David Martell, CEO of British electric vehicle home charger maker Evios, plugs in a car at the company’s headquarters in Bedford, Britain. Picture: REUTERS/NICK CAREYWith electric vehicles catching on, the scramble for market share among start-ups selling home chargers is heating up and that will feed further dealmaking in the sector as tens of millions of units are installed globally over the next decade.
Fisch said the real winners will be those with superior software to manage power in the home and “bidirectional” charging, allowing EV owners to charge cheaply overnight and sell power back to the grid at higher rates during peak hours, “turning the battery from a cost centre into a profit centre”. Home chargers range in price from about $600 to more than $1,000, not including installation, so tens of billions of dollars are at stake. EV owners with home chargers use them for an estimated 80% of charging.
The startup joins a busy UK market alongside established firms like Pod Point, which as of December 2021 had 137,000 chargers installed. Pod Point also sells office EV chargers and public chargers, and CEO Erik Fairbairn said Pod Point's revenue is up 86% this year while its home charger business is growing faster.“We are entering a phase which I call scale up rather than start up,” Fairbairn said.
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