As electric vehicles (EVs) continue to gain popularity, the lack of reliable charging infrastructure remains a significant barrier to widespread adoption. With nearly three dozen battery-powered models featured at the New York International Auto Show, the need for more charging stations is becoming increasingly apparent.
Challenges in Charging Infrastructure
Currently, there are 130,000 publicly available EV charging stations in the U.S., but this number needs to grow nearly tenfold by 2027 to support the projected growth in EVs. Industry experts stress the need for more public charging infrastructure along highways, in parking lots, and near rural areas. However, the high upfront cost of installing. EV infrastructure is among the many roadblocks facing widespread EV adoption.
Shoals Technology Group and Brookfield Renewable have formed a strategic partnership to launch a charging-as-a-service (CaaS) solution that could help accelerate the transition to EVs. Subscribers will pay a monthly fee over a fixed period to have the EV charging infrastructure installed, rather than investing capital upfront. This partnership combines Brookfield’s expertise in providing renewable and distributed energy with Fuel by Shoals, an aboveground EV charging infrastructure solution.
As EVs and their charging stations are in constant communication with other vehicles and the world around them, they are vulnerable to cyberattacks. The lack of precedent for cybersecurity insurance is troubling for the future of insurance. Expanding the Terrorism Risk Insurance Act could help protect EV companies and charging station providers from massive losses in the event of a debilitating attack. Insurance companies and EV manufacturers could standardize best practices as a way to assess cybersecurity risks.
Revel’s Expansion in New York City
Electric vehicle company, Revel, is relocating its corporate headquarters to The Dime building in Brooklyn and installing a 16-stall EV charging station, the largest publicly accessible ultra-fast electric vehicle charging station in New York state. Revel plans to add over 100 new public fast-charging stalls across New York City, making it the city’s largest provider of public fast-charging infrastructure. The Northeast region experienced the largest increase in public charging facilities (11.7%) in the third quarter of 2022.