EVPowerPulse Issue #35

EVgo reports strong Q3 growth, Trump victory reshapes EV policy landscape, Voltpost partners with AT&T

Author

Steve Taylor
November 23, 2024

Together with

The 3 big stories:

  • EVgo exceeds expectations with Q3 results. 

  • Post-election webinar highlights with Capitol Counsel.

  • Voltpost and AT&T partner across Michigan.

Plus, featured news, jobs, and startups shaping EV charging infrastructure.

–Steve

Current EVents

EV Industry Updates

EVgo has released its third-quarter 2024 results, showing impressive growth in its charging network operations and customer base. The company’s performance exceeded market expectations, with network utilization experiencing significant year-over-year growth. This progress aligns with EVgo’s ongoing efforts to scale its infrastructure with thousands of charging stalls already operational or in development across the United States.

The company’s growing customer base highlights the steady adoption of EVs in the U.S., despite concerns of a slowdown in EV sales growth. EVgo’s network usage metrics reveal strong demand for public charging, particularly in urban markets where the company has strategically focused its expansion.

This strong quarterly performance follows EVgo securing a $1.05B conditional loan guarantee from the Department of Energy last month, positioning the company for accelerated growth in 2025 and beyond. The combination of strong business performance and federal backing has fueled investor confidence, evident in EVgo’s rising stock price.

Steve's Take

EVgo’s strong Q3 results highlight the resilience of the public charging market, even in the face of broader market uncertainties. The significant increase in network utilization appears to dispel earlier concerns that charging infrastructure could outpace demand.

These results build on momentum fueled by EVgo’s recent $1.05B DOE loan guarantee. The combination of performance and federal funding provides a solid foundation for EVgo’s ambitious expansion plans.

Looking ahead, maintaining this growth while strategically utilizing federal funding will be crucial for EVgo. Their success could serve as a model for other charging networks aiming to balance rapid scaling with operational sustainability.

EVgo’s focus on urban markets and strategic stall placement is proving to be a winning strategy. This strategy highlights the value of precision in addressing demand where it is most concentrated.

–Steve

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Power and Policy

The Post-Election EV Policy Landscape Begins to Take Shape

On Thursday, November 14th, EVPowerInsights hosted a webinar with Capitol Counsel discussing the 2024 election results and potential changes facing the EV industry under a Trump presidency. Here’s a recording of the discussion. Below is a summary of the insights shared with the 114 attendees:

  • Republican control will reshape federal support for the EV industry. The election results have ushered in a new political landscape for the EV infrastructure sector, with Republicans taking control of the White House, Senate, and House of Representatives. President Trump’s decisive victory in both the Electoral College and popular vote signals potential changes to federal support for EV infrastructure and clean energy initiatives.

  • Trumps Cabinet nominees signal a clear shift in energy/environmental policy priorities. President-elect Trump has nominated Chris Wright, the CEO of Liberty Energy–the world’s second largest fracking services company–to be Energy Secretary. Wright has been an outspoken critic of policies aimed at curbing climate change.  Trump has nominated former Congressman Lee Zeldin to lead the Environmental Protection Agency (EPA), placing a loyalist with no environmental policy background in a key regulatory role.  Early appointments and policy discussions suggest a more restrictive stance on federal funding and regulations that currently underpin EV infrastructure expansion.

  • The Inflation Reduction Act faces targeted revisions. 2025 will be a major tax year in Washington, DC with the expiration of the 2017 Trump tax cuts.  Congressional leaders have begun proposing revisions to the Inflation Reduction Act (IRA) as means to pay for the permanent extension of those tax cuts. Republican lawmakers will likely not pursue wholesale repeal of the IRA but favor a more selective approach. This strategy may preserve certain provisions while scaling back others, particularly those related to EV incentives. 

