Imagine a world where charging your electric vehicle (EV) is as simple as scanning a QR code. No more fumbling with apps, no more cumbersome steps. That’s the dream EVPassport, an emerging charging infrastructure startup, wants to make a reality. The idea is so simple that it’s bound to pass what they playfully refer to as the “grandma test.”
“If you’re tech-savvy, just scan the QR code, and it’ll sync with your digital wallet,” says Hooman Shahidi, the brainchild behind EVPassport. “But for those who love to kick it old-school, just swipe your credit card and you’re good to go!”
EVPassport’s vision is not just about ease of use for the individual. They’re aiming to redefine how enterprises approach EV charging by offering everything as a service, or what they term as “charging Infrastructure-as-a-Service” (IaaS). From providing the latest in hardware and software to handling installation and maintenance, EVPassport wants businesses to experience hassle-free charging solutions.
The concept of charging IaaS isn’t isolated to EVPassport, with industry bigwigs like EV Connect, Greenlots, and WattLogic dabbling in similar models. But EVPassport’s commitment and vision have certainly resonated with stakeholders. Just recently, they secured a whopping $200 million from Northleaf Capital Partners, an equity firm now proudly owning a significant stake in the startup.
From its inception in 2020, EVPassport has made remarkable strides, boasting 5,000 chargers sprawled across the U.S., Canada, and Mexico. And they’re not stopping there. Over the next couple of years, Shahidi envisions installing 1,000 more DC chargers and a staggering 10,000 Level 2 chargers, with a keen focus on regions showing high EV adoption, such as California, Texas, Florida, Chicago, and the northeast corridor.
Their chargers promise versatility too. Each DC charger will offer a plug aligned with Tesla’s North American Charging Standard and another adhering to the Combined Charging Standard. Clients will have the liberty to select the type of Level 2 plugs they want at their locations.
But perhaps what’s most exciting is EVPassport’s ambitious project in Viejas, California, where they aim to set up a charging behemoth with 426 plugs. This venture alone overshadows other significant players in the market like Revel, known for their charging hubs in New York.
Shahidi characterizes EVPassport’s clientele as “essentially anyone with a parking space.” Their diverse portfolio spans real estate trusts, hotels, public garages, sports arenas, and hospitals. Some notable names include Viejas Casino and Resort, National Development, Ace Parking, Nuveen, and Millennium Park Garages.
Olivier Laganiere of Northleaf Capital Partners applauds EVPassport’s open API system, which offers seamless integration with client platforms ranging from facilities management to building maintenance solutions. Imagine checking into a hotel and syncing your EV charging with your reservation, or property managers gleaning insights on how residents engage with amenities—all possible with EVPassport’s cutting-edge tech.
This futuristic charging vision is accompanied by an appealing business model. EVPassport not only offers subscription-based services but sweetens the deal with a 50% revenue share. Their contracts typically span a decade, with Level 2 charger subscriptions potentially costing as little as a monthly Netflix fee and a DC fast charger priced around $1,000 per month.
According to Shahidi, the pricing strategy is a game-changer. “Considering that just the hardware for DC fast charging can set you back $100,000, our subscription offer with a revenue-sharing twist is a win-win for all involved.”