3V Infrastructure, a new electric vehicle charging infrastructure owner and operator, has launched with a mission to accelerate widespread access to EV charging.
The company builds and operates Level 2 EV chargers in long-dwell properties such as hotels and multifamily housing, eliminating upfront and ongoing costs for real estate portfolio owners and managers. The company has secured a commitment of up to $40 million from an affiliate of Greenbacker Capital Management that provides strategic growth capital to leading energy transition companies.
Currently, access to EV charging infrastructure is limited, with EV adoption quickly outpacing the supply of chargers. A recent J.D. Power study found that more than half of respondents cited a lack of charging station availability as a reason for not buying an EV. While there is a strong focus from private and public funding sources on building Level 3 chargers in centralized, public locations mirroring a gas station model, most Level 2 chargers are currently located in single-family homes, limiting access for drivers living in multifamily properties. 3V Infrastructure aims to address this gap by providing Level 2 chargers to a broader market, unlocking new customers and opportunities.
“3V Infrastructure is hyper-focused on an overlooked and underfunded asset class of EV infrastructure: Level 2 chargers at long-dwell properties,” said Aubrey Gunnels, cofounder/CEO, 3V Infrastructure. “Consumer behavior and market signals indicate that drivers want to charge their vehicles like they charge their cell phones—when they’re at rest for extended periods of time.”
Research indicates that 20% of hotel guests expressed a need for EV charging stations when staying overnight. Similarly, 27% of apartment tenants are interested in EV charging as an amenity yet fewer than 5% of rental properties offer it. This amenity is poised to become as ubiquitous as WiFi, according to the company. Real estate portfolio owners and managers control access to this demand, but building and maintaining EV infrastructure is complex, time-intensive, expensive and non-core to their operations. The company said it eliminates substantial upfront capital expenditures and ongoing costs for property owners.
“Our team brings deep expertise in EV technology, real estate, construction, operations, energy and public affairs,” said Ben Kanner, cofounder/COO, 3V Infrastructure. “3V Infrastructure believes that the right combination of technology, infrastructure and capital will unlock the next generation of EV adoption. We’re a passionate group driven by a common mission to build for a future where EVs are ubiquitous.”
Quinn Pasloske, principal, Greenbacker and a member of 3V’s board of directors, added, “Greenbacker is thrilled to partner with the founders of 3V to tackle the Level 2 charging space. Working with real estate owners to deliver accessible, affordable charging to their tenants presents an extremely attractive risk-adjusted return. 3V brings an infrastructure mindset to an emerging market and, as an early mover, aims to capitalize on the long-term fundamental value of the sector.”