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By Faith Ashmore, Benzinga
In 2021, the number of electric vehicles (EVs) on the road worldwide reached 16.5 million. It is projected that the global EV market will grow to over 350 million vehicles by 2030. The rise in global EV production is fueled by both consumer demand and governments' efforts to reduce carbon emissions.
Despite the increased interest in EVs, even in the commercial markets, there is inadequate infrastructure in place to help support charging. This is especially true in rural areas and along long-distance travel corridors. While it has become commonplace to see charging stations, they are often relegated to seemingly random locations like mall parking lots.
Effective charging stations and locations are crucial for the widespread adoption of electric vehicles. There are three main factors that people look for when considering a charging station: reliability, consistency and convenience. Tesla (NASDAQ: TSLA) has demonstrated that it is possible to establish a reliable charging system infrastructure. However, consistency is still lacking. Currently, no charging manufacturer can claim to be consistent in delivering the same power level every time. This inconsistency can make it challenging for drivers to plan their trips and feel confident in stopping at a particular charging station.
The crucial factor convenience is especially important since charging an EV is not a quick stop like gassing up an internal combustion engine (ICE) car. For electric vehicle charging stations to be effective, they must be located in areas that are easily accessible, well-lit and safe; ideally, they are located in areas where users can rest and experience applicable amenities while they wait for their cars to charge.
Nxu (NASDAQ: NXU) is one of the few companies working on making the charging experience reliable, consistent and convenient. The domestic company is creating energy storage and charging solutions for the infrastructure needed to power the growing number of electric vehicles. Nxu's vision is to build a future where energy is harnessed in a way that is abundant, accessible and infinite, to make electric mobility viable.
Nxus charging solutions are standard-agnostic and designed to work with all CCS-supported electric vehicle brands and models a rarity in the industry. A seamless cloud experience connects users payment information with charging status.
However, these products are in fact just the foundation for something much larger. Nxus vision is to build a robust charging infrastructure that goes beyond the traditional gas station model and creates a positive and convenient experience for electric vehicle drivers especially along long route corridors and rural areas. The company understands that drivers are looking for more than just a charging station. They want clean restrooms, amenities and a comfortable environment to spend time during their charging session.
To achieve this, the company plans to leverage technology, including software, cloud services and connectivity technology to optimize the charging experience. It wants to integrate route planning and scheduling into the charging infrastructure to make it efficient for commercial drivers, too. This includes providing pull-through locations and optimizing the timing of charging sessions to the specific needs and schedules of the drivers. Nxu also aims to provide fleet planning services and interface with existing vehicle systems, either through partnerships or their own mobile app solution.
In addition to the technology aspect, Nxu is exploring partnerships to enhance the charging experience. This could include amenities providers like restaurant franchises to offer additional services and create a positive environment for drivers. They also want to ensure that the charging stations are easily visible and accessible from the freeway, making it convenient and safe for users.
In fact, Nxu recently announced its under contract to purchase the site for its first deployment of megawatt+ charging, in Quartzsite, Ariz. Located on a major highway corridor, Interstate 10, the Nxu One Megawatt+ Charging location will provide a much-needed charging experience for the growing number of consumer and commercial EVs regularly traveling on this major freeway between Phoenix and Los Angeles.
Additionally, in celebration of National Drive Electric Week, Nxu is launching public field trials of its Nxu One Charging System at its manufacturing facilities in Mesa, Ariz., on Sept. 28. Even better, all charging sessions from Sept. 28 through Oct. 1 – the last day of National Drive Electric Week – are just $1.
When it comes to the future of EVs, it is not enough to have good brands and good batteries. It is up to innovators to make sure that there is adequate infrastructure to support the technology so the global economy can continue to electrify. Nxu could be an instrumental company in this next evolution of global mobility.
Nxu, Inc. is a domestic technology company leveraging its intellectual property and innovations to support e-Mobility and energy storage solutions. Driving the energy future, Nxu is developing an ecosystem of industry-leading grid level energy storage solutions, charging infrastructure and over-air cloud management encompassed by Nxus seamless subscription-based models. For more information, visit www.nxuenergy.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our future areas of focus and expectations for our business. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements. Such forward-looking statements include statements regarding, among other things, Nxus expectations about its long term growth strategy, future growth trajectory, revenue and operations; Nxus technology and alignment with broader trends in the EV market; opportunities presented by electrification; beliefs about the general strength, weakness or health of Nxus business; and beliefs about current or future trends in EV battery materials or other markets and the impact of these trends on Nxus business. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading Risk Factors. Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at www.nxuenergy.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
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COMTEX_441060684/2655/2023-09-27T09:15:25
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