The nascent electric vehicle (“EV”) industry has presented an opportunity for sectors that weren’t traditionally associated with the automotive industry. Battery makers, for instance, are looking at a lucrative partnership with the EV sector for the foreseeable future, while tech companies such as Sony and Apple are slowly wading into the electric vehicle space as well. As demand for electric vehicles rises and green vehicles take over the roads, those in commercial real estate will be looking at a lucrative business opportunity: EV charging stations.
Unlike conventional vehicles, which run on gas-powered internal combustion engines, electric vehicles are powered by rechargeable lithium-ion batteries. At the moment, the U.S. Department of Energy has registered around 40,000 public charging stations to cater to the 1.6 million EVs on American roads. President Joe Biden has set an ambitious target to roll out 500,000 public EV charging stations by 2030, and as EVs start seeing widespread adoption, the demand for public charging stations will be at an all-time high.
There are around 150,000 gas stations in America, and for years, decades really, more than 80% have had convenience stores on-site to sell to drivers who stop to refuel. However, conventional gas-powered cars take just a few minutes to fuel, meaning drivers have, on average, two to three minutes to shop. Electric vehicles, on the other hand, can take a while to charge, with even the fastest DC chargers taking up to 20 minutes.
This results in an increased amount of time drivers spend on nonfueling-related activities, referred to as dwell time. According to ChargePoint, a company that supplies EV charge ports, EV drivers may have dwell times of up to 50 minutes. Since public EV chargers are relatively harmless compared to gas stations, they can be located nearly anywhere, with shopping malls, hotels and even grocery stores installing EV chargers on their premises.
Even though drivers usually spend just a couple of minutes on site, the overall convenience store sector in America generated $648.8 billion in sales in 2019. With up to 50 minutes in dwell time, how much would public EV chargers with onsite convenience stores bring in? The numbers will definitely be low as EV technology is relatively new and quite expensive, but as these vehicles become more mainstream and affordable, they will undoubtedly pick up.
According to Jacob Schram, a senior advisor at McKinsey, the growing EV industry doesn’t spell doom for gas stations. Even though they will lose plenty of fuel volume, adding EV chargers and products that cater to EV drivers will keep them in the game. And needless to say, those in the commercial real estate segment can make a killing by availing space for constructing charging stations of the future.
Eco-friendly travel is offering lots of other opportunities, and that could explain why Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) has opted not only to invest but also be an active operator within the renewable energy sector through its push to establish thousands of hydrogen fuel cell stations in locations having gas stations.
NOTE TO INVESTORS: The latest news and updates relating to Clean Power Capital Corp. (CSE: MOVE) (FWB: 2K6A) (OTC: MOTNF) are available in the company’s newsroom at https://ibn.fm/MOTNF
About Green Car Stocks
Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.
To receive SMS text alerts from Green Car Stocks, text “Green” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.GreenCarStocks.com
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
Green Car Stocks
San Francisco, California
www.GreenCarStocks.com
415.949.5050 Office
Editor@GreenCarStocks.com
Green Car Stocks is part of the InvestorBrandNetwork.