Flexible Financing to Provide Access to Rapidly Deployable EV Charging Stations Across the U.S.
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Insights
The collaboration between ChargePoint, EnTech Solutions and Wells Fargo represents a strategic move to accelerate the deployment of EV infrastructure, which is crucial as the demand for electric vehicles continues to grow. By offering simplified and flexible financing solutions, this partnership aims to reduce the financial burden on businesses looking to invest in EV charging stations. Considering the high initial costs associated with building charging infrastructure, the availability of customized financial packages could significantly lower the entry barrier for companies, potentially leading to an increase in the number of businesses willing to transition to EV fleets.
From a market perspective, this initiative could stimulate further growth in the EV sector by addressing one of the key challenges—infrastructure. The market for EV charging stations is expected to expand as more businesses and consumers adopt electric vehicles, driven by environmental concerns and governmental policies promoting clean energy. ChargePoint's stock (NYSE: CHPT) could see a positive impact as its solutions become more accessible to a broader range of businesses, potentially increasing its market share and revenue streams.
Wells Fargo's involvement in creating a financing program specifically tailored for the eSkid™ charging solution is a noteworthy development for investors. By facilitating access to capital, Wells Fargo is not only expanding its portfolio of sustainable finance products but also positioning itself as a key player in the green finance sector. The program's flexible term options and the bundling of hardware, installation, warranty and software into one financial package could make it an attractive offering for businesses. This move could enhance Wells Fargo's (NYSE: WFC) reputation as a forward-thinking financial institution committed to sustainability, potentially attracting environmentally conscious investors and clients.
For ChargePoint and EnTech Solutions, the partnership with a major financial institution like Wells Fargo could translate into a competitive advantage, enabling them to scale their operations more rapidly. The market's response to this news will likely be monitored closely, as it could serve as an indicator of the financial sector's readiness to support the burgeoning EV infrastructure market and the confidence investors have in the growth potential of this segment.
The collaboration underscores a growing trend of cross-industry partnerships aimed at fostering sustainability. By making EV charging infrastructure more accessible and affordable, ChargePoint, EnTech Solutions and Wells Fargo are contributing to the reduction of carbon emissions and the promotion of clean energy use. The eSkid™ charging solution's features, such as flexibility, quick deployment and reduced civil work, align with the needs of businesses seeking to adapt to an evolving market while maintaining environmental responsibility.
Furthermore, the customizable aspect of the eSkid, including the potential for custom branding, suggests an understanding of the importance of corporate identity in sustainability efforts. This level of customization could be a differentiating factor that encourages adoption among businesses. The impact of such initiatives on corporate sustainability goals and environmental, social and governance (ESG) criteria could be significant, influencing the decisions of investors who prioritize ESG factors in their investment strategies.
ChargePoint, EnTech Solutions™, and Wells Fargo to fill the financial gap companies need to build EV infrastructure
eSkid™ charging solution, a rapidly deployable EV charging platform utilizing ChargePoint hardware and software (Photo: Wells Fargo)
Wells Fargo has worked with EnTech Solutions to create a financing program specifically for the eSkid™ charging solution, a rapidly deployable EV charging platform utilizing ChargePoint hardware and software. The funding provides an affordable financial package with various term options and a simple application process, and it bundles the EnTech Solutions eSkid with ChargePoint chargers, installation, warranty and software.
Installing charging infrastructure can typically be costly and timely, but with EnTech Solutions’ eSkid charging solution and Wells Fargo’s flexible, customizable loan and lease options, businesses across the
What is an EnTech Solutions’ eSkid™ Charging Solution?
EnTech Solutions’ eSkid charging solution is a rapidly deployable EV charging station designed to drop in place, allowing businesses to offer charging within days of installation. The eSkid has configurable plates to accommodate different charger orientations — it comes pre-wired for two ChargePoint Express 250 charging stations with the option to have different chargers installed — providing flexible options intended for private use with commercial vehicle fleets and businesses.
What are the benefits?
- Flexible: Charging stations are impermanent and can be relocated as a business grows and evolves, an ideal solution for companies that lease their facility.
- Configurable: The 4’x10’ pad has configurable plates to accommodate different charger orientations that fit best with any business operations.
- Quick to deploy: Pre-configured wiring prior to arrival onsite make commissioning quick and unobtrusive.
- Reduced civil work: The above-ground skid option eliminates the need for a permanent concrete pad, reducing project complexities.
- Custom branding: The eSkid charging solution is a blank canvas and can be branded to suit a business or fleet need.
“EnTech Solutions is pleased to collaborate with Wells Fargo and ChargePoint to easily bring these flexible, configurable EV charging solutions to EV owners and EV fleet managers,” said Wade Leipold, executive vice president with Faith Technologies Incorporated (FTI), the parent brand of EnTech Solutions. “Together, we can contribute to lowering carbon emissions through supporting the growth of electric vehicle utilization.”
“For many years our clients have told us a significant impediment to the deployment electric vehicles in their fleets is the availability and installation of charging equipment and infrastructure,” says John Crum, head of Transportation for Wells Fargo Equipment Finance. “We are excited to collaborate with industry leaders such as ChargePoint and EnTech Solutions to bring a streamlined financing program for the rapidly deployable, eSkid charging stations that will provide opportunities for companies to become more sustainable.”
“ChargePoint is committed to enabling opportunities for more companies to participate in the transition to electric mobility,” Rich Mohr, senior vice president,
For more information or inquiries about eSkid charging station solutions, please contact Steven Waters, Steven.Waters@WellsFargo.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately
About ChargePoint Holdings, Inc.
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in
About EnTech Solutions
EnTech Solutions, a division of Faith Technologies Incorporated (FTI), provides distributed energy capabilities, eMobility charging, innovative sustainable fuel technologies and asset management solutions for businesses looking for reliable, clean energy solutions. We utilize proprietary energy modeling and optimization software to ensure intelligent, comprehensive, and resilient electricity is delivered from an infrastructure that prioritizes the use of all available resources such as renewables, storage and the utility grid. Making Clean Energy Smarter™ – for our customers, the environment and the generations to come. For more information, visit energybyentech.com.
All transactions are subject to credit approval. Some restrictions may apply. The opinions expressed in this document are general in nature and not intended to provide specific advice or recommendations for any individual or association. Contact your banker, attorney, accountant or tax advisor with regard to your individual situation. The opinions of the author do not necessarily reflect those of Wells Fargo Bank, N.A., Wells Fargo & Company or any other Wells Fargo entity.
News Release Category: WF-PS
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228629001/en/
Media
Trisha Schultz, 424-268-6202
Trisha.Schultz@wellsfargo.com
ChargePoint
AJ Gosselin
Director, Corporate Communications
AJ.Gosselin@chargepoint.com
media@chargepoint.com
Patrick Hamer
Vice President, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com
investors@chargepoint.com
Source: Wells Fargo & Company
FAQ
What is EnTech Solutions’ eSkid™ Charging Solution?
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