Verizon Connect expands Reveal EV Platform to Europe
- Verizon Connect introduces the Electric Vehicle Suitability Tool to help fleets adopt EVs and reduce costs.
- Expansion of Reveal EV capabilities into Europe, including Germany, France, and the UK, offering new reporting and alerting features for managing EV operations.
- Analysis shows that 42% of combustion engine vehicles in fleets can be replaced by EVs, leading to estimated $2 million fuel savings and 9000 tons of CO2 reduction in 2023.
- Partnership with NextEra Mobility for electrification advisory services to assist customers in developing and implementing EV strategies.
- Recognition for product innovation with eight industry awards in 2023, including a Bronze Stevie Award for Company of the Year in the Transportation Category.
- None.
Insights
The introduction of Verizon Connect's Electric Vehicle Suitability Tool and the expansion of Reveal EV into Europe represent strategic initiatives in the realm of fleet management and sustainability. This development is particularly timely, given the growing global push towards reducing carbon emissions and the transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs).
From a market research perspective, the adoption of EVs is accelerated by advancements in technology and supportive regulatory frameworks. Verizon Connect's tool, which provides data-driven insights into the feasibility of replacing ICE vehicles with EVs, aligns with current market trends towards data analytics and intelligent decision-making in business operations. The tool's ability to estimate potential fuel cost savings and CO2 reductions is a compelling value proposition for businesses looking to rationalize the transition to EVs both from an economic and an environmental standpoint.
The reported figure that 42% of customers' ICE vehicles could be replaced by EVs underscores the significant market potential for EV adoption in commercial fleets. Furthermore, the tangible savings and CO2 reductions already realized by Verizon Connect customers who have adopted EVs serve as a strong case study for other businesses contemplating similar transitions.
Verizon Connect's expansion into the European market with its EV-oriented solutions presents an opportunity to capture a significant share of the burgeoning EV fleet management sector. The integration with NextEra Mobility further enhances the value chain by providing a comprehensive electrification strategy that includes total cost of ownership (TCO) analysis and infrastructure planning.
For investors, the focus on EV adoption and management tools may signal Verizon Connect's proactive approach to capturing emerging market opportunities. The company's product innovation, underscored by the eight industry awards received in 2023, could be indicative of a competitive edge that may translate into future revenue growth. This is particularly relevant as businesses worldwide may look to adopt such tools to comply with stricter environmental regulations and to benefit from potential government incentives for sustainability initiatives.
However, the capital expenditure required for R&D and market expansion, as well as the execution risks associated with new product rollouts, should be carefully monitored. Investors would benefit from understanding how these initiatives align with Verizon Connect's overall financial strategy and how they might affect profitability margins and return on investment in the short to medium term.
Verizon Connect's initiatives are a testament to the increasing integration of sustainability into core business strategies. The EV Suitability Tool and NextEra Mobility partnership reflect a growing corporate acknowledgment of the importance of environmental responsibility.
The ability to analyze and recommend fleet transitions to EVs based on actual vehicle usage data is a significant step towards operationalizing sustainability. It allows companies to make informed decisions that align with global sustainability goals, such as those set by the Paris Agreement. By facilitating a smooth transition to EVs, Verizon Connect is helping to reduce the environmental impact of transportation, which is one of the largest contributors to greenhouse gas emissions.
The long-term impact of such tools and partnerships may lead to widespread adoption of EVs in commercial fleets, contributing to a reduction in global carbon emissions. The emphasis on data-driven insights and actionable recommendations can empower businesses to not only reduce their carbon footprint but also to potentially enjoy cost savings from lower fuel and maintenance expenses associated with EVs compared to traditional ICE vehicles.
Verizon Connect unveiled its Electric Vehicle Suitability Tool, NextEra Mobility Partner Integration and European Electric Vehicle Features that help fleets adopt EVs and seamlessly incorporate them into daily operations.
NEW YORK, March 04, 2024 (GLOBE NEWSWIRE) -- Today, Verizon Connect announced the European expansion of its Reveal EV capabilities in addition to the new Electric Vehicle Suitability Tool. The EV Suitability Tool shows customers how converting to electric vehicles (EVs) can help them achieve cost reduction while reaching their sustainability goals. The easy-to-read dashboard highlights which of their vehicles can be replaced by EVs and provides graphical data to support these recommendations. No input by the customers is required, as the analysis is done automatically.
