Something has to pop: Pressure squeezes EV charging from all sides
EV charging part 1 of 2: The trajectory of EV charging in the short term
It’s undeniable that the energy revolution will be a full chapter in our grandchildren’s history books. That is, if they’re still using books and not simply downloading information to a brain implanted SSD… but that’s a discussion for another day.
Like the massive revolutions before our time (farming, industrial, etc.) things started slow with novel science projects and niche use cases. But now, we’re fully ramping up the bell curve of adoption with some industry-sized applications.
Private electric vehicles are one of the first technologies in this revolution to cross the chasm and establish a mainstream presence. They’re also just… cool. Faster acceleration, more torque, better handling — what’s not to love? But as EVs are demanded more by consumers and endorsed more by our government, a weak point in our supporting systems has emerged — charging.
Here’s the problem. Renewable power sources like solar and wind are more variable than conventional sources, creating lumpy supply for our grid (called a “duck curve”). At the same time, we’re charging up more and more kWh of battery capacity as EVs increase in popularity. These two forces are pulling in opposite directions, putting increased strain on our ancient grid.
The simple solution would be to modulate charging of these EVs to match the supply peaks, but this is not possible or desirable in many cases. Companies can’t afford to park their fleet to charge up just because the sun is shining and many consumers value having their car charged and ready to go when they need it. Furthermore, range anxiety continues to plague EV drivers, especially in “the middle of nowhere”, where the grid is most vulnerable, chargers are rare, and charging speeds are slow.
Yes, our infrastructure has an inevitable overhaul coming, but it’s likely to take many years and will never be homogenous. In the short- to medium-term, we need technology solutions that can aid in balancing the grid while fulfilling the EV charging needs of businesses and consumers.
Automotive OEMs, gas companies, independent charging networks, and the US government are all committed to solving this problem. OEMs are building charging networks to incentivize their customers to buy their cars. Gas companies like Shell are installing EV chargers at gas stations in hopes of avoiding obsolescence. Independent charging networks are partnering with retail hubs to find win-win charging locations. And the US government has committed over $7.5B in funding to support the expansion to support public charging infrastructure.
The question is, what solutions are critical to solving this problem and which players are well-positioned to capitalize on this opportunity?
First, let’s break the problem down. There are two main types of EVs: personal and commercial. Within both there’s two distinct types of charging based on the driving range…
Each of these charging scenarios has a different set of requirements, challenges, and opportunities. For example, fast charging is a high priority for public charging, but not so much for at-home charging.
Tomorrow’s winners in the EV charging market will fulfill these requirements, solve these challenges, and capitalize on these opportunities, all while helping to smooth the electricity demand curve and minimize the impact of EV charging on the grid. Most of these solutions include things like:
- software to optimize charging and save money
- integrated battery packs that can charge up at opportune times and quickly dispense energy to vehicles when they need them
- extensive, reliable charging networks (both for personal and commercial use)
- simple and comprehensive financing options
Here are a few examples of companies working on these solutions today:
ev.energy is a user-friendly application to manage home EV charging. The app helps you optimize EV charging based on electricity prices and save money on energy bills.
WeaveGrid serves as the connection point between drivers, automakers, and utilities. They facilitate shifting of EV charging demand to off-peak hours by connecting EV data to utilities and helping utilities incentivize drivers to change their charging habits. This reduces strain on the grid and ultimately lowers charging costs for drivers.
FreeWire develops battery-integrated ultra-fast EV chargers that seamlessly connect to existing infrastructure, avoiding construction costs and lengthy grid interconnection queues. These chargers can be quickly scaled without overloading the grid. They’re semi-portable, allowing them to be installed and uninstalled in under 3 hours. FreeWire offers a subscription-based model, which simplifies financing and further improves their installation speed. Use cases include both personal and commercial vehicle charging.
Treehouse is a fully turnkey, end-to-end charger installation service leveraging AI to automate multiple parts of the customer journey. They allow customers to get quotes for home charging in as little as 2 minutes without the need for panel photos and also have their own installation specialists that can guarantee a quality install. They also offer financing options to remove the financial burden on home owners.
Forum Mobility offers a monthly subscription-based model for electric trucks and charging depots. They simplify the financing to make switching to an electric fleet easier and more cost-effective than ever. They’re quickly developing a network of charging depots, starting in California.
Volterra is helping companies switch to electric fleets by acting as their charging infrastructure partner. They provide the expertise and financing to buy, build, and operate commercial charging locations.
Terrawatt is powering the transition to electric trucking by partnering with state governments to build an expansive charging network across popular trucking routes. They’re focused on making the charging process as seamless as possible to get trucks back on the road quickly.
Keep an eye on these players. Over the next 5 years, they stand to gain the most from increasing adoption of electric vehicles in our current infrastructure and funding environment.
