The Biggest Challenge for EVs is Still Charging
I couldn’t agree more with this recent article from McKinsey: “Why the automotive future is electric.” I’d like to highlight just a few of their key points:
The EV future is here. It’s undeniable that the future of the automobile industry is already upon us: the shift to Electric Vehicles (EVs) is underway, picking up pace, and will bring about significant changes beyond just the transportation and energy sectors. Looking to the EU, we can already see how changes in the regulation, consumer habits, and emerging alternative fuel technologies is driving changes to how we get around, as well as the communities we live in. (See Every Automaker’s EV Plans Through 2035 And Beyond, July 2021)
Reliable, rapid, and green charging is the biggest challenge. One of the biggest pieces of technology that needs to be implemented across the US, China, and the EU is reliable fast-charging stations for EVs. Not only do these stations need to be accessible and dependable, but the technology to generate electricity needs to be clean, otherwise, they undercut the gains that EVs represent in reducing carbon emissions. Hydrogen fuel cells represent an exciting and promising solution to this problem, as they generate clean, dependable electricity that doesn’t rely on power grids, which may be out-of-date and stretched thin to meet current demand. (See Electric Vehicle (EV) Rapid Charge HFC Systems)
It’s international. Across the globe, governments are implementing rules and regulations that incentivize the transition to cleaner, more renewable transportation. The Biden administration has put in place numerous financial incentives to make sure that 50% of cars, buses, and trucks on American roadways are electric by 2030. In similar fashion, Paris has put in place a series of practices designed to cut overall emissions by at least 55%, including an investment in city-wide bikes and electric scooters, and converting 50 kilometers of car lanes into bike lanes. (See also 5 things to know about the future of electric vehicles, May 2021)
Green is the consumer expectation. Consumer habits are also beginning to shift, as people become more aware of the need to transition to cleaner, more sustainable fuel sources. Current estimates show that by 2035, the largest automobile markets (the US, EU, and China) will all be electric. While some of this change is the product of regulatory action, consumer spending habits - for instance how 75% of new car sales in the EU are EVs - speak for themselves.
Clean energy investments are increasing. As the technology behind electric vehicles continues to improve - and increasing amounts of capital are invested - the potential for major disruption across a number of industries is self-evident. Over $400 billion has been invested into cleaner energy sources, with $100 billion of that coming in 2020 alone. As a result, an entirely new, budding sector is beginning to emerge around these new electrification technologies: The vehicle manufacturing supply chain, for example, will undergo a vast shift, as EVs continue to make up an increasingly significant percentage of the cars on the road.
I know that we are on the right path to decarbonizing the transportation sector, but the problem is far from solved. More work needs to be done, from an investment standpoint, a regulatory standpoint, and, most importantly, from the implementation standpoint. We’re in the midst of a significant transition, that much is indisputable. But to make that transition smooth on consumers, while ensuring immediate, drastic reductions in carbon emissions, clean technologies like Hydrogen-powered EV rapid charging stations are a must.
With transportation electrification nearing a tipping point, charging availability remains one of the key challenges to success. Power requirements, associated costs and time hurdles, to meet the charging needs of the diverse use cases makes creative and innovative solutions necessary. Please join us on Thursday, September 30, 2021, from 2:00p-3:30p EST/11:00a-12:30p PST for an SFT Conference Webinar presenting “Innovative Charging Solutions” presented by Renewable Innovations Founder Robert Mount. Learn about options and case studies that include solar, battery storage, hydrogen and charging as a service and inductive charging.
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