TravelCenters of America Enters Agreement with Electrify America to Expand Electric Vehicle Infrastructure

Rhea-AI Summary

TravelCenters of America (TA) has partnered with Electrify America to deploy electric vehicle (EV) charging stations nationwide. The collaboration aims to install approximately 1,000 DC fast chargers at 200 TA/Petro locations over five years, enhancing EV infrastructure along major highways. The charging stations will be capable of providing up to 350 kW, offering some of the fastest charging speeds available. This initiative reflects TA's commitment to accommodating the growing number of EV drivers and expanding its sustainable energy options. The rollout of the first stations is anticipated in 2023, marking a significant step forward for both companies.

Positive

• Partnership with Electrify America to deploy 1,000 DC fast chargers at 200 locations.
• Charging stations will deliver up to 350 kW, enabling some of the fastest EV charging available.
• Enhances TA's commitment to expanding EV infrastructure and attracting more EV drivers.

Negative

• Forward-looking statements indicate uncertainty about the financial performance despite the EV expansion.

TA and Electrify America Have Goal to Install DC Fast Chargers Nationwide to Meet Needs of EV Drivers

WESTLAKE, Ohio--(BUSINESS WIRE)-- TravelCenters of America Inc. (Nasdaq: TA), the nation’s largest publicly-traded full-service travel center network, announced today an agreement with Electrify America to offer electric vehicle charging at select TA/Petro locations with the first stations planned to be deployed in 2023. Electrify America is the largest open direct current fast-charging network in the U.S.

Rendering of Electrify America charging stations at a TA travel center. (Graphic: Business Wire)

With a goal of installing approximately 1,000 individual chargers at 200 locations along major highways over five years, TA will purchase Electrify America’s DC (Direct Current) fast chargers. Electrify America will install, operate and maintain the charging stations at TA/Petro locations, through its Electrify Commercial business unit. Electrify America will manage the entire process to design and develop the charging stations – obtaining permitting approvals, providing warranty and 24/7 support services, and conducting onsite maintenance. TA will be included on the Electrify America charging network, allowing customers to access and pay for charging through the Electrify America app.

The network of charging stations will be open to almost all brands of EV vehicles and can deliver up to 350 kW to capable vehicles – some of the fastest charging speeds commercially available. The new charging stations help to provide range confidence to EV motorists traveling long distances by expanding access to hyper-fast charging, exemplifying TA’s commitment to providing accessible and reliable chargers to allow EV motorists stay on the go.

“TA’s large locations with expansive amenities are attractive to EV motorists and we are committed to expanding our EV charging infrastructure to accommodate this growing number of EV drivers over time,” said Jon Pertchik, Chief Executive Officer of TravelCenters of America. “Our agreement with best-in-class Electrify America provides an unmatched offering of excellence in locations, service and support.”

“Electrify America is pleased to collaborate with an industry leader like TravelCenters of America to provide the critical infrastructure needed for EV drivers of today and tomorrow,” said Giovanni Palazzo, President and Chief Executive Officer of Electrify America. “Our combined strengths allow us to take bigger steps toward our shared vision of a more sustainable future.”

Electrify Commercial - the business unit from Electrify America designed to deliver turnkey EV charging solutions to businesses, utility companies, fleet owners, travel centers and convenience stores – is developing EV charging programs tailored to fit customers’ individual needs. Electrify Commercial presents a unique opportunity for businesses like TravelCenters of America to own their own charging stations while leveraging Electrify America’s experience building the largest open, DC-fast charging network in the U.S.

TA’s site amenities and Electrify America’s robust abilities offer unique solutions to EV drivers, including convenient locations along major highways and close to exits, access to Wi-Fi at TA locations, modern restrooms, hyper-fast charging speeds up to 350 kW for capable vehicles, seamless Plug & Charge payment technology, and operations backed by 24/7 customer support and a 24/7 network operations center.

Together, TA and Electrify America are dedicated to meeting the evolving needs of motorists and are charging toward a more sustainable future.

About TravelCenters of America

TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its over 18,000 team members serve guests in 281 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.

About Electrify America

Electrify America LLC, the largest open DC fast charging network in the U.S., is investing more than $2 billion in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will enable millions of Americans to discover the benefits of electric driving and support the build-out of a nationwide network of ultra-fast community and highway chargers that are convenient and reliable. Electrify America and Electrify Canada expect to have more than 1,800 total charging stations with over 10,000 individual chargers in the United States and Canada combined by 2026. During this period, Electrify America will be expanding to 49 states and the District of Columbia, supporting increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly.

Electrify America earned the 2020 and 2021 “EV Charging Infrastructure Best-in-Test” award from umlaut, an infrastructure and benchmarking specialist, now part of Accenture, as published in Charged Electric Vehicles Magazine. Electrify America’s Electrify Home® offers home charging solutions for consumers with flexible installation options. Electrify Commercial® provides expert solutions for businesses looking to develop electric vehicle charging programs.

For more information, visit www.electrifyamerica.com and media.electrifyamerica.com.

Warning Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon TA’s present beliefs and expectations, but these statements and the implications of these statements are subject to a variety of risks, are not guaranteed to occur and may not occur for various reasons, some of which are beyond TA’s control. For example, even if consumers purchase more electric vehicles in the future, TA may not experience anticipated growth or improved financial performance as a result of expanding its EV charging infrastructure. Investors are cautioned not to place undue reliance upon any forward-looking statements. Except as required by law, TA does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230130005148/en/

TA Contact:

Tina Arundel

TravelCenters of America

440-250-4758

tarundel@ta-petro.com

Electrify America Contact:

Tara Geiger

Electrify America

571-352-6194

tara.geiger@electrifyamerica.com

Source: TravelCenters - Financial

FAQ

What is the partnership between TA and Electrify America about?

TA has partnered with Electrify America to install electric vehicle charging stations across the U.S.

How many charging stations will TA install?

TA plans to install approximately 1,000 DC fast chargers at 200 locations over five years.

When will the first EV charging stations be deployed?

The first stations are planned to be deployed in 2023.

What charging speed can customers expect from TA's new stations?

The new charging stations will provide charging speeds of up to 350 kW.

What does this partnership mean for EV drivers?

This partnership expands access to fast charging options, enhancing convenience for EV drivers traveling long distances.