WEX Expands Mixed-Energy Fleet Solutions Across Europe to Drive Commercial EV Adoption

Rhea-AI Summary

WEX (NYSE: WEX) has announced the expansion of its electric vehicle (EV) charging solution across Europe's commercial fleets. The platform includes both 'En Route' and 'At-Home' solutions, providing access to over 830,000 charge points across Europe through the 'EV Driver by WEX' app.

The solution is currently live in five key markets: Germany, the Netherlands, Belgium, Luxembourg, and France. The platform offers fleet managers comprehensive tools for cost optimization, charging behavior monitoring, and downtime minimization. Research commissioned by WEX shows that 80% of mixed fleet operators plan to have at least 25% EVs by 2030, with one in five French fleets aiming for 100% EV adoption.

WEX plans to expand its EV solutions to Italy and the UK later this year. The platform features Plug&Charge capabilities, real-time insights, and streamlined billing management to simplify the transition to electric vehicles for commercial fleets.

Positive

• Expansion into five major European markets with plans for further growth
• Access to extensive network of 830,000 charge points across Europe
• Strong market potential indicated by 80% of mixed fleet operators planning significant EV adoption by 2030

Negative

• None.

Insights

Market Research Analyst

WEX's European EV charging solution expansion represents a strategic market positioning in the rapidly evolving commercial fleet sector. The timing is particularly significant as the European commercial EV fleet market is experiencing accelerated growth driven by three key factors: regulatory pressures, rising fuel costs and corporate sustainability initiatives.

The platform's comprehensive feature set addresses critical market needs:

• Access to 830,000 charge points provides extensive infrastructure coverage
• Integration of both public and home charging solutions creates a unified management system
• Real-time analytics and reporting capabilities enable cost optimization
• Plug&Charge technology reduces operational friction

The market research data revealing 80% of mixed fleet operators planning significant EV adoption by 2030 indicates substantial revenue potential. France's projection of 20% fleets reaching 100% EV penetration by 2030 and Germany's 64% fleet electrification targets suggest a robust growth trajectory. WEX's phased expansion strategy, starting with five key markets and plans for UK and Italy, demonstrates a measured approach to capturing market share while maintaining service quality.

This expansion leverages WEX's established presence in fleet management while introducing next-generation technology solutions. The combination of extensive charging network coverage, sophisticated management tools and driver-friendly features positions WEX to capture a significant share of the European commercial EV fleet market as it matures.

Technology Solutions Expert

The technical architecture of WEX's EV charging platform showcases sophisticated system integration that addresses key operational challenges in fleet electrification. The platform's standout technical features include:

• Seamless integration of Plug&Charge technology, enabling automatic authentication and payment processing
• Real-time data analytics for charging activity monitoring and cost optimization
• Cross-border compatibility across multiple European markets
• Unified API infrastructure supporting both public and private charging networks

The 'EV Driver by WEX' app's integration with over 830,000 charge points demonstrates robust backend infrastructure capable of handling complex data streams and real-time updates. The platform's ability to process multiple charging scenarios - public, home and fleet depot charging - while maintaining consistent user experience and data integrity showcases advanced system architecture.

BREDA, Netherlands--(BUSINESS WIRE)-- WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today announced the expansion of its electric vehicle (EV) charging solution for Europe’s commercial fleets. This milestone comes at a pivotal time as businesses face rising fuel costs and increasing regulatory pressures to reduce carbon emissions.

Fleet managers across the continent will increasingly have access to WEX’s comprehensive EV charging platform, which includes both ‘En Route’ and ‘At-Home’ solutions. This platform allows businesses to manage their EV fleets effectively, with reports tailored to simplify operations, provide real-time insights into charging activity, and streamline billing and driver management.

Drivers can also benefit from the ‘EV Driver by WEX’ app, which provides access to over 830,000 charge points across Europe. The app enables drivers to locate charging stations, start and stop charging sessions, view charging station availability and pricing and track their charging history, offering convenience and flexibility on the road.

In addition, drivers of Plug&Charge-enabled vehicles can benefit from seamless payment processing, as their vehicle automatically authorizes charging sessions without requiring manual interactions or the use of an RFID charge card. While Plug&Charge operates independently, the WEX app complements this capability by supporting the overall charging journey.

