EV charging at apartments could soon be a problem of the past
Charging up your electric vehicle from the convenience of your apartment may soon be a reality. A new fund aims to provide apartment residents with designated home EV charging spaces.
EV charging deployment for apartments
With over 44 million Americans living in apartments and growing demand for zero-emission electric vehicles, the need for EV charging solutions for these residents has never been higher.
Amperage Capital, an infrastructure investor, launched a fund to accelerate EV charging deployment for apartment communities and residents. CEO Farrukh Malik shares why the fund was established, saying:
Currently, over 90% of electric vehicle owners charge their cars at home. However, apartment residents often have to share charging stations, which can lead to a frustrating customer experience and prevent them from fully benefiting from electric vehicle ownership. To address this issue, we believe that apartment residents should have access to designated home charging spaces, rather than relying on shared charging stations.
Although providing individual spots for residents can cost 10 times as much, Amperage Capital pays for 100% of the upfront costs associated with EV charging infrastructure and getting power to the parking spots.
In addition to providing 100% of the long-term funds needed for the deployment, Amperage offers a white glove service that takes responsibility for the entire process, including management, design, construction, permits, and installation.
Amperage plans to raise money from investors, using the money to pay for the installation. Then, EV drivers living in apartments can pay for a dedicated spot to charge, and the investors will (presumably) earn a return.
Electrek’s Take
Now there’s absolutely no reason for apartments not to install EV chargers. Although some states like New York and California have passed “right to charge” laws allowing multiunit property residents to install EV charging stations, they do not require the rental property to pay for them.
A system like this encourages investment in critical areas of the EV rollout while encouraging drivers to go electric. If you had EV charging spots at your apartment, would you be more inclined to buy an EV?
The number of electric vehicles will continue multiplying, with drivers’ preference for EVs continuing to climb and new incentives to go zero-emission provided by the Inflation Reduction Act.
The Edison Electric Institute is forecasting 26.4 million EVs will be on US roads in 2030. Considering most EV charging is done at home, apartment residents also need convenient options.
Perhaps, more importantly, those living in apartments are often the most interested in going electric. A recent study shows 42% of Americans are considering buying an EV for their next vehicle, but that figure jumps to 55% among ages 18 to 29.
Meanwhile, nearly 50% of people under 30 are renters. Do you see where this is going? Renters will play a critical role in the mass adoption of electric vehicles. Let’s give them some convenient chargers.
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Environment
Trump targets solar and wind with tighter federal permitting in another blow to renewable industry
Lucid Motors’ (LCID) shares soared over 50% after the company secured a multi-hundred-million dollar investment from Uber to deploy robotaxis. So, why did Lucid just announce plans for a reverse stock split?
Why did Lucid announce a reverse stock split?
Lucid and Uber announced a new alliance on Thursday to deploy 20,000 electric robotaxis over the next six years.
The new robotaxi service, set to launch next year, will combine Lucid’s advanced software-defined EV platform with Nuro’s Level 4 self-driving tech.
As part of the new alliance, Uber plans to make “multi-hundred-million-dollar investments” in Lucid and Nuro. The first autonomous prototype is already in operation on a closed track at Nuro’s facility in Las Vegas.
Lucid’s interim CEO, Marc Winterhoff, said, “This investment from Uber further validates Lucid’s fully redundant zonal architecture and highly capable platform as ideal for autonomous vehicles.” Winteroff claimed that the new alliance “is the start of our path to extend our innovation and technology leadership into this multi-trillion-dollar market.”
The Lucid Gravity boasts an impressive EPA-estimated range of 450 miles. Its electric sedan, the Lucid Air, just broke a Guinness World Record after traveling 749 miles (1,205 km) on a single charge.
Lucid’s partnership with Uber sent share prices surging over 50% during trading hours on Thursday. In a separate filing with the SEC today, Lucid announced plans to initiate a 1-for-10 reverse stock split.
The split won’t affect shareholder ownership, except in cases where fractional shares are created. In that case, shareholders will receive a cash payment.
Lucid said it believes the reverse stock split “will allow the company’s common stock to be more attractive to a broader range of investors and other market participants.”
A vote of confidence
During an interview with Bloomberg on Thursday, Winterhoff explained that a portion of the $300 million investment from Uber will be used to develop the self-driving tech with Nuro. Winterhoff added that Lucid’s surging share price was “a vote of confidence.”
According to Winterhoff, the reverse stock split is not due to Lucid’s fear of being delisted, but rather to attract larger investors.
It was also more of a “technical” strategy to reduce volatility and help Lucid participate in the broader stock market.
Many institutional investors avoid stocks priced below $5 due to the higher risk and price swings. The proposed stock split still requires shareholder approval, which will be voted on at an upcoming special stockholders’ meeting.
After that, Lucid’s Board of Directors will determine whether it’s still in the best interest of the company and its stockholders to proceed.
Lucid’s stock rose over 36% on Thursday, closing at $3.12 per share. Although shares of LCID are up just slightly (+2%), they are now up year-to-date. However, they are still down 18% over the past year and nearly 95% from their all-time high of over $58 a share in February 2021.
Last week, after meeting with Lucid’s CFO, Taoufiq Boussaid, Benchmark analyst Mickey Legg set a target share price of $5.00, which was subsequently raised to $7.00 following the announcement of the Uber partnership.
Legg wrote a note to investors, “After meeting with LCID’s CFO Taoufiq Boussaid on Tuesday and reviewing 2Q production and deliveries, we remain confident in the company’s path to scale.”
Lucid delivered a record 3,309 vehicles in Q2, its seventh straight quarter with higher deliveries. The company aims to produce 20,000 vehicles this year, more than double the roughly 9,000 it made in 2024.
After ending the first quarter with $5.76 billion in liquidity, Lucid said that it has sufficient funding to last until the second half of 2026, when it plans to launch its more affordable midsize EV platform. The first two models will be a midsize SUV and sedan, starting at about $50,000.
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IONNA, the EV charging joint venture backed by eight automakers – BMW, General Motors, Honda, Hyundai, Kia, Mercedes-Benz, Stellantis, and Toyota – just announced its biggest charging deal yet. It’s teaming up with convenience store favorite Wawa to roll out ultra-fast EV chargers at locations across the US.
The first site opens next week at Wawa’s W. International Speedway in Daytona Beach, Florida. More Rechargeries (yup, that’s what IONNA calls them) are already under construction in Bradenton, Pensacola, and Orlando. The partnership will be a big boost to both IONNA’s national charging goals and Wawa’s growing EV infrastructure.
The Daytona Beach Wawa will feature IONNA’s blue-and-orange 400kW Genuine Charge Dispensers, canopy coverage, car care essentials, and, of course, access to Wawa’s refreshments and restrooms.
“Next week’s opening of the IONNA Rechargery at Wawa in Daytona Beach will bring our total bay count to 212 live and 3,064 contracted. That is over 10% contracted to our 2030 live bay goal in just over a year,” said IONNA CEO Seth Cutler.
Wawa’s chief fuel officer, Rich Makin, added, “With an ongoing commitment to providing our customers with speed and convenience, our new collaboration with IONNA does just that.”
IONNA aims to install 30,000 fast charging bays across North America by 2030.
Read more: Waffle House is getting DC fast chargers – and it’s a genius move
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