ABM Awarded NASPO ValuePoint® Contract for EV Charging Infrastructure Solutions

Rhea-AI Summary

ABM (NYSE: ABM), a leading provider of integrated facility services, has been awarded a NASPO ValuePoint® contract for electric vehicle (EV) charging infrastructure. This contract allows ABM to offer its single-source EV charging infrastructure solutions to state and local government and educational entities nationwide more efficiently and cost-effectively.

Key points:

• ABM has installed over 30,000 EV ports nationwide
• The company offers end-to-end services including plan design, equipment installation, cloud-based network connectivity, monitoring, maintenance, upgrades, and power storage
• The NASPO ValuePoint cooperative purchasing program streamlines the procurement process for participating governmental agencies
• This contract is expected to help drive EV adoption rates while providing cost-effectiveness, sustainability, and reliability to governments and organizations

Positive

• Awarded NASPO ValuePoint® contract for EV charging infrastructure solutions
• Expands market reach to state and local government and educational entities nationwide
• Installed over 30,000 EV ports nationwide, demonstrating strong market position
• Offers comprehensive end-to-end EV infrastructure services

Negative

• None.

Insights

Market Research Analyst

ABM's new NASPO ValuePoint® contract for EV charging infrastructure is a strategic win that could significantly boost the company's market share in the public sector. This contract opens doors to a vast network of state and local government clients, potentially leading to increased revenue streams and long-term growth.

The EV charging market is projected to grow rapidly, with a CAGR of 30% expected through 2030. ABM's positioning as a single-source provider gives it a competitive edge in this expanding market. However, investors should note that while this contract enhances ABM's market access, it doesn't guarantee immediate revenue growth. The actual impact will depend on how effectively ABM capitalizes on this opportunity and converts it into concrete sales.

Financial Analyst

While the NASPO ValuePoint® contract doesn't provide specific financial figures, it's a positive development for ABM's long-term financial outlook. The company's existing portfolio of 30,000 EV ports demonstrates its strong market presence and this contract could significantly expand its customer base.

Investors should focus on ABM's future quarterly reports to gauge the contract's impact on revenue growth, particularly in the Technical Solutions segment. The EV charging market's high growth potential could translate into improved profit margins for ABM, especially if it can leverage economies of scale. However, be mindful of potential increased capital expenditures required to meet the growing demand, which might impact short-term profitability.

Tech Expert

ABM's position as a single-source solution provider in the eMobility sector is a significant technological advantage. Their comprehensive offering, including plan design, installation, cloud-based connectivity and maintenance, addresses the complex needs of public sector clients.

The emphasis on power storage and resiliency is particularly noteworthy, as it tackles a critical challenge in EV infrastructure - grid stability. This holistic approach could give ABM a technological edge over competitors who might offer more fragmented solutions. However, the rapidly evolving nature of EV technology means ABM must continually innovate to maintain its competitive position. Investors should monitor ABM's R&D investments and technological partnerships to ensure it stays ahead in this fast-paced sector.

National contract enables state and local governments to easily and cost-effectively engage ABM’s industry-leading single-source eMobility solutions portfolio

NEW YORK, Aug. 15, 2024 (GLOBE NEWSWIRE) -- ABM (NYSE: ABM), a leading provider of integrated facility services, infrastructure solutions, and parking management, is pleased to announce it has recently been awarded a NASPO ValuePoint^® contract for electric vehicle (EV) charging infrastructure. This important contract authorizes ABM to offer its industry-leading, single-source EV charging infrastructure solutions to state and local government and educational entities across the nation more efficiently and cost-effectively.

“We’re honored to be awarded a NASPO ValuePoint^® contract which recognizes our growing position and leading technology in the evolving EV landscape,” stated Mark Hawkinson, ABM’s President of Technical Solutions. “We believe our ability to now offer state and local government and educational institutions nationwide access to our single-source turnkey EV infrastructure solutions will help drive EV adoption rates while at the same time providing these governments and organizations cost-effectiveness, sustainability, and reliability.”

