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Volta Launches PredictEV® Fleet Product to Accelerate Transition of Commercial Fleets to Electric Vehicles
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Volta Inc. (NYSE: VLTA) has launched PredictEV® Fleet, an AI-driven product designed for fleet electrification, in partnership with Southern Company (NYSE: SO). This collaboration aims to facilitate effective electrification strategies for fleets, utilizing machine learning and data analytics to recommend EVs and calculate cost savings. Southern Company plans to electrify 50% of its fleet by 2030. The PredictEV Fleet supports utilities in managing grid demands associated with increased electrification.
Positive
Launch of PredictEV Fleet enhances Volta's product suite for fleet electrification.
Multi-year agreement with Southern Company strengthens market position.
PredictEV Fleet aids in optimal EV recommendations and cost-saving strategies.
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Multi-year agreement in place with Southern Company to create comprehensive and efficient fleet electrification strategies
SAN FRANCISCO--(BUSINESS WIRE)--
Volta Inc. (NYSE: VLTA), an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce, today announced the launch of PredictEV® Fleet, the second product within its suite of machine learning and artificial intelligence (“AI”) solutions for infrastructure planning, with a multi-year commitment from Southern Company (NYSE: SO), the second-largest utility company in the United States.
Volta’s PredictEV® product suite is utilized by multiple government agencies, utilities, retailers, real estate developers, municipalities, and more to inform intelligent EV infrastructure expansion and investment.
“Nearly one in every five vehicles in the U.S. is owned by a company, making fleet electrification an important business opportunity and a critical component to a carbon-free transportation future for all,” said Drew Bennett, Executive Vice President of Network Operations at Volta. “Our fleet product enables data-driven electrification planning for both fleet operators and the utilities that serve them to ensure strategies are future-proof and efficient.”
Using advanced AI and analytics, PredictEV Fleet analyzes data on existing vehicle fleets and premises and provides customers with critical insights to build fleet electrification plans, including:
A range of recommended EVs to replace internal combustion engine vehicles with similar specifications;
Optimal Volta-provided or other EV supply equipment (“EVSE”) to serve the fleet’s charging needs;
Estimated costs and savings with a calculation of total cost of ownership;
Integration of applicable rebates and incentives, such as federal, state, and utility programs offered by Georgia Power and other Southern Company-owned utilities;
Carbon mitigation by shifting to EVs.
Additionally, the product establishes data-sharing relationships between fleets and utilities to inform the grid strategies required to support the increased demand for electricity.
In 2020, Southern Company announced an internal fleet electrification goal to convert 50 percent of its electric companies’ light-duty vehicles and equipment to electric by 2030. Southern Company is a founding partner of the venture capital firm Energy Impact Partners (EIP) and collaborates with EIP portfolio companies to bring technology and business model innovation, like PredictEV Fleet, to life for the benefit of its customers, communities, and family of businesses.
“We’re talking to customers everyday about future electric transportation needs and the ‘why’ is usually clear – customers see electric transportation as a way to lower costs and achieve their sustainability objectives. But there’s still some uncertainty around the ‘how, what, and when.’ We see PredictEV Fleet, and our partnership with Volta, as a tool for our customers to start answering those questions,” said Chris Cummiskey, Chief Commercial and Customer Solutions Officer at Southern Company. “This is one of several investments in innovation we are making to bring sustainability solutions to our customers – and to our own businesses.”
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop, and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into people’s daily routines, Volta’s goal is to benefit consumers, brands, and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta’s Registration Statement on Form S-1, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
About Southern Company
Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women’s Choice Award. To learn more, visit www.southerncompany.com.
