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Internationally, Belgium (Antwerp, Brussels), Denmark, and Finland already have zero-emission designated areas. In recent months, Biden’s administration embraced a bipartisan Senate deal to spend $1.2 trillion on infrastructure projects, including $7.5 billion on EV infrastructure, including charging stations.Īs more urban diesel bans and zero-emission zones are announced, this will also help drive adoption rates. The Biden Administration is advancing the electric vehicle charging infrastructure by supporting a nationwide charging network and funding opportunities for technology and business model innovation. In the United States, national regulations will require up to a 25 percent reduction in carbon dioxide emissions by 2027. Public policy influence on the EV industry
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These regulations can make purchasing electric vehicles more (or less) accessible. Local and national regulations: Federal, state, and local incentives on electric vehicles are essential to the success of EV adoption as they provide differing incentives to electric vehicles, including loans, grants, rebates, tax credits, and other exemptions.For example, there needs to be an ample amount of charging stations and 4S stores specifically for EVs that offer sales, service, spare parts, and surveys (customer feedback). Electrification readiness: In order for EVs to function seamlessly and to overcome purchasing hesitancy, supplemental infrastructure is needed.I also discovered a new revenue stream may exist through vehicle-to-grid (V2G) technology, which allows electric vehicles to be used for energy storage by sending the charge back to the grid for utility use, especially during peak electricity usage. However, an electric truck can save a lot on maintenance and operating costs during its lifespan. I found that the upfront cost of an electric truck is 30 to 50 percent more expensive than a diesel truck. Total cost of ownership: Since price is one of the primary reasons for the hesitation, I created a model to compare the total cost of ownership (TCO) between diesel and battery-electric trucks over the next decade.The challenge of the sustainable transportation alternativesĮlectric vehicles have been a hot topic for a few years but I discovered that people are hesitant to adopt this cleaner energy for transportation, especially EV trucks, for the following reasons: Producing a written report and a presentation of the business plan for the replacement of electric trucks.combustion as well as researching and comparing the pros and cons of EV and traditional combustion for trucking and commercial use purposes Running a total cost of ownership analysis for electric vs.Executing an analysis of subsidies and credits for electric vehicles and battery charging by state and researching and defining the financing options and trends for electric vehicles and battery charges by states.Researching the total market size and potential addressable market for electric trucking.Conducting interviews within the hauler industry to understand current fleet details such as size, useful life and costs, while using the opportunity to introduce EV garbage trucks.Reading a tremendous amount of EV trucking and waste management-related articles, reports, and news to determine the scope and goals for the market research.Having no prior knowledge of the electric truck market, it was critical for me to learn more about the rapidly growing EV market and viable applications in the heavy-duty and long-haul truck area.
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Electric garbage trucks are coming, but to smooth the transition, fleets need to find the best end-to-end solution that can integrate electric vehicles into the existing fleet. By utilizing the synergies from its portfolio companies and its vast network in waste management, charging infrastructure, and automobile manufacturing, Hampstead Park Capital Management aims to provide an end-to-end electric vehicle solution for its network of vendors and haulers. It is believed that an electric garbage truck fleet will provide a green, stable, and agile waste management system. Electrification: Fast and furiousĮlectrification is happening fast, and it’s happening now. This experience was possible due to the generous support provided by Johnson’s Social Impact Internship Fund (SIIF). I was charged with creating the business case, specifically the regulations and financing options, to replace traditional garbage trucks in New England with a greener, lighter, and cheaper electric garbage truck. Last summer, I had the pleasure of working with Hampstead Park Capital Management which focuses on sustainability, environmental services, and renewable energy investments.