ChargePoint (NYSE: CHPT), a leading provider of networked
charging solutions for electric vehicles (EVs), announced today the
trends it believes will propel EV charging growth. ChargePoint is
working across all market segments and all classifications of
electric vehicles to remain the leader in charging innovation,
developing products now for this future ecosystem.
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ChargePoint is working across all market
segments and all classifications of electric vehicles to remain the
leader in charging innovation, developing products now for the
future charging ecosystem. (Photo: Business Wire)
“The charging industry routinely discusses the ‘now,’ without
saying much about the future,” said Rick Wilmer, CEO of
ChargePoint. “ChargePoint remains focused on the opportunities
ahead of us. Innovations that previously seemed futuristic are
about to materialize, so we are excited to relay the trends and
technologies that we believe will disrupt EV charging as we know
it.”
Charging developments are soon coming to market via next
generation products and features. The biggest technological leaps
lie within the innovative software behind charging, which in turn
will revolutionize the hardware it manages. Conversely, the
chargers and the vehicles themselves are developing for V2X
(vehicle to everything) capabilities. We expect these advancements
will reshape the economics of home, fleet and municipal charging –
often while balancing the electrical grid. Automotive manufacturers
have realized they must fully embrace charging to sell more
vehicles and deliver their desired customer experience. EVs are now
a normal sight, and the new generation of vehicles is arriving with
standard features that overcome barriers to EV adoption, such as an
EPA-estimated range of more than 300 miles, and 800-volt platform
architecture to enable faster charging.
For EV drivers, there are a variety of conveniences in the
making. Most importantly, chargers that “just work” are here. The
days of dealing with interoperability issues, aborted charging
attempts, and other common frustrations are fading, paving the way
for a smoother EV experience. Car manufacturers and the charging
industry have collaborated to eliminate these growing pains from
their next generation vehicles and chargers. “Plug and Charge” is
finally rolling out: the concept of driving up to a charger,
plugging it in, charging, and driving away upon completion. No
authentication steps, no extra devices to start a charge, and
automated payments in the background. ChargePoint is leading the
industry by developing compatibility software and hardware. These
products, which are rolling out now, enable seamless functionality
between cars and major charging networks that were previously not
open to one another, or did not have the right connector type for
one another.
Software has become the key component in any EV charging
solution, capable of unlocking the greatest benefits. Examples
include real-time charger visibility for networks, the deployment
of AI to facilitate charger reliability, and power sharing to
maximize charging efficiency. This highlights the immense value
software brings to the table, beyond just networking chargers. Much
like “software defined vehicles,” the ecosystem which fuels them is
rapidly becoming one of “software defined charging,” where success
is reached in the cloud – not on the ground.
In the realm of hardware, visions are finally becoming a
reality. The cost of a charger is gradually declining, while we
expect features and benefits which enable a connected, electrified
society will soon be rolling out. For vehicle charging at home, AC
will remain the norm, but offer more functionality. When vehicle to
home charging (V2H) is desired, a switch to DC current will be the
answer. DC will better enable V2H capabilities, such as solar
integration and using your car as a backup home electricity
solution. Advancements in AC charging technology have approached
its limits, so for public and commercial charging the future will
focus on affordability, prompting more installations. We expect DC
fast charger offerings to standardize around three speed ranges,
based on the types of businesses which offer charging, and typical
grid power available at their facilities. For example, a
convenience store might offer charging at 50 kW, a grocery store
can offer 200 kW, and a dedicated travel center can accommodate 400
kW fast charging. Charging providers will benefit from more
affordable DC charging solutions, which will combine with vehicle
to grid (V2X) capabilities to serve as a critical grid
resource.
For auto manufacturers, the charging experience is no longer an
afterthought, and they have invested heavily in second generation
vehicles. These vehicles address previous barriers to entry while
offering the features EV drivers aspire to have. Still in its
infancy, we believe bidirectional energy capabilities will quickly
become the norm. Advances in EV battery technology will bring down
cost and weight, while increasing the charging speeds these
batteries are capable of. We expect that charging speeds will cap
at 600-700 kW for vehicles on 800V architectures, as there is no
practical use case for charging faster.
In conclusion, charging companies and EV manufacturers have been
working hard to address the challenges associated with first
generation technology, and many of those improvements are available
now. Next, the industry can move from a focus on core
functionalities to affordability, reliability and aspirational
features. ChargePoint is at the forefront of this evolution and
will release new products and features to drive the future of
charging in real time.
ChargePoint and the ChargePoint logo are trademarks of
ChargePoint, Inc. in the United States and in jurisdictions
throughout the world. All other trademarks, trade names, or service
marks used or mentioned herein belong to their respective
owners.
About ChargePoint Holdings, Inc.
ChargePoint has been an innovator of all things EV charging
since 2007, before the first mass market electric vehicle was on
the road. ChargePoint offers solutions for the entire EV ecosystem
including drivers, charging station owners, vehicle manufacturers
and others. Accessible and reliable, ChargePoint’s portfolio of
software, hardware, and services enables a seamless experience for
drivers across North America and Europe. With ChargePoint, every
driver who needs to charge can do so, accessing more than 1 million
places to charge globally. ChargePoint has powered more than 10
billion electric miles and will continue to innovate as part of a
mission to lower global emissions while improving the future of
transportation. For more information, visit the ChargePoint
pressroom, the ChargePoint Investor Relations site, or contact the
ChargePoint North American or European press offices or Investor
Relations.
CHPT-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20240925867049/en/
ChargePoint John Paolo Canton Vice President,
Communications JP.Canton@chargepoint.com
AJ Gosselin Director, Corporate Communications
AJ.Gosselin@chargepoint.com media@chargepoint.com
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