Electrify America’s 2022 EV Charging Report: 5 Major Takeaways
Electric vehicles have been gaining popularity in recent years, and with it comes the need for reliable charging stations. To date, Electrify America is one of the leading players in the industry, widely recognized for its extensive EV charging network across the United States. Recently, the company released its 2022 EV charging report, which highlights significant achievements, improvements, and plans for the future. In this blog post, we’ll discuss five major takeaways from Electrify America’s 2022 EV charging report and what they mean for the world of EV charging.
2022 was a big year for charging!
According to the report, Electrify America delivered 3.5 times more charging sessions in 2022 compared to the previous year. Such progress can be attributed to network growth, but more importantly, to increased charger utilization. Sessions per charger increased by 3.1 times, indicating that most of the growth was driven by drivers using their chargers more frequently. This marks a significant milestone for Electrify America as it solidifies its position as a leading provider of EV charging.
DCFC hits profitability through utilization
Another significant takeaway from the report was Electrify America’s focus on hitting profitability through utilization ratings. In 2021, just 0.3% of EA stations reached an annual utilization rate of over 15%, which is considered the minimum threshold for profitable charging stations. However, in 2022, 16% of EA stations exceeded this threshold, a 60x increase! This is a noteworthy achievement, particularly in California, where 40% of stations hit the 15% utilization rate for the full year.
Electrify America has slowed down its pace of deployment
Though Electrify America has made significant strides in EV charging, the report also reveals that they have slowed down their pace of deployment. In 2021, they added 175 new DCFC stations, but in 2022, that number decreased to 92. Additionally, their infrastructure investments also declined, though not as much, from $130m in 2021 to $107m in 2022. Their development pipeline has also experienced this slowing down, which is something to watch in the coming years.
Electrify America is really looking beyond California!
While California remains EA’s largest market, comprising 40% of infrastructure investments in 2022, EA’s report reveals that it is looking beyond the state. California’s share of EA’s total spending declined even further, to 30%, from 45% when looking at all expenses. This suggests that Electrify America is expanding its footprint across the United States, which is great news for EV owners nationwide.
Electrify America’s 2022 EV Charging report is undoubtedly impressive, showcasing the growth and progress the company has made in recent years. The report provides valuable insights into the state of EV charging in the U.S. and how Electrify America is positioning itself for future success. From increased charger utilization to a focus on profitability, EA’s 2022 report highlights several key takeaways in the EV charging world. Their slowing pace of deployment is something to keep an eye on, but the fact that they’re looking beyond California shows promise for expanding their EV charging network nationwide. We’re excited to see what the future holds for Electrify America and EV charging in general!
Source: Stable Auto