With over 30,000 EV ports installed nationwide, ABM serves as a leading single-source solution provider for the eMobility, power resiliency, and electrification sectors. ABM is a strategic partner for facility operators across the U.S., including ecommerce, logistics, car rental fleets, auto dealers, retailers, airports, universities, and municipalities – providing complete end-to-end services such as plan design, equipment installation, cloud-based network connectivity, monitoring, maintenance, upgrades, and power storage and resiliency.

State and local governments, public entities including educational facilities, and some non-profit organizations, can now leverage ABM's expansive EV solutions portfolio via the NASPO ValuePoint cooperative contract to address the growing need for reliability and accessibility related to EV charging and infrastructure. ABM is committed to providing innovative and reliable single-sourced turnkey solutions designed to meet the complex demands of public sector clients.

The NASPO ValuePoint cooperative purchasing program streamlines the procurement process for participating governmental agencies, ensuring they receive the highest quality products and services at the most competitive prices. The cooperative is highly regarded for its rigorous vendor selection process, focusing on quality, value, and compliance with stringent security and data protection standards.

For more information on ABM, its EV infrastructure offerings, and electrification initiatives, please visit www.abm.com/ev.

ABOUT NASPO ValuePoint

NASPO ValuePoint^® is the cooperative purchasing division of the NASPO, facilitating cooperative public procurement solicitations using a Lead State Model™. NASPO ValuePoint aggregates the demand of all 50 states, the District of Columbia, the US territories, their political subdivisions, and other eligible entities, spurring innovation and competition in the marketplace. NASPO ValuePoint delivers best-value, reliable, and competitively sourced cooperative contracts – offering public entities outstanding prices, favorable terms and conditions, and value-added services. Learn more at www.naspovaluepoint.org.

NASPO^®, NASPO ValuePoint^®, their logos, and Lead State Model™ are trademarks of the National Association of State Procurement Officials.

ABOUT ABM

ABM (NYSE: ABM) is one of the world’s largest providers of facility services and solutions. A driving force for a cleaner, healthier and more sustainable world, ABM provides essential services and forward-looking performance solutions that improve the spaces and places that matter most. From curbside to rooftop, ABM’s comprehensive services include janitorial, engineering, parking, electrical and lighting, energy and electric vehicle charging infrastructure, HVAC and mechanical, landscape and turf, and mission critical solutions. ABM serves a wide range of industries—from commercial office buildings to universities, airports, hospitals, data centers, manufacturing plants and distribution centers, entertainment venues and more. Founded in 1909, ABM serves over 20,000 clients, with annualized revenue exceeding $8 billion and more than 100,000 team members in 350+ offices throughout the United States, United Kingdom, Republic of Ireland and other international locations. For more information, visit www.abm.com.

MEDIA CONTACT:

ABM
Michael Valentino
media@abm.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/08e5de69-5eb0-4253-80ce-0a92bf8c395e

https://www.globenewswire.com/NewsRoom/AttachmentNg/b129c1c6-4357-4a8f-8e05-66af83e25245

FAQ

What is the significance of ABM's NASPO ValuePoint® contract for EV charging infrastructure?

The contract allows ABM to offer its EV charging infrastructure solutions to state and local government and educational entities nationwide more efficiently and cost-effectively, potentially driving EV adoption rates and providing these organizations with sustainable and reliable solutions.

How many EV ports has ABM installed nationwide?

ABM has installed over 30,000 EV ports nationwide, demonstrating its strong position in the EV infrastructure market.

What services does ABM offer in its EV infrastructure solutions portfolio?

ABM offers comprehensive end-to-end services including plan design, equipment installation, cloud-based network connectivity, monitoring, maintenance, upgrades, and power storage and resiliency.

How does the NASPO ValuePoint cooperative purchasing program benefit participating agencies?

The program streamlines the procurement process for participating governmental agencies, ensuring they receive high-quality products and services at competitive prices while meeting stringent security and data protection standards.