Volvo Cars and Starbucks Corporation are forming a strategic partnership in order to deploy at least 60 fast DC public EV chargers, all powered by ChargePoint (CHPT.N), across 15 locations in the US. With this collaboration, both companies aim to contribute to the electrification of mobility as well as the development of a solid charging network in the US. [1]
EVgo, Inc (EVGO.OQ) and Delta Electronics have signed a new supply agreement by which Delta will deliver 1000 ultra fast chargers to EVgo, in an attempt to minimize the supply chain risk and to deploy more fast DC chargers across the US.[2] Furthermore, in collaboartion with the South Jersey Transportation Authority, the company has annouced the opening of its first public fast charging station in the region.[3] At the end of the second quarter of 2022, EVgo describes itself as “nation’s largest public fast charging network for EVs based on the number of charging stations", with a total number of 850 charging stations located in the US.
Blink Charging, Co. (BLNK.OQ) has signed a preferred supplier agreement with global real esate giant, Cushman and Wakefield. The real estate firm will advertise and potentially deploy Blink Charging fast chargers to its clients in the US.[4] Morevover, the company has signed a 5-year agreement with the city of Chula Vista, California, to deploy 31 fast charging stations,[5] as well as a collaboration agreement with AES - El Salvador to install 50 fast chargers in different locations across the country.[6] This past month, the company published the financial report for the second quarter of 2022. Revenues have increased by 164% and a total of 5,631 EV chargers have been contracted, sold and deployed during the period, which represents a 73% increase since Q2 2021. [7]
Beam Global, Inc. (BEEM.OQ) has reported the financial results for the second quarter of the year: Revenues have increased by 75%, with a value of $3.7 million, which represents the highest second quarter revenues in the company’s history. The company has been able to improve its gross profitability by 4% during the first half of the year, despite the current inflation level. [8]
CTEK AB (CTEK.ST) has installed more than 1000 new charging points during the second quarter of 2022 and net sales amount to USD 22 million, which represents a growth rate of 1% since last year. [9]
Fastned (FASTN.AS) has published the results for the first half of the year. The revenue related to charging equals to €12.6 million, which shows an increase of 188% in comparison to the first half of 2021, record results driven by the increase of their European network, higher charging demand and larger volumes per session. [10]
Tritium DCFC, Ltd (DCFC.OQ) has opened its first global EV fast charger manufacturing facility in the US, which will start its production early next year.[11] The DC fast chargers manufactured in the facility will comply with the requirements of the Inflation Reduction Act, which provides $370 million for initiatives focused on tackling climate change, as well as the conditions of the National Electric Vehicle Infrastructure program funding.
Please note that all performance figures are showing net data. Past performance is not indicative of future performance.
Macro Outlook
The World New Energy Vehicle Congress has taken place in China between the 26th and the 28th of August. According to its president, Wan Gang, the global market for EV batteries will reach USD 250 billion by 2030. [14]
California has approved a ground-breaking plan, by which new fossil fuel-powered cars sales will be banned by 2035.[15] The state aims to triple EV sales in the following years and to have 250,000 charging stations installed by 2025.[16] That way, California is positioning itself as a global model in the transition to EVs and in the development of EV charging infrastructure. Several states in the US will follow California’s decision to ban the sale of fossil fuel powered vehicles from 2035, since they adopted the California’s Low Emission Vehicle criteria, the GHG Emissions regulations and the Zero Emission Vehicle regulations under the Federal Clean Air Act.[17] California is currently the only US state that can make emissions standard mandates beyond the Federal Government and the law allows other states to follow California standards without the Federal Government’s approval.[18] So far, both Washington and Massachusetts have announced that they both are set to follow California’s lead based on the existing legislation. [19]
An increasing number of governments are investing in the development their EV charging infrastructure, a very much needed initiave in order to boost the electric vehicle industry and comply with climate targets. In the UK, the government has announced an investment of 20 million pounds to build more than a thousand charging points across several locations.[20] The city of Amsterdam plans to build the City Logistics Innovation Campus, one of the biggest EV charging hubs in Europe, with the aim of providing mass EV charging facilities. The project is part of the city’s ambitious plan to ban all fossil fuel cars by 2030. [21]
Ikea US has announced a partnership with Electrify America in order to deploy ultra fast charging stations and fleet EV charging points in more than 25 retail locations across the US. [22]
Please note that all performance figures are showing net data. Past performance is not indicative of future performance. When you invest in ETFs, your capital is at risk.
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