(Source: CarEdge.com)
Most electric vehicle (EV) charging stations are in high-income areas, which makes sense in the short term. Electric vehicle prices are still so high that most low-income families are not even thinking about owning one.
However, despite inflation, the cost of electric vehicles is falling rapidly. In 2022, prices of new EVs fell by 16%, while the average price of a new non-electric car rose.
Soon, the upfront cost of EVs will match that of a regular car and may even go lower. Given that these vehicles can save thousands of gas dollars for families that need that money the most, it’s easy to see which option will eclipse the other. But this transition can only happen if there’s sufficient infrastructure to support it.
Whoever commits to building EV charging infrastructure will have the opportunity to serve a growing electric vehicle market currently valued at $400 billion. One pioneering individual with a background in renewable energy has recognized this opportunity and established a company aimed at bringing the EV revolution to underserved communities.
Natalie King spent six years as the co-founder and vice president of a solar energy startup, where she witnessed the positive impact of renewable energy on the world. In 2012, she founded Dunamis Clean Energy Partners, a company with the primary goal of uplifting underprivileged communities through state-of-the-art green energy technology.
Private funding has paid for the Detroit-based manufacturing company’s operations up until now, but significant government subsidies may be on the horizon. The Biden administration has allocated $30 billion to the EV industry and disadvantaged communities that seek infrastructure, and Dunamis sees this as an opportunity for growth.
Founder and CEO of Dunamis Clean Energy Partners, Natalie King, delivers remarks and introduces President Joe Biden at the SBA Women’s Business Summit (Official White House Photo by Cameron Smith)
Investing over $5 million through self-funding, Dunamis Charge, an affiliated company of Dunamis Clean Energy Partners, is punching above its weight in terms of market competitiveness. It has created reliable, user-friendly, and affordable charging stations capable of achieving profitability, including in less affluent areas. Moreover, it is manufacturing in the heart of the automotive capital of the world, Detroit, Michigan, using a skilled American labor force. Read more about the charging stations’ specifications here.
At the moment, the company is valued at $50 million, noticeably less than its competitors. This gives regular investors a chance to participate in a company that could become one of the biggest US-based players in the EV infrastructure market a few years down the line.
Transportation Officials Bullish on Development of EV Infrastructure
Federal Highway Administrator Shailen Bhatt emphasized the importance of developing EV charging infrastructure during the EV Charging Summit and Expo. He noted that creating a reliable infrastructure for EV charging is essential to more people choosing to adopt EVs. The Biden administration aims to have 500,000 public EV chargers by the end of the decade, a significant increase from the current 177,000.
David Ellis, vice president of engineering and product development for Dunamis Charge, highlighted the company’s goal of making EVs accessible to everyone. Dunamis Charge’s community-based initiative aims to grow from local communities to a national and global presence, ensuring that underrepresented populations are part of the multitrillion-dollar transition to EVs.
The 2021 Bipartisan Infrastructure Law designated $7.5 billion for the EV charging network, which includes setting standards for the network’s reliability and accessibility. Bhatt emphasized the critical role of private-sector investment in building this network, which is expected to create numerous jobs and drive economic growth.
