In an effort to hasten the general public’s access to EV charging, 3V Infrastructure, a new owner and operator of EV charging infrastructure, announced its formation today. Building and managing Level 2 EV chargers in long-dwell assets like hotels and multifamily housing, 3V Infrastructure, staffed with elite people, saves real estate portfolio owners and managers money both up front and over time. A Greenbacker funding Management subsidiary has committed up to $40 million to the company. Greenbacker Capital Management provides strategic growth funding to industry leading energy transition enterprises.
The availability of EV charging infrastructure is currently restricted, and the demand for EVs is growing faster than the supply of chargers. According to a recent JD Power survey, almost half of participants said they wouldn’t purchase an EV since there weren’t any charging stations nearby. The majority of Level 2 chargers are now found in single-family houses, restricting access for drivers living in multifamily properties. This is in contrast to the considerable emphasis from corporate and public financing sources on the construction of Level 3 chargers in centralized, public sites that resemble petrol stations. By making Level 2 chargers available to a larger market, 3V Infrastructure hopes to close this gap and open up new markets and business prospects.
According to Aubrey Gunnels, co-founder and CEO of 3V Infrastructure, “3V Infrastructure is hyper-focused on an overlooked and underfunded asset class of EV infrastructure: Level 2 chargers at long-dwell properties.” “Market signals and consumer behavior suggest that drivers want to charge their cars at the same times as they charge their cell phones—that is, while they are stopped for long periods of time.”
Less than 5% of rental buildings provide EV charging, despite the fact that 27% of apartment tenants are interested in it as a feature. Similarly, 20% of overnight hotel visitors said they required EV charging outlets. This is going to be just as commonplace as Wi-Fi. Owners and managers of real estate portfolios have control over this demand, but creating and maintaining EV infrastructure is costly, time-consuming, and not essential to their day-to-day operations. Property owners no longer have to pay large upfront capital costs or ongoing expenses thanks to 3V Infrastructure. From obtaining permits and setting up utilities to performing continuous maintenance and monitoring, internal specialists collaborate with a reliable network of technology and deployment partners to manage operational challenges.
Deep knowledge of EV technology, real estate, building, operations, energy, and public affairs are all brought to bear by our team. “As a team, we’re enthusiastic about constructing infrastructure for an electric vehicle-dominated future,” says Ben Kanner, co-founder and chief operating officer of 3V Infrastructure. “3V Infrastructure thinks that the next generation of EV adoption can be unlocked with the correct mix of capital, infrastructure, and technology.”
“Greenbacker is excited to collaborate with 3V’s founders to address the Level 2 charging market,” stated Quinn Pasloske, a principal of Greenbacker and a board member of 3V. Collaborating with property owners to provide tenants with easily accessible and reasonably priced rent offers a highly appealing risk-adjusted return. 3V is an early entrant in a new market that seeks to use the sector’s long-term intrinsic value by applying an infrastructure perspective.
Work with real estate portfolio managers and owners who have sizable holdings of long-term properties, such hotels and apartments, is 3V’s top priority. In an effort to implement projects widely and quickly, 3V concentrates on property owners and managers who have more than 20 locations. 3V was created to solve, redefine, and expedite the support that property owners require in order to begin construction now while planning for the long-term infrastructure that will be required for future generations. Go to www.3vinfrastructure.com to find out more about 3V Infrastructure and to be informed about new projects.
