Tesla, known for its extensive network of fast-charging stations, has emerged as a dominant force in the EV charging market. With nearly 18,000 fast charging ports and 13,000 Level 2 ports deployed across 38 states, Tesla has invested hundreds of millions of dollars over the past decade to establish its infrastructure. Furthermore, the company made a landmark decision in February 2023 to make 7,500 charging ports available to all EVs by the end of 2024, challenging existing EV service providers.
Electrify America, a subsidiary of Volkswagen Group, holds the second position in terms of investment. Established as part of the Volkswagen Settlement, which mandated a $2 billion investment in charging infrastructure nationwide, Electrify America has installed over 4,000 fast charging ports at 823 locations in 38 states. Backed by the resources of Volkswagen Group, Electrify America recently raised $450 million from Volkswagen Group and Siemens Financial Services, ensuring increased access to capital for further expansion.
ChargePoint, the largest charging provider with over 50,000 stations nationwide, primarily focuses on Level 2 charging for long dwell parking or opportunity charging. Following its successful IPO in 2021, ChargePoint raised nearly $500 million, a significant portion of which will contribute to charging deployment. The company’s business model relies on customers owning the equipment and paying network access fees, while also leveraging utility and government funding to offset installation and equipment costs. ChargePoint has committed to investing over $1 billion in publicly accessible charging.
Other notable EV service providers include EVgo and TeraWatt Infrastructure. EVgo, an experienced player in the market, and TeraWatt Infrastructure, a newcomer, have both secured substantial private investments to support the development of public charging infrastructure. While the specific allocation of TeraWatt Infrastructure’s initial $1 billion investment remains unclear, the magnitude of the funding underscores their commitment to large-scale EV charging initiatives.
General Motors (GM) has also increased its commitments to facilitate public EV charging, pledging $750 million in 2021 for expanded access to charging infrastructure. As part of this commitment, GM partnered with Pilot Company and EVgo to deploy DC fast charging at 500 locations across the country, resulting in 2,000 charging ports. Additionally, GM’s collaboration with dealers aims to install 40,000 community charging ports and deploy 3,250 fast charging ports in partnership with EVgo.
Cumulatively, private investment in publicly accessible EV charging in the United States has reached nearly $13 billion as of March 2023. This figure excludes site hosts’ cost-share investments and does not account for all companies, particularly those without publicly available investment information. Notably, the report emphasizes that the disclosed private funding may not solely target publicly accessible charging infrastructure.
As the demand for EVs continues to rise, these investments in charging infrastructure represent a crucial step in addressing range anxiety and accelerating the adoption of electric vehicles across the United States. The ongoing commitment from industry leaders and new players alike signifies a promising future for convenient and widespread EV charging accessibility.
Source: Investment in publicly accessible ev charging in the United States | Atlas Public Policy
