the board, serving as a sound member providing strategic guidance on the vision, mission, and values of all the companies investments.