“The demand for EVs in commercial fleets is rapidly growing as businesses increasingly adopt greener practices and cutting-edge technology. However, complexities around charging can act as a deterrent,” said Adam Woolway, VP, Head of Global Design, EV. “Our new EV solution is designed to fuel simplicity and meet our customers wherever they are on their mixed-energy journey. By bridging the global EV gap, fleet managers can focus on reaping both the environmental and economic benefits of the energy transition.”

Now live in five leading EV markets, including Germany, the Netherlands, Belgium, Luxembourg, and France, WEX’s solutions offer a unified charging software experience. Features include extensive charge point network coverage, an easy-to-use app, and an advanced fleet management portal. Fleet managers can optimize EV fleet costs, monitor charging behavior, and minimize downtime, while drivers can view public charging costs upfront, enhancing transparency and efficiency.

According to research* commissioned by WEX and conducted by Frost & Sullivan, sustainability is now a priority for fleet owners and operators, with 80% of those that already operate a mixed fleet planning to have at least 25% of their vehicles as EVs by 2030. At the high end, one in five fleets in France expect to be 100% EV by 2030. Even countries with a more tempered commitment to EVs still reported progress; 64% of German fleets plan to have between 25% and 100% EV penetration over the same period.

“For more than 40 years WEX has supported millions of commercial vehicles around the globe,” said Woolway. “We’re now supplementing this experience with a team of established leaders from the EV industry to create solutions that are already helping fleets cost-effectively manage their transition to lower emission operations. The extension of our charging solution across Europe is the result of our continued investment in cutting-edge technologies. Managing mixed-energy fleets just got easier.”

In the next phase, WEX hopes to launch its EV solutions in Italy and the UK later this year, extending its support to additional markets with high EV growth potential.

For more information about WEX's mixed-energy fleet solutions in specific markets, please visit:

• Netherlands: https://www.wexinc.com/nl-nl/vloot-beheer/ev/
• Belgium (French): https://www.wexinc.com/fr-fr/gestion-flotte/ve/be
• Belgium (Dutch): https://www.wexinc.com/nl-nl/vloot-beheer/ev/be/
• France: https://www.wexinc.com/fr-fr/gestion-flotte/ve/
• Germany: https://www.wexinc.com/en-gb/resources/fleet/ev/de
• Luxembourg (French): https://www.wexinc.com/fr-fr/gestion-flotte/ve/lu

*To download our full whitepaper summarising our research findings, please visit:

• English
• France
• Belgium (French & Dutch)
• Luxembourg
• Netherlands
• Germany

About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit http://www.wexinc.com.

Forward-Looking Statements

This press release contains forward-looking statements including, but not limited to, statements regarding the expected strategic, operational, and financial benefits resulting from WEX’s expansion of its charging solution. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including the ability of the Company and its customers to realize the expected benefits of WEX’s expansion of its charging solution; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 23, 2024 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update 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/20250128152728/en/

Media:

WEX

Megan Zaroda, 610-379-6211

Megan.Zaroda@wexinc.com

Investors:

WEX

Steve Elder, 207-523-7769

Steve.Elder@wexinc.com

Source: WEX

FAQ

How many charging points does WEX's EV network cover in Europe?

WEX's EV charging network provides access to over 830,000 charge points across Europe through the 'EV Driver by WEX' app.

Which European countries currently have access to WEX's EV charging solutions?

WEX's EV charging solutions are currently available in Germany, the Netherlands, Belgium, Luxembourg, and France.

What percentage of mixed fleet operators plan to adopt EVs by 2030 according to WEX's research?

According to WEX's research, 80% of mixed fleet operators plan to have at least 25% of their vehicles as EVs by 2030.

Which new markets is WEX planning to expand its EV solutions to in 2024?

WEX plans to launch its EV solutions in Italy and the UK later this year.

What features does the WEX EV charging platform offer for fleet managers?

The platform offers fleet managers tools for cost optimization, charging behavior monitoring, real-time insights into charging activity, and streamlined billing and driver management.