With the monumental rise in popularity of electric vehicle companies like Tesla, and state and federal green initiatives underway, it’s no secret that over the next decade the transportation industry will undergo a mass migration from gas powered vehicles to clean energy battery electric vehicles as more and more efficient and affordable EVs enter the market. However, the biggest challenge that will face widespread EV adoption is going to be access to affordable and convenient EV charging, where currently the options are limited.
Los Angeles based EV charging startup Loop Inc. aims to address this challenge by bringing to market turnkey and affordable EV charging solutions that make owning an EV charging network a frictionless and profitable experience for building owners.
“Without sufficient charging infrastructure, the growth of clean energy electric vehicles at scale will be severely restricted,” said Dustin Cavanaugh, CEO of Loop Inc. “At Loop, we aim to address the needs of property owners by providing affordable charging solutions that empower and incentivize these businesses to offer EV charging as a service to their tenants, employees and customers.”
But even with Loop’s turnkey and affordable charging solutions, not every property owner has a budget to afford the upfront cost of upgrades. For that, Loop has devised a plan to provide EV charging solutions for any business, regardless of budget.
“Through our Loop-as-a-Service financing program, we are providing businesses a path to install EV charging stations at their properties at $0 down, $0 out of pocket and utilize a portion of the estimated monthly revenue generated by the charging stations to pay off the upgrades over time,” said Zack Martin, CFO of Loop, and the Los Angeles Business Journal’s 2021 Startup CFO of the Year. “This program enables a property owner to immediately start realizing the benefits of owning and operating an EV charging station network, and to be cash flow positive from day one.”
By removing these barriers of entry for property owners, Loop looks to help educate and empower businesses to turn their parking lots into profit centers.
“The U.S. retail gas station business is a $500 billion per year industry that is controlled by only a handful of key players,” said Cavanaugh. “With electric vehicles, we have been given the generational opportunity to democratize the sale of energy needed to recharge a vehicle into the hands of everyday small businesses and property owners. Our goal is to help businesses boost their bottom-line by realizing the social, environmental and economic benefits of owning and operating an EV charging network, all while simultaneously ushering in the new era of clean transportation.”
To date, Loop has installed nearly 5,000 public and private network charging stations throughout California and across the country, and they are forecasting growth to deploy over 400,000 Loop charging stations across the world by 2025 as they look to become the premier charging station network worldwide.
“It’s a substantial endeavor, but we are up for the challenge,” said Martin.
Driven by a passion for sustainability and their unique value proposition, the company appears to be well on their way.
For more on Loop and its electric vehicle charging station infrastructure initiatives, visit evloop.io.