The Amperage Group have launched Amperage Capital to enable electric vehicle (EV) charging in apartment communities in the US. With 44 million Americans living in apartments, the need for convenient electric vehicle charging solutions for these drivers is crucial for mass EV adoption.
Amperage Capital is an infrastructure investor and operator focused on addressing the large and rapidly growing gap in infrastructure investment to support residential electric vehicle charging solutions in apartment communities. Amperage Capital pays for construction costs to get power to parking spaces and the costs of charging equipment for assigned EV Charging in apartment communities.
Farrukh Malik, Amperage Capital CEO, said: “In order for electric vehicles to be widely adopted, there needs to be a solution for the 44 million Americans who live in apartment communities. Currently, over 90 per cent of electric vehicle owners charge their cars at home.
“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.”
Why isn’t this already a reality? Shared charging already requires a significant investment from the owners and operators of apartment communities, with no line of sight to a possible return for them in the near term. Assigned charging requires 10 times the investment and there is no cost justification for the owners and operators of these apartment communities to take that on.
Such projects require long-term infrastructure capital. Amperage Capital provides apartment owners and operators with 100 per cent of this long-term capital for construction costs, as well as a white glove service by taking responsibility for the management, design, construction, permits and implementation of the entire process.
Matt Shields, The Shields Group chief investment officer, said: “Vehicles with no or lowtail pipe emissions will become the standard and substantial investments in infrastructure are required across multiple sectors, including end-user charging.
“We must anticipate demand for cost-effective charging services where demand is the highest – at home, which includes people living in apartments.
“As it exists today, there is a gap of funding in this space, and that is why the Shields Group has invested in Amperage Capital to lead the charge by putting private capital to work with a long-term outlook.”
EVs are gaining in popularity, with 54 million global sales expected in 2040 according to a BloombergNEF report. The EV market is heating up with the recent Bi–Partisan Build Back Better Plan, the Inflation Reduction Act and major automakers committing to all-electric offerings by 2035. Plus, the price of EVs is dropping. Owners and operators of apartment communities need a solution today for their residents of tomorrow.
Loren McDonald, EVAdoption CEO and lead analyst, said: “While billions of dollars in federal and state funding are being allocated to build-out DC fast charging along America’s highway corridors, there is a significant void in funding the build out of charging infrastructure for apartment complexes, where more than one-third of Americans live.
“As an EV driver, being able to conveniently charge each night where you live and then wake up with a replenished battery is one of the biggest advantages of driving an EV. Amperage Capital’s no-cost and no-risk charger deployment approach for owners of multifamily properties is long overdue and critical to building out this much-needed infrastructure for tenants at apartments.”