EVPassport Raises $200M To Expand App-Less Charging Infrastructure


EVPassport, a charging infrastructure startup, has secured $200 million to accelerate the buildout of its electric vehicle (EV) charging stations. The funding came from Northleaf Capital Partners, a private equity firm that now holds a controlling stake in the company. EVPassport aims to remove barriers to EV adoption by providing a user-friendly experience that eliminates the need to download an app. Instead, users can scan a QR code or use their credit card to initiate charging. The company also offers charging infrastructure-as-a-service (IaaS), providing all the necessary hardware, software, and maintenance for businesses looking to meet their EV goals.

Key Takeaway

EVPassport has secured $200 million in funding to expand its app-less charging infrastructure. The company aims to simplify the charging experience by eliminating the need for users to download an app and provides charging infrastructure-as-a-service to businesses. Its open API system allows for integration with various customer platforms, and the revenue-sharing model offers economic incentives for businesses to partner with EVPassport. With its rapid expansion plans, EVPassport aims to meet the growing demand for EV charging and drive a seamless transition to electric mobility.

Delivering Convenience and Simplifying Adoption

EVPassport’s approach to charging infrastructure focuses on convenience and accessibility. By eliminating the requirement of downloading an app, the company aims to remove a potential barrier for EV adoption. Users can simply scan a QR code or use their credit card to initiate charging, making the process seamless and user-friendly. This approach is particularly beneficial for enterprise and commercial businesses, as EVPassport’s IaaS model streamlines the process of installing, operating, and maintaining chargers, allowing businesses to focus on achieving their EV goals with minimal hassle.

Growing Field of Charging IaaS

Charging infrastructure-as-a-service (IaaS) is a rapidly expanding field within the EV charging landscape. Companies like EV Connect, Greenlots, and WattLogic are deploying similar business models to enable businesses to offer charging services without investing in and managing their own charge ports. This approach aligns with the growing demand for EV charging solutions and provides cost-effective options for businesses to provide charging services to their customers.

Rapid Expansion and Future Plans

Since its launch in 2020, EVPassport has deployed 5,000 chargers across 35 states in the U.S., as well as in Canada and Mexico. Over the next two years, the company plans to deploy an additional 1,000 DC fast chargers and 10,000 Level 2 chargers, with a focus on areas with high EV adoption, such as California, Texas, Florida, Chicago, and the northeast corridor. EVPassport aims to provide a comprehensive charging network that meets the needs of EV drivers across various regions.

Integration and Flexibility

One key aspect that sets EVPassport apart is its open API system, allowing integration with various customer platforms. This integration enables EV charging to be linked with other services, such as hotel reservations or property management software, providing a seamless and tailored user experience. For example, in the hotel industry, EVPassport’s API can enable customers to use their hotel card or rewards program credentials to start a charge. This flexibility and functionality align with EVPassport’s vision of providing a user-centric approach to EV charging and opens up possibilities for future growth.

Economic Incentives and Revenue Sharing

EVPassport offers businesses an economic incentive to partner with the company. Its subscription-based service includes a 50% revenue share, providing businesses with a potential source of additional income. The average contract length is around 10 years, and the cost of charging varies depending on the charger type. A Level 2 charger can be as affordable as a Netflix subscription, while a DC fast charger may cost around $1,000 per month. This cost structure makes EVPassport’s charging solutions attractive and financially viable for businesses of all sizes.

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