EV+ Partners with CBRE to Expand EV Charging Network
EV+, a provider of electric vehicle (EV) charging infrastructure, has partnered with CBRE to install charging stations at 10,000 U.S. commercial properties over the next five years. The focus is on multifamily complexes, hotels, and healthcare facilities. These turnkey charging solutions require no ongoing responsibilities from property owners, enhancing convenience for EV drivers. CBRE will assist with site acquisition, grant and incentives work, project management, and ongoing maintenance. This collaboration aims to drive EV adoption and offer property owners a valuable amenity.
- EV+ and CBRE partnership aims to install EV charging stations at 10,000 commercial properties, expanding reach significantly.
- Focus on underserved locations like multifamily complexes, hotels, and healthcare facilities could drive higher EV adoption.
- Turnkey solutions with no ongoing responsibilities for property owners lower barriers to installation.
- CBRE's role in site acquisition, grants, project management, and maintenance ensures a comprehensive support system.
- Potential to turn EV charging into a desirable amenity for property owners, attracting more tenants and guests.
- The ambitious goal of 10,000 installations over five years may face execution risks or delays.
- No specific financial data or revenue projections provided, leaving uncertainty about the partnership's financial impact.
- Dependence on government grants and incentives could introduce financial variability and risks if subsidies change.
Insights
The partnership between EV+ and CBRE to deploy electric vehicle (EV) charging stations at 10,000 U.S. commercial properties over the next five years is a significant development for multiple reasons.
Financial Implications: From a financial perspective, this move shows a strategic investment in the growing EV market, which is expected to experience substantial growth. The EV market has been projected to rise sharply, driven by increasing adoption of EVs and supportive government policies.
Impact on Stock: Both companies are positioned positively in their respective markets. For investors, this partnership could be seen as a clear signal of commitment to innovation and sustainability, which can drive stock value in the long term. Investors should monitor how quickly these installations ramp up, as it will be a critical indicator of execution capability.
Challenges: However, executing such a large-scale deployment in a relatively short period poses logistical and operational challenges, which could impact project timelines and costs. Investors will need to watch out for any delays or cost overruns, which could negatively affect the financials.
The announcement of EV+ partnering with CBRE to expand EV charging infrastructure touches on some key market trends.
Market Trends: There is an increasing demand for convenient and reliable EV charging infrastructure, especially in multifamily complexes, hotels and healthcare facilities. These are areas that have been underserved and the move to target these locations is strategically sound. EV adoption is expected to continue growing, driven by consumer demand for sustainable solutions and increasing government regulations aimed at reducing carbon emissions.
Competitive Advantage: By offering a turnkey solution that requires minimal effort from property owners, EV+ positions itself as a convenient choice for businesses looking to add EV charging as an amenity. This approach can significantly reduce the barrier to entry and could help EV+ capture a significant market share in these categories. The relationship with CBRE, a leader in commercial real estate, adds further credibility to this effort.
Potential Risks: While the market potential is high, the competitive landscape is also intensifying with many players entering the EV charging space. EV+ will need to ensure that its offerings are not only technologically advanced but also competitively priced to maintain its edge.
The collaboration between EV+ and CBRE to install EV charging stations at various properties is an important step forward in the EV infrastructure landscape.
Technological Impact: EV+ offers an integrated hardware, software and networking system designed for durability and ease of use. This comprehensive approach is essential for ensuring reliability, which is important for EV adoption. The end-to-end solution simplifies the process for property owners, making it more attractive for them to install these units. This can lead to greater market penetration and increased usage of EVs.
Innovation and User Experience: The focus on creating a hassle-free user experience is key. As more people switch to EVs, the demand for efficient and user-friendly charging solutions will grow. By addressing these needs, EV+ can set itself apart in the market. Furthermore, the ability to leverage CBRE's extensive network for site acquisition and project management enhances the feasibility of rolling out these installations effectively.
Long-Term Considerations: As the technology in EV charging continues to evolve, ensuring future-proof solutions and maintaining high reliability will be critical. Property owners will appreciate solutions that can adapt to advancements without requiring significant additional investments.
Companies are focused on properties where electric vehicle drivers most often want to charge: multifamily complexes, hotels, hospitals and healthcare-related facilities
The companies are focused on EV-enabling real estate where drivers most need charging stations --multifamily complexes, hotels and healthcare-related facilities, all of which have been critically underserved to date. Turnkey EV+ charging stations will be installed ready to operate, with no ongoing responsibilities for property owners.
"Of primary concern to EV drivers these days is convenient access to reliable charging stations at locations where they spend time – and this partnership is focused on filling that need," said Jim Hurless, Global Head of Real Estate for CBRE EV Solutions. "Expanding the charging network with EV+ in this manner will help to spur more EV adoption as well as provide property owners with a coveted amenity to serve their customers."
EV+ offers property owners end-to-end charging infrastructure solutions, complete with an integrated hardware, software and networking system designed for durability and ease of use. The company aims to simplify EV charging for property owners, helping them to achieve their sustainability goals and offer an increasingly important service amenity for minimal effort.
CBRE, a global commercial real estate services company, will provide EV+ with site acquisition, grant and incentives work, project management, installation and ongoing operation and maintenance of the charging stations.
"Partnering with CBRE enables us to significantly expand our reach and impact in essential real estate markets," EV+ Chief Executive, Joe Schottland said. "Our goal is to establish electric vehicle charging capacity where it is most required and desired – properties where drivers spend considerable time, such as apartments, hotels and healthcare facilities. This alignment with CBRE enhances our ability to deliver convenient, efficient, durable EV charging solutions on a national scale."
For business inquiries, please contact sales@ev-plus.com or Jim Hurless at jim.hurless@cbre.com
About EV+
EV+ was built by experts in the commercial real estate, infrastructure, and transportation industries, bringing together over 50 years of combined experience. That expertise comes together to create a unique, outsourced solution set that relieves property owners of the burden of EV-enablement and accelerates the migration to an electrified future. The EV+ mission is to simplify the delivery of profitable charging solutions for owners and developers, and ensure their tenants and guests have dependable and enjoyable charging experiences.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in
Media Contacts:
Joe Schottland
EV+
+1 424 389 3078
joe@ev-plus.com
Kris Hudson
CBRE
+1 214 863 3650
kris.hudson@cbre.com
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SOURCE EV+
FAQ
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