  • Key regulatory frameworks and supply chains may be reevaluated. Beyond the IRA, the administration is expected to reevaluate regulatory frameworks, including EV mandates and state-level emissions waivers. For instance, California’s authority to set its own vehicle emission standards may face increased scrutiny. Additionally, potential changes to tariff policies, particularly on Chinese imports, could have far-reaching impacts on the EV supply chain, affecting the availability and cost of charging equipment and components.

The results of this election raise critical questions about the future trajectory of EV infrastructure and how stakeholders should adapt to these anticipated changes.

Rob's Take

The Republican trifecta introduces significant uncertainty for the EV charging sector, which has heavily benefited from federal programs like NEVI and various IRA initiatives. However, the sector’s strong momentum and increasing private sector engagement suggest the transition may prove less disruptive than anticipated.

An emerging “scalpel” approach to IRA modifications is particularly noteworthy. Instead of dismantling clean energy programs entirely, targeted adjustments are likely, preserving components with strong private sector backing and clear economic benefits. This more measured approach signals a growing acknowledgment of the economic value of EV infrastructure, even among traditionally skeptical constituencies.

The industry must prepare for a more intricate funding environment, where private investment and state-level programs could play larger roles. Companies heavily reliant on federal grants may need to diversify their funding strategies and strengthen their business models around market demand rather than government subsidies.

Looking ahead, the key will be monitoring how specific policy changes influence ongoing projects and whether alternative funding sources emerge to sustain deployment momentum. Demonstrating the economic and job creation benefits of EV infrastructure across diverse regions will be critical in maintaining bipartisan support for these essential initiatives.

–Rob 

Emerging EV Tech

AT&T and Voltpost have announced a strategic partnership to accelerate EV charging infrastructure development across Michigan. The initiative will transform existing urban lampposts into connected EV charging stations, utilizing AT&T’s IoT connectivity to enhance reliability and accessibility.

Voltpost retrofits existing street infrastructure, avoiding the need for entirely new charging installations. By leveraging AT&T’s IoT solutions, the lamppost-based chargers will deliver consistent connectivity, ensuring dependable performance and a seamless user experience for EV drivers.

The rollout will begin in Michigan, with plans to expand into New York and Illinois. The collaboration supports AT&T’s broader sustainability goal of helping its business customers reduce one billion metric tons of CO2 emissions by 2035.

The partnership was recently announced at a Connected Mobility Leadership event in Detroit, where public and private sector leaders gathered to explore the future of connected mobility and sustainable infrastructure.

Steve's Take

The partnership between AT&T and Voltpost is a great example of a growing trend in the EV charging industry: innovative startups teaming up with established companies to fast-track infrastructure deployment. Similar to the recent Blink and Stable Auto collaboration we covered in October, this partnership marries the agility and creativity of a startup with the scale and expertise of a major corporation.

What sets this partnership apart is its focus on repurposing existing infrastructure. By converting lampposts into EV charging stations, this strategy has the potential to dramatically cut both costs and deployment times compared to traditional charging installations. The integration of IoT connectivity further addresses a key industry pain point: ensuring reliable, consistent operation of charging stations.

This model holds particular promise for cities facing space limitations or budgetary constraints for new infrastructure. If successful in its pilot markets, it could serve as a scalable blueprint for rapidly expanding urban charging networks while minimizing construction demands and lowering implementation costs.

–Steve

Featured Jobs

You can find more EV industry jobs here.

Featured Startups

  • EVPin. EVpin is an all-in-one tool that delivers essential insights for assessing and designing EV charging sites. Use code EVPOWERINSIGHTS15 when you upgrade to Pro to receive 15% off your first month. This special offer is valid for new EVpin subscribers only.

  • Amber. Amber is “AppleCare for your Tesla;” month-to-month protection for your electric car’s battery and more, with no upfront payments or waiting period. Get started with a complimentary remote diagnostic inspection and vehicle health report and use this link to receive a 5% discount on your AmberCare plan.

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⚡️Steve and Rob

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