The nascent electric vehicle (“EV”) industry has presented an opportunity for sectors that weren’t traditionally associated with the automotive industry. Battery makers, for instance, are looking at a lucrative partnership with the EV sector for the foreseeable future, while tech companies such as Sony and Apple are slowly wading into the electric vehicle space as well. As demand for electric vehicles rises and green vehicles take over the roads, those in commercial real estate will be looking at a lucrative business opportunity: EV charging stations.
Unlike conventional vehicles, which run on gas-powered internal combustion engines, electric vehicles are powered by rechargeable lithium-ion batteries. At the moment, the U.S. Department of Energy has registered around 40,000 public charging stations to cater to the 1.6 million EVs on American roads. President Joe Biden has set an ambitious target to roll out 500,000 public EV charging stations by 2030, and as EVs start seeing widespread adoption, the demand for public charging…
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