Volta Announces New PredictEV® Capability to Align States' Charging Rollout With the Federal Government's Justice40 Initiative

Rhea-AI Summary

Volta Inc. (NYSE: VLTA) announced new capabilities for its PredictEV® platform, enabling state and local governments to identify optimal EV charger locations in disadvantaged communities. This aligns with the federal Justice40 goal, which aims for 40% of benefits from federal investments, including $7.5 billion for EV infrastructure, to reach these communities. The platform supports the National Electric Vehicle Infrastructure (NEVI) Formula Program, providing data-driven insights for effective charger deployment as states finalize their plans.

Positive

• Enhanced PredictEV® capabilities align with federal Justice40 goals.
• PredictEV enables effective EV charger placement in disadvantaged communities.
• Potential access to $7.5 billion funding for EV infrastructure development.

Negative

• None.

Latest capability will provide state and local governments with critical, data-driven insight to effectively deploy EV charging at optimal locations within disadvantaged communities

NEW YORK--(BUSINESS WIRE)-- Volta Inc. (NYSE: VLTA) ("Volta"), an industry-leading electric vehicle ("EV") charging and media company, today announced that its infrastructure planning platform, PredictEV®, now offers state and local governments the ability to precisely identify optimal charger locations and charging speeds in disadvantaged communities. This analytical capability aligns with the federal government's Justice40 goal, which seeks to ensure that 40 percent of the overall benefits of certain federal investments, including the $7.5 billion allocated to EV charging infrastructure under the Bipartisan Infrastructure Law (BIL), flow to disadvantaged communities.

Volta Announces New PredictEV® Capability to Align States' Charging Rollout With the Federal Government's Justice40 Initiative (Photo: Business Wire)

Volta's PredictEV is an advanced infrastructure planning solution that analyzes disparate data sources, including local mobility, demographic, commercial, and site-specific data, to provide high-resolution answers to key EV infrastructure questions around expected EV adoption, optimal charger locations, and the right mix of charging Infrastructure. PredictEV was used by Alabama's Department of Economic and Community Affairs (ADECA) to develop its Electric Vehicle Infrastructure Plan, and its insights informed Volta's collaboration with the State of Michigan and DTE Energy. Southern Company, Southern California Edison, and Tucson Electric Power also use the tool. Volta's latest PredictEV capability includes the ability to integrate location data related to disadvantaged communities, helping all government agencies develop and finalize EV charging deployment plans that are as equitable as they are effective.

"An inclusive mobility ecosystem must be built as a resource for all communities, including those in lower-income and environmental justice-impacted areas, and our state has made a conscious effort to ensure these communities have the same mobility opportunities that other regions do," said Michigan's Chief Mobility Officer Trevor Pawl. "Thanks to the availability of disadvantaged community data, we can further optimize our EV mobility solutions to support Michigan's residents as they move around the state."

As part of the BIL, the National Electric Vehicle Infrastructure (NEVI) Formula Program will provide a total of $5 billion to develop and construct a national network of 500,000 EV charging stations by 2030 along designated Alternative Fuel Corridors, particularly along the Interstate Highway System. Under NEVI, each state must submit an EV Infrastructure Deployment Plan, reflective of Justice40 goals, before funds are dispersed. All 50 states' plans, plus D.C. and Puerto Rico, were recently approved. As states prepare to receive proposals from charging network operators, PredictEV's latest capability can provide Departments of Transportation with critical, data-driven insight into whether proposed charger locations will maximize utilization and align with Justice40 goals.

The BIL allocates an additional $2.5 billion for the Discretionary Grant Program for Charging and Fueling Infrastructure, which prioritizes expanding access to EV charging in low and moderate-income neighborhoods, communities with a low ratio of private parking spaces, and rural areas. While the community grant program details have yet to be fully disclosed, PredictEV can help city and local governments develop EV charging plans that maximize utilization and align with Justice40 goals.

"Volta intends to ensure that every community can participate in the transition to electric mobility. PredictEV's latest capabilities are another example of our commitment to providing our partners with data-driven electrification planning that delivers a positive economic impact while supporting equity in charging and the efficient use of taxpayer funds," said Vince Cubbage, Interim Chief Executive Officer at Volta. "As state and local governments finalize their strategies for deploying the first stage of NEVI funding and plan for the second wave of community grants, we look forward to furthering our Charging For All initiative through successful public-private partnerships to build a clean, more sustainable future for all."

This latest capability is an extension of Volta's Charging For All initiative, the company's commitment to delivering affordable, reliable, and equitable charging across the United States. Volta's business model is uniquely positioned to accelerate the rollout of critical public EV infrastructure in communities across the socio-economic spectrum. Large digital displays that catch the attention of everyone who passes by are embedded into Volta's chargers, providing a powerful reminder that public chargers are now available in the community — an important factor when deciding to switch to an EV. These media screens comprise the Volta Media™ Network. By not just installing chargers but building a dual energy and digital advertising platform, Volta can generate revenue from the moment charging stations are installed while providing a robust messaging platform within communities. This advertising revenue allows Volta to build critical EV charging Infrastructure in all types of neighborhoods, regardless of how many drivers currently own an EV in that area. Further, it unlocks the ability for Volta and partners to subsidize the cost of charging sessions for drivers where suitable, delivering safe and affordable charging near the front doors of commercial properties and retail locations.

About Volta

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle ("EV") charging and media company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site partners, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV® platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221027005317/en/

Jette Speights

jette@voltacharging.com

Source: Volta Inc.

FAQ

What is the new feature announced by Volta Inc. for PredictEV?

Volta Inc. announced new capabilities for PredictEV that help governments identify optimal EV charger locations and charging speeds in disadvantaged communities.

How does PredictEV align with the Justice40 goal?

PredictEV's new capabilities support the Justice40 goal by ensuring that 40% of federal investment benefits, including $7.5 billion for EV infrastructure, go to disadvantaged communities.

What funding is available for EV infrastructure under the Bipartisan Infrastructure Law?

The Bipartisan Infrastructure Law allocates $7.5 billion for EV charging infrastructure and $5 billion through the National Electric Vehicle Infrastructure Formula Program.

How can state departments use PredictEV for EV charging plans?

State departments can use PredictEV to develop EV infrastructure deployment plans that maximize charger utilization and align with Justice40 goals.

What is the significance of the National Electric Vehicle Infrastructure Program?

The NEVI Formula Program aims to create a national network of 500,000 EV charging stations by 2030, especially along the Interstate Highway System.