EVPowerPulse Issue #32

EVgo secures a conditional $1.05B loan from DOE, Ford launches “Ford Power Promise” program, and EVAL’s certification program helps workplaces focus on clean transportation.

Author

Steve Taylor
October 12, 2024

Illustrated by Kaylin Duynstee

Hi everyone,

Here are today’s stories:

  • Ford launches a free home EV charger program.

  • The U.S. Department of Energy's Loan Programs Office extends a conditional loan guarantee of up to $1.05B to EVgo. 

  • The EVAL program recognizes businesses that commit to clean transportation initiatives.

Enjoy this morning’s issue. 

–Steve 

Current EVents

EV Industry Updates

Ford has announced "Ford Power Promise," a new initiative designed to accelerate EV adoption among hesitant consumers. This program, which runs from October 1st through the end of 2024, provides a comprehensive set of benefits for new EV buyers.

These benefits include a complimentary Ford Charge Station Pro—a Level 2 home charger valued at $1,310—along with standard installation covering up to 60 amps and an 80-foot wire run. For customers who already own a home charger, Ford is offering a $2,000 cash equivalent.

As the second-largest EV seller in the U.S., behind Tesla, Ford is addressing consumer concerns around EV ownership. Research conducted in collaboration with Boston Consulting Group has identified range anxiety, battery health, and ownership costs as top concerns for potential EV buyers.

To address these concerns, Ford is not only offering the free charger but also emphasizing its existing benefits, such as 24/7 customer support for EV owners and an eight-year, 100,000-mile battery warranty. 

The program also draws attention to Ford’s Blue Oval Charging Network, which now includes access to Tesla's Supercharger network. Despite these efforts, Ford’s EV division, Model e, has reported substantial losses in the first half of 2024, underscoring the challenges of achieving profitability in the growing EV market.

Steve's Take:

Ford's "Ford Power Promise" initiative is a smart, proactive approach to addressing one of the major barriers to EV adoption: home charging installation. By removing the significant upfront costs and inconvenience of installing a home charger, Ford is effectively lowering the entry threshold for prospective EV buyers.

Focusing on home charging aligns with the realities of EV ownership, as most charging occurs at home. By pairing this benefit with 24/7 customer support and emphasizing its comprehensive warranty, Ford is addressing multiple consumer concerns at once making EV ownership more accessible to a broader audience.

It's also notable that major automakers like Ford are taking a more active role in the EV charging infrastructure. By focusing on the entire ownership experience, from charging to long-term maintenance, Ford is creating a more seamless and supportive experience for first-time EV buyers.

–Steve

Power and Policy

The U.S. Department of Energy’s Loan Programs Office (LPO) has extended a conditional loan guarantee of up to $1.05 billion to EVgo to expand its EV charging network across the U.S. This represents the first LPO financial support for an EV charging company, leveraging its clean energy program.

When finalized, the loan will back EVgo’s ambitious plan to deploy approximately 7,500 public charging stalls at nearly 1,100 stations nationwide, with each charger capable of serving two EVs simultaneously. Notably, over 40% of the planned 350 kW fast chargers will be located in disadvantaged communities, benefiting both car-share services and individual drivers.

EVgo CEO Badar Khan emphasized the significance of this initiative in bringing clean transportation access to individuals without home charging options. Currently operating more than 3,500 fast charging stalls, EVgo views this expansion as a critical step in broadening access to EV charging infrastructure.

LPO head Jigar Shah noted that this financing aims to help EVgo, which faces high capital costs, compete more effectively with Tesla’s charging network. The emphasis on enhanced customer service is expected to drive increased usage and accelerate loan repayment.

Rob's Take:

The $1.05 billion conditional loan to EVgo elevates the federal government’s public-private partnership strategy for expanding EV charging infrastructure. Unlike grant-based initiatives such as the NEVI program, this loan guarantee allows the government to harness the private sector’s strengths by encouraging substantial private investment alongside federal support.

By leveraging EVgo’s expertise in deploying and managing charging infrastructure, this approach enables a faster and more efficient expansion than would be possible with federal funding alone

With this substantial financial backing, EVgo can accelerate its network expansion, potentially outpacing the rollout of grant-funded projects. This rapid growth could significantly reduce charging deserts and increase consumer confidence in the pace of EV adoption.

EVgo’s commitment to placing over 40% of its new chargers in disadvantaged communities addresses a crucial infrastructure gap highlighted by the Justice40 initiative, making EV ownership more accessible for those without home charging options.

If successful, this loan guarantee could set a new standard for government collaboration with private charging companies. It demonstrates an efficient model for deploying federal resources to support EV infrastructure, with EVgo’s progress being closely monitored as a potential blueprint for future public-private partnerships in the EV charging space.

–Rob 

EV Charging in the Workplace

Workplace charging is an essential component of the EV infrastructure landscape. The EVAL (Electric Vehicle Adoption Leadership) certification program, supported by the U.S. Department of Energy and managed by Forth, is leading the charge by recognizing organizations that provide EV charging and other sustainable transportation options for their employees.

A report from ChargePoint and CBRE shows that 70% of prime U.S. office buildings now have EV charging ports, with charging sessions up 64% year-over-year since 2022. As demand for workplace charging grows, EVAL will help employers build comprehensive, employee-centered strategies

EVAL certification includes four levels of recognition—Bronze, Silver, Gold, and Platinum—based on an organization's commitment to sustainable transportation. The program evaluates factors such as employee engagement, planning and evaluation, e-mobility incentives, EV charging infrastructure, and leadership in clean transportation.

With projections estimating 26 million EVs in the U.S. by 2030 and a need for 1.3 million workplace chargers, the demand for accessible charging infrastructure is clear. EVAL aims to meet this need by guiding employers through the process of installing charging stations and adopting other clean transportation initiatives.

EVAL is offering a lifetime certification, valued at $599, free of charge, now through October 2024. Hundreds of cities, counties, universities, school districts, and private sector companies have already received their EVAL certification. Learn more about EVAL here.

Steve's Take:

The EVAL certification program addresses the growing need for workplace EV charging, particularly for employees without access to home charging. Research from the U.S. Department of Energy shows that employees with access to workplace charging are six times more likely to purchase an EV, highlighting the transformative potential of initiatives like EVAL.

What makes EVAL unique is its comprehensive approach. The program helps guide organizations to develop a complete sustainable transportation strategy and encourages employers to consider how they can actively support and promote clean transportation within their workforce.

As the EV charging landscape continues to expand, programs like EVAL will play an important role in ensuring that infrastructure keeps pace with growing EV adoption. By focusing on workplace charging, EVAL helps fill a critical gap, complementing both public and home charging solutions.

–Steve

Featured EV Industry Jobs

You can find more EV industry jobs here.

EV INDUSTRY STAT OF THE WEEK

In 2023, CBRE reported a 57% increase in drivers seeking EV charging options at worky yet ChargePoint observed only a 22% increase in EV charger installations at workplaces. As more businesses return to the office, offering EV chargers could become a valuable perk for commuting employees.

Premium Membership

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⚡️Steve and Rob

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