Earlier this month, President Joe Biden announced $3.1 billion funding to boosting domestic manufacturing of electric vehicle batteries and battery components.
Given the shortage of lithium-ion batteries’ impact on the electric vehicle market – and the plan for EVs to make up 50% of vehicles on American roadways by 2030 – this is an all-too-logical step to ensure the transition goes according to plan.
However, while the need for batteries is an obvious hurdle to overcome to usher in the era of electric vehicles, there is another need that has remained unaddressed. Or, remains unaddressed on the scale it will need to be…
There will be an estimated 26 million electric vehicles on the road by 2030. However, there will not be sufficient electric vehicle charging infrastructure to support this number.
With 51,000 EV charging stations in the United States and parts of Canada, North America is a far cry from the 1 million-plus stations required in the next eight years to meet the needs coming down the road (see what I did there?).
It’s not as if nobody realizes this.
After all, the market for electric vehicle charging infrastructure totaled $19.5 billion in 2021 and is expected to grow at a rate of 34.5% per year. Businesses are clearly aware of the problem.
In fact, investment in startups focused on charging stations has increased by roughly 150% in each of the past two years.
Yet, the solution has not been simple.
Currently, drivers are required to download different apps or carry different RFID cards in their wallets to use different charging companies, and many stations only work with a specific car manufacturer.
And lest we think this problem will disappear anytime soon, we’re reminded it could only be growing…
Not too long ago, EV truck manufacturer Rivian announced plans to install 3,500 charging stations by 2023. The problem is those charging stations will only charge Rivian trucks.
Plus, even in the event that an electric vehicle driver is able to find a charging station compatible with their vehicle, often times they charge slower than advertised, and sometimes they don’t even work at all.
So, given the scarcity of universal charging stations (especially compared to the omnipresence of gas stations), the unreliable nature of those chargers, and the convoluted process of qualifying for use, there may be no industry in need of a shakeup more than the EV charging infrastructure industry.
Meanwhile, our cell phones and other technologies have transitioned to the point where they don’t even need cables to charge.
Why can’t that same level of innovation be applied to electric vehicles?
Well, as is often the case in the world of startups, someone is already working on it.
And not only is this startup already working on a wireless charging solution, it has also been developing charging technology that would allow EV drivers to recharge their vehicles while they’re driving.
It sounds too good to be true, but it’s not. In fact, this company already has nine approved patents and another 14 pending.
Best of all, it is seeking investors right now.
Find out all about this exciting opportunity and technology – and how to invest – by becoming a member of the Angels & Entrepreneurs Network.
The Research Team