EnviroSpark Signs Nationwide Deal With Starwood Capital Group

Rhea-AI Summary

EnviroSpark has partnered with Starwood Capital Group to install over 400 electric vehicle (EV) charging stations at 82 multi-family properties across the U.S. This multi-million dollar deal, the largest of its kind for a single owner of multi-family properties, aims to expand EV access to over 55,000 consumers in 12 states within the next six to 12 months. EnviroSpark's CEO highlights this initiative as crucial for enhancing EV infrastructure, particularly in underserved multi-family segments. Since its inception in 2014, EnviroSpark has installed over 5,500 charging ports.

Positive

• Partnership with Starwood Capital facilitates installation of 400 EV chargers, enhancing infrastructure in multi-family properties.
• Expansion of EV access to over 55,000 consumers across 12 states.
• EnviroSpark's leadership is focused on growth within the booming EV infrastructure market.

Negative

• None.

Electric vehicle charging stations to be installed at 82 multi-family properties

ATLANTA, Oct. 4, 2022 /PRNewswire/ -- Atlanta-based electric vehicle (EV) charging company EnviroSpark has partnered with private investment firm Starwood Capital Group in a multi-million-dollar deal. This deal will bring over 400 charging stations to more than 80 multi-family home properties owned by Starwood Capital across the nation.

Chargers will be delivered and installed in the next six-to-12 months, expanding EV access to over 55,000 consumers across 12 states, in the largest deal of its kind for a single owner of multi-family properties.

"We're so excited to partner with the industry leaders in real estate at Starwood Capital Group," EnviroSpark CEO and Co-founder Aaron Luque said. "Multi-family properties are the next step for building out EV infrastructure and making the shift to electric practical for most consumers. There's nothing more convenient than coming home after a long day at work, plugging in, and waking up with a full tank. EnviroSpark is proud to be leading the charge in this lane."

Multi-family properties have traditionally been underserved in favor of route enablement and fleet service. EnviroSpark sees outsized benefits by installing charging stations in multi-family properties because EV drivers can fuel up at home instead of sitting at a public location. Starwood Capital sees the partnership as a way to attract and retain residents while building an environmentally sustainable community.

As EnviroSpark's largest multi-family partnership to-date, the deal with Starwood Capital adds to a long list of partnerships, including the installation of thousands of chargers for Tesla, Electrify America and Georgia Power. The installation of 400 chargers at Starwood Capital's properties follows a concerted effort by EnviroSpark's leadership to create growth in niche markets inside a booming industry. 

Since its founding in 2014, EnviroSpark has been dedicated to expanding EV accessibility and increasing adoption by building chargers where people want to charge and prides itself on providing turnkey solutions that fit the specific needs of their customers.

Radial Power is managing the project for Starwood Capital.

About EnviroSpark

Founded in 2014, EnviroSpark is an industry leader in the turnkey design, installation, and operation of EV charging solutions. The company was founded with two missions: to raise awareness of the benefits of electric vehicles and to increase the availability of EV charging infrastructure. The company is responsible for the installation of more than 5,500 charging ports to date. EnviroSpark addresses the pain points of property owners and drivers from coast to coast by enhancing EV accessibility in a customer-friendly way.

About Starwood Capital Group

Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,500 employees. Since its inception in 1991, Starwood Capital Group has raised over $70 billion of capital, and currently has over $120 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $91 billion of capital since inception and manages a portfolio of $27 billion across debt and equity investments. Over the past 30 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.

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SOURCE EnviroSpark

FAQ

What is the partnership between EnviroSpark and Starwood Capital Group?

EnviroSpark has partnered with Starwood Capital to install over 400 EV charging stations at 82 of Starwood's multi-family properties.

How many charging stations will be installed and when?

Over 400 charging stations will be installed within six to 12 months as part of the partnership.

How many consumers will benefit from the EV charging stations?

The installation will provide EV access to over 55,000 consumers across 12 states.

What is the significance of this deal for Starwood Capital Group?

This deal is the largest of its kind for a single owner of multi-family properties, aimed at attracting and retaining residents while promoting sustainable living.

What is EnviroSpark's mission?

EnviroSpark aims to increase EV accessibility and adoption by building charging stations where consumers want to charge.