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⚡ Charged Wed | Charging with crypto... and Proterra, Wallbox, LGES, Solid Power going public

It's another Charged Wednesday and we're discussing everything EV stocks and charging. If you haven't yet, join us at www.evuniverse.io

Stay charged!

- Jaan

✔️ Solid Power merger confirmed ($DCRC)

The Solid Power and $DCRC merger rumor I shared with you on Monday (the Solid State Battery piece: link) turned out to be true, as both companies confirmed the business agreement yesterday. Here's the investor presentation: (pdf). (After which, the stock went... down?)

📉 Crazy week for Lordstown ($RIDE):

  • 📉: last week on the 10-K filing saying they are running out of cash (here at the Setback section if you missed it)
  • 📉 some more: on Monday after the news that CEO Steve Burns and CFO Julio Rodriguez have 'resigned'. (link) Which is too bad, because Steve seemed to be the driving force behind 'trying to make things work' so far.
  • 📈 a little: Lordstown President Rich Schmidt said the company is reconfirming orders and raising more capital, production is covered through May 2022. They also decided to focus on the Endurance truck and not the RV development. (link)

Note that the now-resigned CEO Steve Burns is still the largest single shareholder of the stock with 46.35 million shares (26.25% stake).

🔔 Proterra listing ($PTRA)

Proterra will ring the closing bell at Nasdaq today to celebrate the public listing under its new name: $ACTC will become $PTRA.

Here's a livestream for the ringing, happening in a few hours (link). I'm a big fan of Proterra's mission and what they've accomplished already. Really happy for the team!

✔️ Wallbox going public via SPAC ($KCAC)

Wallbox, the Spanish charging infrastructure provider announced plans to merge with SPAC Kensington Capital Partners ($KCAC). With a valuation of around $1.5 billion, the new ticker for the company will be WBX. Here's the investor conference call transcript: (pdf). $KCAC is on our stock tracker at row #61 now.

🔜 LG Energy Solution to IPO soon

LG Energy Solution (the battery cell maker) has applied to the Korea Exchange for preliminary approval of an IPO, hoping to go public within this year. Reuters reports the IPO could raise between $10B and $12B, which would make it the largest IPO ever in South Korea. (link)

DISCLAIMER: As always, nothing in this newsletter is financial advice, aka make your own damn decisions.

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⚡⚡⚡ Supercharge

• BloombergNEF's Electric Vehicle Outlook concluded:

Lots of EV charging infrastructure investment is needed.

Their Economic Transition Scenario puts cumulative invested needed for the charging networks globally at $589B by 2040, but to reach net-zero by then, $939B is needed. (link, e-mail) Not even long-lost princes that contacted me via email offered me that much.

• Airbnb now lets you filter hosts by whether or not they have an EV charging option. Check under Facilities:

• EVDC is a crypto token that aims to become the payment system for fast-charging stations. Here's the whitepaper: (link). I'm a bit skeptical on that one, but I'm happy if someone would educate me on the benefits of this?

👀 What I'm watching

  • This interpretation of new charging standards emerging:
Comic by xkcd

⚡⚡  Fast Charge:

+2,200 charging points by late 2022 in Amsterdam. TotalEnergies (previously Total) received a concession from the city of Amsterdam to expand its public charging network. Its 1,100 charging stations feature 2 chargers each, but not specified if DC or AC. (link) Total had an Amsterdam Metropolitan region concession for 20k charging points already, 6,5k of which are already in operation.

+100 fast chargers in Poland. Ekoen won a tender to implement fast-charging stations at ten locations on Polish motorways with a 24/7 lounge, which serves as a part of Ekoen's 100-location plan. (link)

+60 ultra-fast charging stations around Australia. Bell Resources is transforming 60 car washes into charging stations, with solar and battery storage. (link)

• UK: Ecotricity sold its Electric Highway charging network to GRIDSERVE. It is claimed to be the world's first nationwide charging network (*X for doubt*, see Estonia below). All of the existing chargers will be upgraded with new multi-chargers that feature CCS, CHAdeMo, and AC options and include contactless payments. (link)

• Estonian charging network Enefit Volt uses Driivz to optimize its network operations (link). I also found a 2013 Charged article of Estonia and what was at the time the world's biggest EV charging project, covering the whole nation with DC chargers (link). If you didn't know, I live in Estonia.

• Tesla reached 1,000 Supercharger stalls in Germany. Supercharge.info has some nice graphs of the worldwide Tesla Supercharger network. Related - some Tesla superchargers are 'stealth', in undisclosed locations (video).

• China: Sinopec and Evergrande sign partnership for charging & battery swap stations. Angle: Sinopec plans for 5k of those by 2025 including recent partner Nio's. Evergrande Auto launched the EV brand Hengchi in 2020 with 9 announced EV models (link)


* The information that I plug in between here, informative and short(ish):

  • Tritium to provide chargers for Loop's network, US (link)
  • Ample partners with Sally to swap batteries for fleets of taxis (link).
  • Pirelli will install chargers to its tire centers in Europe, starting with Italy, in partnership with Enel X (link).
  • ADAC Opel e-Rally Cup uses eLoaded's mobile solution (link).
  • California needs nearly 1.2M public chargers by 2030 to keep up with the demand of 7.5M EVs on the road by then (link).
  • Volvo and Polestar EVs get cheaper ultra-fast charging at Ionity stations (*only* $35 cents / kWh) (link).

⚡ Homecharge:

• Electrify Home, Electrify America's home charging business unit, announced its new $649 Level 2 home charger called HomeStation for US (link). Homestation is a catchy name. Like a gas canister at home.

• 2022 Audi e-Tron GT will get three years of complimentary fast charging in Electrify America network (link). Let's add that to the EA-free list, which we created on our #32 newsletter: look under the 'charging' section (link). I mean... this is a very good way to do business as a charging network.

• Electric Era, a startup designing and building battery systems for electric vehicle charging stations, raised a $3M seed round led by Remus capital. The idea: add battery systems as buffers for high charging peaks, so charging companies wouldn't have to pay hefty prices for extra zap. (link)

• European Automobile Manufacturers Association ordered a report from Fraunhofer ISI, which details the truck stop locations of Europe, to assess the need for charging infrastructure for heavy-duty battery electric vehicles such as long-distance trucks (pdf).

❌ Faulty Charge:

Today I'm featuring /sarcasm section.

🕵️ What I'm reading

  • Nothing, because it wasn't listed as one of the five things to do in the ID.4  /endsarcasm

🤔  A charging joke:

  • What did the depleted battery say to the judge?

... feel free to charge me.

That's it for the Charged Wednesday, folks! See you on Friday!

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