More electric cars are hitting the roads. According to a recent report from the International Energy Agency, sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million. Nearly 10% of global car sales were electric in 2021, an increase year over year since 2019. In fact, with EVs making up roughly 9% of global car sales, it’s expanding rather quickly.
This trend means there is more demand for EV charging stations across the country, which are considered commercial real estate. Despite EVs helping save drivers on soaring gas prices — and helping cities reach their ESG goals — are they a huge expense?
Here are four companies changing the game when it comes to EV charging stations.
Volta Inc. is an industry-leading electric vehicle charging network, and recently announced they are partnering with the City of Hoboken to install 25 public EV charging stalls. This development will double the number of public EV charging ports available in Hoboken, NJ — which supports the city’s climate and sustainability goals. To date, Volta is the only company to integrate a digital media network into their public charging stations, meaning that there’s ad space to generate additional income that will offset construction costs.
According to Volta’s data, the city of Hoboken will avoid up to 2,250 tons of carbon pollution with the increased use of EVs from now through 2024. Supporting the switch from gasoline to electric cars is expected to save locals $1.2 million a year on gas, too.
“An accessible and public electric vehicle charging network is an essential component of achieving Hoboken’s Climate Action Plan and becoming carbon neutral by 2050,” said Mayor of the City of Hoboken Ravi S. Bhalla, in a statement. “Through this partnership with Volta, no matter where a resident lives in Hoboken, they will be within a five-minute walk of a charger, making it easier to own an electric or plug-in hybrid car. I look forward to cutting the ribbon on the first 25 stalls in the new year, which will have no impact on the municipal budget.”
Image provided by Invisible Urban Charging
Invisible Urban Charging (IUC) recently announced they’re rolling out over 6,000 chargers for electric vehicles (“EV”) across Florida. This initiative will double the number of EV chargers in the state, making it the largest EV charger operator in Florida.
This expansion is a far cry from their humble beginnings. IUC was founded in New Zealand back in 2019 to accelerate the world’s transition to electric transportation.
In Florida, they’re working with Lincoln Property Company, a property developer that is committed to ESG goals and the Net Zero Carbon initiative. They’re planning to deploy EV chargers to its new mixed-use tower, the Truist Plaza at Church Street Station in Orlando. In fact, IUC partners with several property owners to provide on-site EV charging stations in their properties.
“EV charger infrastructure is a critical piece of the puzzle that will accelerate the shift to electric transport,” said Nigel Broomhall, Co-Founder and Chief Executive Officer of IUC, in a statement. “By rolling out high volumes of EV chargers, we encourage more people to drive electric sooner. We expect our rollout will also help add high-paying local jobs, and more EVs will improve air quality, make Florida cities quieter and cleaner, reduce the dependency on foreign oil, and assist in helping reduce the impacts of climate change.”
According to Scott Stahley, Executive Vice President at Lincoln Property Company of Florida, there is increased demand for EV charging stations, “customer requests,” among them. “Lincoln strives to create a competitive advantage against the market via both ESG and overall cutting-edge technology, so the EV solution provided by IUC aligns perfectly with present and future market demand as we move into the next phases of Church Street Station,” Stahley noted in a statement.
Based out of Indianapolis, Simon Property Group has installed a rollout of EV charging stations on site at their nationwide shopping malls. Their first was installed at the Stanford Shopping Center in Palo Alto, Ca., and Simon’s Florida Mall in Orlando. The goal is to have customers just pull up and plug in their car for up to 120 minutes of EV charging time. The renowned developer is working with Blink Charging, which is based out of Miami, respectively.
“We believe that a well-developed EV charging infrastructure is going to be key to the success of EVs,” said George Caraghiaur, Simon Property Group’s Senior Vice President of Energy and procurement. “Meeting the needs of the first-to-market drivers of electric vehicles in the communities we serve is yet another example of our commitment to sustainability.”
Image provided by Invisible Urban Charging
Houston-based company Refuel Electric Vehicle Solutions are partnering with multifamily and other commercial properties across the country to provide on-site EV charging stations. The firm is co-founded by commercial real estate veterans David Aaronson and Mike Aaronson, to address a growing need within the commercial real estate and sustainability sectors.
Their goal is to assist property owners, managers and real estate developers to provide the infrastructure, equipment and ongoing support to refuel electric vehicles in areas where vehicles remain idle for three hours and more — like multifamily developments, office buildings, hotels and shopping centers. The REVS team has installed charging stations in multifamily and commercial properties across Texas and California this summer.
“As Electric Vehicles (EV) become more prevalent, it is imperative that commercial real estate and multifamily owners and operators realize that their assets will provide the future infrastructure for charging these vehicles,” David Aaronson said in a statement.
“We are excited to immediately offer our clients the countless benefits associated with EV charging stations, including additional revenue generation and marketing opportunities and potential green or carbon credits.”