If you’ve read the news at all, you’ve probably seen all the hype about electric vehicles (EV). American companies such as Lordstown Motors and Tesla, as well as Chinese manufacturers such as Nio and Xpeng have dominated the headlines. Even Ford and GM have focused their energy on this segment with the latter revealing the intriguing Electric Hummer earlier this year. And while many investors are skeptical about overvaluations or the actual expansion rate of EVs, the truth remains that these cars are the future of how the world will travel.

A Logistical Nightmare…At Least at First

But behind each one of these companies lies a logistical obstacle: charging stations. Without widespread availability of charging stations, giant segments of the U.S. and global population can’t transition from gas to electric vehicles. Interestingly, few EV manufacturers not named Tesla have tackled this problem, instead opting to focus their resources on improving the range of EVs and the life span of batteries.

However, many companies are stepping in line to fill the void. Blink Energy, EVGo, ChargePoint, and Volta are just a few of the leading producers of charging stations with their eyes on the U.S. market and beyond. According to the AP, the U.S. currently has about 20,000 fast-charging public ports with an average charge time of 30 to 40 minutes. The idea here is to give EV drivers the ability to recharge while shopping or running errands.

That said, most EV charging station companies are focusing their energy on only 30 or 40 markets. With a vast majority in California, Texas, Illinois, and New York, these charging stations underserve some of the smaller U.S. markets. Yet with EVs making up only 1.3% of car sales in the United States, time is on the side of manufacturers.

A New President and New Hope for EVs

President Trump made early statements about the importance of coal and fossil fuels to power the country. To some degree, he wasn’t wrong, as these fuels power a vast majority of the country. However, the transition to green energy solutions wasn’t in his vision.

But Americans, EV makers, and charging station manufacturers should be more optimistic about the future of EVs thanks to the election of Joe Biden. With a $2 trillion green climate and energy agenda, Biden will likely support the wholesale adoption of EVs, especially with his vision to add 500,000 charging stations from coast-to-coast over the next four years. In addition, he plans on extending the $7,000 federal tax credit for electric car buyers, furthering the appeal to even more Americans.
In addition, the EPA is set to review fuel economy requirements during the Biden presidency, increasing the likelihood of EV cars winning favor with consumers. With this renewed faith in the industry, EV charging stations will continue to pop up with alarming speed.

The Near-Future of EVs and Charging Stations

Despite the challenges faced by EV and charging station manufacturers, the near-future appears bright. The next few years will set the tone of the EV industry, but it’s one that should send a spark through the automotive marketplace.

Our team at 3 Phases Renewables is eager to assist you with all your clean energy needs. We have helped hundreds of businesses realize the highest returns with our experience on their side. Contact us to discuss your clean energy and clean transportation goals.