As businesses continue to evaluate the potential for more sustainable and cost-saving operations using electric vehicles (EV), Verizon Connect continues to expand its product portfolio, partnerships and features to support sustainability goals.
"Customers globally have consistently praised the efficiency our products bring to their operations. Lately, there's also been an increase in questions around how to reduce their carbon footprint," said Peter Mitchell, General Manager and Senior Vice President at Verizon Connect. "When our customers speak, we listen, and the introduction of our EV Suitability Tool, as well as our Reveal EV expansion into Europe, is another example of us responding to their needs."
Following the success of its U.S. launch, Verizon Connect is expanding its Reveal EV capabilities to European customers including Germany, France, Ireland, Italy, Netherlands, Poland, Portugal, and the United Kingdom. This integration of vehicle battery level and charging state data direct from EVs into its fleet management platform, as well as new EV reporting and alerting capabilities, allows customers to easily manage their EV operations. Customers in Europe can easily monitor the charging status of their vehicles to determine if they are plugged in and charging, helping them to keep the vehicle ready when needed. Additionally, customers can instantly see the battery percentage level of a vehicle so they can ensure it has enough charge to perform the tasks at hand.
"Having closely observed the evolution of sustainable technologies, we find Verizon Connect's expansion of their Reveal EV platform into Europe, in addition to the new Sustainability Tool, to be a significant commitment to advancing global sustainability efforts,” said Aaron Roberts, Industry Analyst, Connected Fleets, Frost & Sullivan. “As the world actively moves away from fossil fuels, these resources stand out as tangible solutions that encourage fleet operators to reduce their carbon footprint. By offering comprehensive solutions that align with evolving environmental priorities, Verizon Connect contributes to the broader sustainability agenda where technology and sustainability intersect driving a positive change on a global scale."
VZC Suitability Tool Now Available
To give businesses greater insight into decision making, Verizon Connect is expanding on its Reveal solution with a new EV Suitability Tool, where customers can easily see which internal combustion engine vehicles in their fleet are suitable to be replaced by EVs by ensuring that they meet the vehicles’ daily range requirements. The tool also provides new and existing Reveal customers with the projected fuel cost savings and CO2 reductions they can expect should they decide to make the conversion. Armed with this knowledge, customers can confidently make the decision to not only purchase EVs, but understand the broader impact on their operations and environmental impact.
A recent aggregate analysis of Electric Vehicle Suitability Tool data within Verizon Connect Reveal found that
Verizon Connect customers who have adopted EVs have saved an estimated
“We are on the cusp of electric vehicle adoption within fleets,” said Jennifer Coreno, Director of Product Management, Verizon Connect, “enhancements like the EV Suitability Tool for Reveal will provide greater actionable insights and the ability for fleets to plan and execute their EV strategies moving forward.”
Integration Partners
Verizon Connect is also committed to working with the best EV service providers in the industry. Last year, it launched a partner integration with Sawatch Labs, and now is introducing a new partner integration with NextEra Mobility, a leading electrification advisory provider. This one way integration pulls data from Verizon Connect Reveal into NextEra Mobility’s software so they can build an electrification plan for customers.
NextEra Mobility helps customers understand all aspects of pursuing an electrification strategy for their fleet. Its offering is complementary to Verizon Connect’s EV Suitability tool, allowing customers to first understand whether a portion of their fleets are good candidates for electrification, then work with NextEra to fully develop and implement an electrification strategy. The work with NextEra includes getting an estimated lifetime total cost of ownership (TCO) of suitable EVs, identifying specific EVs to meet customers’ needs and identifying the number and type of chargers required to support daily energy needs.
These new solutions extend Verizon Connect’s proven success for product innovation. In 2023, Verizon Connect earned eight industry awards, including being awarded a Bronze Stevie Award for Company of the Year in the Transportation Category.
Media contact:
Tessa Giammona
tessa.giammona@verizon.com
FAQ
What is the purpose of Verizon Connect's Electric Vehicle Suitability Tool?
Which countries are included in the expansion of Verizon Connect's Reveal EV capabilities in Europe?
How much fuel cost savings and CO2 reduction have Verizon Connect customers achieved in 2023 through EV adoption?
What is the partnership integration introduced by Verizon Connect with NextEra Mobility?
What industry recognition did Verizon Connect receive in 2023 for its product innovation?
