CUPERTINO, CA, August 16th, 2021 — Electric vehicle charging provider AmpUp has secured additional capital led by investment firms Goodyear (NASDAQ: GT), Foothill Ventures, and TechNexus Venture Collaborative. Secured less than one year from AmpUp’s...
How Federal Infrastructure Funds Could Bring An EV Charger Near You
One of the major goals of the Bipartisan Infrastructure Law (BIL) enacted in November 2021 was to address critical failures in the United States’ existing infrastructure while also investing in an essential set of key infrastructure solutions for the future. A major step towards achieving this vision includes the allocation of $7.5 billion from the bill to support the buildout of a nationwide network of 500,000 electric vehicle (EV) charging stations by 2030 to ensure every EV driver has access to reliable, affordable and convenient charging options. More charging stations means that drivers across the country will feel more confident in making the transition to EVs. This program, in conjunction with others in the legislation, supports the United States’ pledge of decarbonizing the transportation system and bringing about a net-zero emissions economy by no later than 2050.
How much funding is available? What will it be used for?
To accomplish this goal of deploying a robust national network of charging stations, the Bipartisan Infrastructure Law (BIL) created the Joint Office of Energy and Transportation to foster greater collaboration between the U.S. Department of Energy (DOE) and the U.S. Department of Transportation (DOT). The Joint Office brings together expertise from both agencies and will support efforts to promote greater EV adoption, reduce transportation-related emissions, create jobs in the new clean energy industry, and bring clean transportation to disadvantaged communites. The $7.5 billion in funds will be administered by the new National Electric Vehicle Infrastructure (NEVI) Formula Program, which was also established by the BIL, and will be utilized in the following ways:
Nearly $5 billion in funding will be made available by NEVI over five years through the funding of state programs. NEVI primarily seeks to see funding deployed for the addition of DC ultra-fast EV charging stations along designated interstate highways throughout the US.
The remaining $2.5 billion will be further broken into two $1.25 billion grant programs to support EV charger deployment in rural and disadvantaged communities. These funds will be allocated primarily on a discretionary basis with more details to be released at a later date.
The DOT unveiled its guidance for the NEVI Formula Program on February 10, 2022 and each state seeking to participate is required to submit an EV Infrastructure Deployment Plan detailing the intended use of funds to the Federal Highway Administration (FHWA) by August 1, 2022.
The FHWA will then either approve funding plans on a rolling basis or notify states of necessary changes by September 30, 2022. After approval, state DOTs will be able to deploy the NEVI program funds into EV charging infrastructure projects with the first $615 million becoming available to states in Fiscal Year 2022.
What does this mean for the future of EVs?
The $7.5 billion of funding in this bipartisan legislation presents a truly substantial opportunity for the United States to accelerate the decarbonization of transportation by allowing EV drivers to have greater access to reliable charging options and reduce range anxiety throughout the country. AmpUp is pleased that the US government has chosen to invest for the future and design policies that reflect the nation’s commitments to the Paris Climate Agreement as well as net-zero energy and transportation systems. Federal funding deployed through these state programs, discretionary allocations, and other avenues will very soon begin to accelerate the buildout of EV charging infrastructure and support drivers nationwide.
How can I take advantage of funding?
Recipients of this new funding can rely on AmpUp’s best-in-class software platform to conveniently and effectively manage their EV charging stations. Specifically, site hosts, property managers, fleet operators, and other station owners can use our solutions to optimize station performance and energy use, track real-time analytics and avoided CO2 emissions, as well as process payments all in one place. Great EV station management software can enable the smooth rollout of EV charging infrastructure nationwide and, with the right partners, ensure every American driver has access to clean, reliable, and affordable charging options.
For more information, interested readers can explore the more in-depth resources from the Joint Office of Energy and Transportation as well as the Department of Transportation.