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Volta Partners With the State of Michigan and DTE Energy
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Volta Inc. (NYSE: VLTA) has announced a paid partnership with the Michigan Office of Future Mobility and Electrification (OFME) and DTE Energy (NYSE: DTE) to enhance electric vehicle (EV) charging infrastructure in underserved communities. This collaboration marks Volta's sixth partnership with an electric utility and aims to utilize its PredictEV® software for optimal site selection. The initiative seeks to promote equitable access to EV charging, supported by consumer education through the Volta Media™ Network. Past initiatives indicate significant increases in EV adoption following similar programs.
Positive
Partnership with Michigan OFME and DTE to enhance EV charging in underserved areas.
Utilization of PredictEV® software for effective resource allocation and site selection.
Previous collaboration led to a 72% increase in EV ownership in targeted regions.
Negative
None.
Collaboration utilizes Volta's PredictEV® analytics and media-supported charging to accelerate the switch to EVs within lower-income and environmental justice communities
Agreement marks Volta's sixth paid partnership with an electric power utility and second with a state authority
SAN FRANCISCO--(BUSINESS WIRE)--
Volta Inc. (NYSE: VLTA), an industry-leading electric vehicle ("EV") charging network powering vehicles and commerce, today announced its paid partnership with the Michigan Office of Future Mobility and Electrification (OFME) and DTE Energy (DTE). This marks Volta's sixth agreement with an investor-owned electric power utility and second with a state agency in support of equitable, efficient, and accelerated deployment of EV charging infrastructure.
Volta Partners With the State of Michigan and DTE Energy (Photo: Business Wire)
Michigan's OFME and DTE are funding the use of Volta's PredictEV® software product to identify locations that would be most utilized within underserved areas, ensuring the most efficient use of public investment. PredictEV analyzes disparate data sources, including local mobility, demographic, commercial, and site-specific data, to provide high-resolution answers to key EV infrastructure questions. Insights provided by PredictEV include expected EV adoption, optimal charging locations, the right mix of charging infrastructure, and corresponding societal benefits such as CO2 mitigation, air quality improvement, and improved health outcomes.
"The transition to electric mobility should benefit everyone. This program is squarely targeted at improving equitable access to EV charging infrastructure in Michigan, and it leverages the unique strengths of DTE, Volta, and the State of Michigan, together," said Drew Bennett, Executive Vice President of Network Operations at Volta. "We are proud to partner with the OFME to bring more Volta stations to Michigan in areas where they will make the most impact."
With the support of the OFME's Michigan Mobility Funding Platform, Volta and DTE will install EV charging stations within lower-income and environmental justice communities. DTE will use the Volta Media™ Network to educate consumers on EV benefits and available incentives that make owning an EV more affordable upon installing the charging stations. This proactive messaging encourages the switch to EVs, accelerating the health, safety, and economic benefits electric mobility brings to an area.
In 2021, Volta and Southern California Edison (SCE) collaborated to distribute a similar EV awareness campaign in underserved communities. The impact was a 72 percent increase in driving or owning an EV in the targeted regions.
"Our mobility ecosystems are most effective when they can provide real value and opportunity within all of Michigan's communities, regardless of the size or income of the area," said Trevor Pawl, Chief Mobility Officer with the OFME. "We are pleased to support Volta and DTE as they work jointly to improve the accessibility and equity of our EV charging locations. This is a key step to ensuring wide-scale EV ecosystem adoption across the state."
"Our partnership with Volta supports cleaner transportation solutions where we live and serve," said Tony Tomczak, Vice President of Electric Sales and Marketing, DTE. "This initiative is one of the many ways DTE is working with our state agencies to promote transportation electrification for all."
Along with DTE, Volta's utility partners include SCE, Southern Company (which operates Georgia Power, Alabama Power, and Mississippi Power), and Tucson Electric Power. These utilities collectively serve an estimated 32 million Americans and cover areas that, as forecasted by Volta's PredictEV product, will witness more than an 800% increase in EV adoption by 2030—a shift that would avoid nearly 10 million metric tons of CO2 emissions.
About Volta
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 DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio also includes non-utility businesses focused on industrial energy services, renewable natural gas, and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80% by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric and Gas aspire to achieve net zero carbon and greenhouse gas emissions by 2050. DTE and its 10,000 employees are committed to improving lives with their energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com/dteenergy.
