EV Connect announced the first-ever “EV Charging-as-a-Service” or “EV CaaS”, to cut up-front costs and simplify the process for purchasing and installing EV charging station infrastructure by turning the purchase decision from a capital expenditure to an operating expense.
In collaboration with GE and SparkFund, the EV CaaS program starts at $99 per month per charge station port (not including installation), which includes GE’s full line of WattStation and DuraStation EV charging stations, and EV Connect’s base management software and service.
The new EV CaaS service offers business owners and government entities a full-service resource to assist with financing, deployment and management of EV charging solutions. EV Connect has also launched an online resource for customers at EVCaaS.com.
EV Connect is the first EV solution provider to offer a turn-key solution from procurement to installation to EV payment management and maintenance as an operating expense without up- front capital investment. The solution is powered by SparkFund financing and EV Connect’s management software. In addition to handling the procurement, installation and permitting, EV Connect will manage all aspects of the charging station ecosystem and service, including driver support, station management and usage.
Earlier this year, EV Connect entered into a joint marketing and product agreement with GE to provide customers with GE’s highly reliable charge stations, EV Connect’s robust management platform, and the efficient interoperability between all of the components.
“This new turn-key financing solution will further the effort to provide cost-effective solutions to enable EV charging networks to grow,” said Seth Cutler, Senior Product Manager, Growth Initiatives for GE’s Industrial Solutions business. “The industry is increasingly looking for a simplified, cost-effective and efficient approach to building an EV charging infrastructure which includes ongoing service for this equipment.”
The North American EV charging market is a growing but underserved industry segment. Navigant Research estimates annual U.S. plug-in EV sales will exceed 1.1 million annually by 2024, up from 133,000 in 2014. IHS estimates over one million chargers were deployed in 2014 and forecasts this will grow to 12.7 million chargers by the end of this decade.