SHLS - EV Stocks Could See Accelerating Growth From This Breakthrough Collaboration
2023-04-29 08:35:00 ET
Many see the electrification of transportation as a key to reducing carbon emissions. One of the obstacles to putting more electric vehicles (EV) on the road is the need for more charging infrastructure. For example, there are currently 130,000 publicly available EV charging stations in the U.S., according to the White House. That number will need to grow nearly tenfold by 2027, according to an estimate by S&P Global , to support the projected growth in EVs. The full electrification of the U.S. transportation sector will require even more charging infrastructure.
The high, up-front cost of installing EV infrastructure is among the many roadblocks facing even more widespread EV adoption. That's driving two leaders in the clean energy sector to join forces with a potentially game-changing solution. Shoals Technology Group (NASDAQ: SHLS) and Brookfield Renewable (NYSE: BEPC) (NYSE: BEP) are forming a strategic partnership to launch a charging-as-a-service (CaaS) solution that could help accelerate the transition to EVs .
A major roadblock to deploying more EV charging infrastructure is the large up-front capital investment for charging equipment, electrical infrastructure, and installation. In addition, it typically takes months to build EV charging infrastructure due to the trenching needed to bring power to the EV charger, and the technical and regulatory issues developers often face.
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EV Stocks Could See Accelerating Growth From This Breakthrough Collaboration