Jan 17, 2023
44 Million Americans Live in Apartment Communities and Will Need Home EV Charging Solutions as More Electric Vehicles Hit the Road
Dallas, TX - January 17, 2023– Today, The Amperage Group launched Amperage Capital to enable EV charging in apartment communities. As 44 million Americans live in apartments, the need for convenient electric vehicle (EV) charging solutions for these drivers is crucial for mass EV adoption. 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.
According to CEO Farrukh Malik, “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% 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."
Why isn’t this a reality today? 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 10x 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% 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.
“Vehicles with no or low tail pipe emissions will become the standard and substantial investments in infrastructure are required across multiple sectors, including end-user charging,” said Matt Shields, Chief Investment Officer, The Shields Group. “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.” Shields Group is a family office based in Dallas, Texas.
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, major automakers committing to all-electric offerings by 2035, and the price of EVs dropping. Owners and operators of apartment communities need a solution today for their residents of tomorrow.
“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,” said CEO and Lead Analyst, Loren McDonald, EVAdoption. “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.”
For more information please visit Amperage Capital.
About Amperage Capital
Amperage Capital is an infrastructure investor and operator, focused on addressing a large and rapidly growing gap in infrastructure investment to support residential electric vehicle charging solutions in apartment communities. By paying for 100% of construction costs to get power to parking spaces and the costs of charging equipment, Amperage Capital enables apartment owners and operators to provide their EV driving tenants with assigned EV charging in apartment communities. Amperage is addressing a major pain point for apartment residents today and paving a path towards accelerated EV adoption by apartment residents. Based in Dallas, Texas, and backed by a number of large Dallas family offices, Amperage is committed to making charging EVs as simple as parking at home and plugging in - irrespective of where you live.
Erin Lumley on behalf of Amperage Capital