Latest EV Charging Infrastructure ETF Monthly Report | HANetf

Electric Vehicle Charging ETF Key Takeaways | November

EVgo Inc (EVGO) has announced that its new prefabricated charging infrastructure deployment model is expected to cut installation times by 50% and costs by 15% on average for fast charging stations. The new approach will elevate the EV driver’s customer experience by including Wi-Fi infrastructure to boost cellular connectivity. Lighting and security cameras are part of the prefabricated skids and will also provide a safer and more user-friendly environment overall. This prefabrication model is critical to scale EVgo’s network. The new approach is being tested in key markets around the U.S.

EVgo Inc secured over $ 12.7 million in preliminary awards from various funding sources in California, Colorado and Pennsylvania. The funds were obtained through the National Infrastructure (NEVI) formula program and consist of funding sources, including utilities, state energy offices and state departments of transportation. The funds will be used to facilitate the expansion of more than 150 fast-charging stalls to make reliable EV charging infrastructure more accessible.

Blink Charging (BLNK.OQ) has announced that its subsidiary, Blue Corner, is now officially rebranded as Blink Charging in Belgium. Acquired by Blink Charging in 2021, Blue Corner was a pioneering startup in the EV industry and grew into a leading platform for EV charging devices in Belgium. The rebranding aligns with Blink Charging's strategic international expansion plans, leveraging its global experience and assets to strengthen its presence in Europe. The move positions Blink Charging as a major player in the European EV charging industry, with an extended footprint and the ability to offer refined, specialist equipment for various charging situations.

Blink Charging has also secured a seven-year contract as the official EV charging provider for the City of Miami Beach. Under this agreement, Blink will provide its advanced Series 7 and Series 8 Level 2 EV chargers for the City's fleets, employees, residents, and visitors. The chargers will be installed in the City's parking facilities, garages, and surface lots, with Blink handling operations, maintenance, and management. The move supports the City's commitment to converting hundreds of vehicles to hybrid, plug-in hybrid, and electric vehicles, contributing to environmental goals.

ChargePoint Holdings Inc ramps up the production of Tesla-compatible NACS EV connector chargers for AC and DC charging solutions. This further contributes to ChargePoint’s commitment to delivering a seamless charging experience for all EV makes and models. It will be the first company within the charging industry to ship a native DC connector that is compatible with Tesla vehicles.

Kempower has secured a contract with Milence to provide EV charging solutions for a major truck charging network in Europe. The deal involves delivering Kempower Satellite charging systems with CCS and 400 kW power, with initial shipments set for late 2023 and early 2024. Milence, a joint venture by Traton Group, Volvo Group, and Daimler Truck AG, aims to establish Europe's largest heavy-duty vehicle charging network, consisting of at least 1,700 high-performance charging points across the continent. 

Beam Global (BEEM.OQ) has successfully closed the acquisition of the European company Amiga DOO Kraljevo, which will now be rebranded as Beam Europe. The acquisition marks Beam Global's entry into the European market, offering significant manufacturing, engineering, and sales and marketing resources. Beam Global aims to leverage Amiga's capabilities to fast track its growth in Europe, particularly in the off-grid, zero-construction/electrical work product market. The acquisition is expected to strengthen Beam Global's position as a leader in the green economy, with a focus on the EU's transition to zero-emission vehicles, sustainable energy, and net-zero energy infrastructure. Beam Europe will integrate Amiga's team and continue Amiga's legacy business while expanding sales of Beam Global's EV charging infrastructure and energy storage products in Europe.

Wallbox (WBX.N) has acquired ABL, a prominent EV charging provider in Europe, for approximately €15 million. The acquisition strengthens Wallbox's position in key markets and accelerates its path to profitability. The combined entities have over 1 million EV chargers installed globally. ABL, known for its innovative products and expertise in smart charging for commercial and residential applications, brings valuable assets, customer relationships, and proprietary technologies to Wallbox. The strategic rationale includes an accelerated commercial business plan, reduced operational risk, and enhanced scale and financial performance. The anticipated financial benefits include incremental sales between €60 and €75 million, with ABL expected to be accretive on an adjusted EBITDA basis in 2024. 

Fastned (FASTN.AS) reported a successful third quarter with revenue reaching €15.2 million, a 51% increase compared to Q3 2022. The company handled more than 998,000 charging sessions in the quarter, marking the first time it reached one million sessions in just three months. The active customer base increased to almost 329,000, a 73% increase compared to Q3 2022. Fastned expanded its network by opening eight new stations during the quarter and securing 10 high-traffic locations for future stations. The company also entered new markets in Denmark and Italy and won two lots in the German Deutschlandnetz tender.

Sources available upon request. 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.

Macro Outlook

On October 24, 2023, the UK approved new regulations that will make the charging of electric vehicles easier and quicker. The Department of Transport states that EV drivers will have access to transparent and easy-to-compare pricing information, simpler payment methods, such as contactless payment options, and overall a more reliable chargepoint infrastructure. Moreover, providers will be required to open up their data to make finding available and suitable chargepoints easier for drivers. This data can then also be used as input for online maps, apps as well as vehicle software systems. The new laws will make it easier to switch to EVs and thus support the UK’s goal to reach zero emission vehicles by 2035.

On October 4, 2023, the European Commission launched an anti-subsidy investigation (C/2023/160) based on article 10, paragraph 8 of Regulation (EU) 2016/1037, regarding the imports of new battery electric vehicles (BEV) from China. The investigation will determine whether BEV value chains in China benefit from illegal subsidization and whether this subsidization causes or threatens to cause economic injury to EU BEV producers. Based on the findings, the EU could impose anti-subsidy duties on imports of BEV from China due to unfair trade practices. 

European auto industry leaders are urging a three-year extension to prevent tariffs on vital electric vehicle trade between the EU and the UK. With two months left until the expiration of current rules, the extension is seen as crucial for developing an EU battery industry and a competitive EV production base. The UK is a key destination for EU electric vehicle exports, and failure to extend rules could cost EU vehicle makers €4.3 billion, potentially reducing electric vehicle production by 480,000 units over three years.

The Government of Japan has set the goal that all sales of new passenger vehicles should be electrified vehicles by 2035. This goal will promote the adoption of clean energy vehicles and will also result in the installation of more EV charging infrastructure in Japan over the next few years. To ensure proper EV charging infrastructure, Japan already launched the “Study Group for Promoting the Development of EV Charging Infrastructure” back in June, 2023. The aim of the described measures is to develop a society that is able to rely on highly convenient and sustainable EV charging infrastructure. It is based on the three principles of “improving user convenience”, “making EV charging businesses more independent and sophisticated” and “reducing burdens on society as a whole”. 

All sources available upon request. 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.

Electric Vehicle Charging ETF Performance
 As of 31/10/2023

 Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/10/2023

Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs your capital is at risk.