The types of business entities involved in the charging pile industry chain are complex. In addition to new energy vehicle companies and electrical equipment companies, service-oriented companies are also involved. The operating and profit models are diverse and are still in the exploratory stage.
From the perspective of the US charging pile market, as of April 2022, the vehicle to pile ratio in the US market was 21.2:1. In February of the same year, the US government announced a plan to allocate nearly $5 billion over five years to build thousands of new energy vehicle charging stations, and the US charging station market will experience rapid development.
Typical light asset operation model
>>ChargePoint
ChargePoint was founded in 2007 and is headquartered in California, USA. It is one of the earliest operators in the world to lay out charging stations and go public through an IPO. As a leading charging station company in the United States, ChargePoint has a market share of over 75% and has 112800 charging stations worldwide. It plans to complete the construction of 2.5 million charging stations by 2025. ChargePoint offers a variety of charging ports that can be matched with SAECombo (BMW, Volkswagen, etc.) used in Europe and CHAdeMO (Nissan, etc.) standard interfaces used in Japan.
ChargePoint is a professional charging station operator with a typical light asset model, and its business revenue mainly consists of the sales of connected charging station products and the service and maintenance fees generated by customers using connected charging stations.
Binding and sale of charging station products with online charging systems
The sales revenue of ChargePoint charging devices accounts for 72.14% of the total revenue, and the company does not sell charging station products that do not have our company’s online charging system installed. ChargePoint does not operate or own charging stations or stations, does not generate returns by selling electricity, nor does it generate revenue through parking fees at charging stations.
In other words, ChargePoint does not rely on usage and station building, but provides network system services for charging station/station owners. Therefore, compared to other companies or operators, ChargePoint has a differentiated business model. Because customers acquire ownership of the charging infrastructure, ChargePoint can concentrate funds on product development, customer acquisition, and retention to drive product innovation and enhance market competitiveness.
Subscription services meet the needs of different types of customers
The service and maintenance fees generated by using the ChargePoint system constitute subscription services. ChargePoint’s subscription revenue in fiscal year 2021 reached $53.512 million, accounting for 22.2% of total revenue. ChargePoint provides network charging services for niche markets such as dedicated, private, and public use, with different management systems and subscription modes set up to facilitate homeowners to choose their own charging mode.
Mainly focused on selling charging station products and electricity
>>Blink Charging
Blink Charging was founded in 2009 and is headquartered in Florida, USA. Unlike ChargePoint, Blink’s main sources of revenue are sales of charging stations and charging expenses, with sales of charging stations accounting for 73.93% of the total revenue. Blink’s self operated charging stations rank second in revenue, reaching 14.22%. Secondly, Blink also generates revenue from other businesses, such as advertising and shared mobility.
Blink owners can run, maintain, and track various Blink EV charging stations and related billing data by using Blink’s software Blink Network. In order to generate more revenue from the charging pile business and demonstrate Blink’s sustained competitive advantage in the charging pile market, Blink provides a variety of charging equipment and services to its consumers/partners, mainly distinguishing between which party bears the cost of installation, equipment, and maintenance.
Cooperation mode 1: Self operated mode
In the self operated model, Blink invests in and installs charging equipment, and connects the charging stations under this business model to all charging stations owned and operated by Blink. In this model that tends towards recurring income, Blink basically retains all charging income after deducting network connection and other expenses.
Cooperation mode 2: Joint venture mode
In the joint venture model, Blink invests in charging equipment, while the partner bears the installation cost and connects the charging piles under this business model to all charging stations owned and operated by Blink. In this mode, after deducting network connection and processing fees, Blink shares the electric vehicle charging revenue with its partners.
Cooperation mode three: custody mode
In the hosting mode, partners invest, install, own, and operate Blink charging stations/stations. Blink collaborates with partners to provide site recommendation, payment, and maintenance services by connecting to the Blink network. In this mode, except for network connection and maintenance costs, all charging income belongs to the partner.
Cooperation mode four: leasing mode
In the leasing model, Blink owns and operates electric vehicle charging stations, while partners bear the installation costs. Partners pay fixed fees to Blink every month and retain all charging income after deducting network connection and processing fees.
Integrated Development of Vehicle Pile and Layout of C-end Market
Blink also operates a shared mobility project through its wholly-owned subsidiary BlueLA Rideshare, LLC (“BlueLA”) and the City of Los Angeles, where customers can rent electric vehicles through subscription services.
In addition, Blink is also further entering the private charging pile market, developing C-end users, and selling low-power AC charging piles online through various Internet channels, such as Amazon, Walmart.com, Lowes.com and other platforms.
The largest fast charging network in the United States
>>EVgo
EVgo was founded in 2010 and is headquartered in California, USA. It was listed on NASDAQ through SPAC in July 2021. Unlike the previous two companies, EVgo focuses on DC fast charging products and owns and operates the largest public DC fast charging network in the United States, making it a pioneer in the field of fast charging.
EVgo has a flexible business model that generates revenue through various businesses. The foundation of the company’s business is to invest in and operate electric vehicle charging stations, providing charging services to C-end and B-end users through this station.
Public charging station business
Drivers charge by using EVgo public charging stations. EVgo provides customers with a variety of consumption options, and drivers can choose to charge as members (monthly, enjoying discounts on electricity prices per minute or kilowatt hour) through subscription services or non member status. Drivers can find charging stations through EVgo’s app, in car navigation system, or third-party databases. EVgo installs its charging stations on commercial land or public parking spaces. EVgo and merchants hope to attract tenants, employees, and customers through charging stations.
Collaborating with vehicle manufacturers
EVgo is a pioneer in automotive charging plans that can meet the commercial development goals of various automotive companies. EVgo directly signs a contract with the entire vehicle factory to connect the electric vehicles produced by the factory to the EVgo public charging station network and provide charging services for drivers who purchase or rent cars. EVgo currently provides other related services to vehicle manufacturers, including joint marketing, data services, and digital application services. EVgo regards its relationships with various car companies as the core channel for acquiring customers.
Dedicated charging station business
Customers with fleets, such as logistics companies, can access EVgo’s public network through EVgo’s charging stations. The pricing of charging services is usually negotiated directly between EVgo and dedicated customers based on actual business needs and usage patterns. EVgo signs contracts directly with dedicated customers or fleet drivers using EVgo charging stations and pays bills. By connecting to EVgo’s public network, fleet operators can accelerate the process of electrification and achieve sustainable development goals without directly investing in charging infrastructure.
Auxiliary business
In addition to charging services, EVgo develops and operates various digital software to provide customers. These products currently include application customization, fee data integration, advertising services, and intelligent fees. EVgo also provides maintenance services and project management services, including the installation, networking, and operation of charging stations. EVgo will continue to evaluate and participate in potential market opportunities beyond these business models.
Trading of carbon emission indicators
In California and Oregon, a portion of EVgo’s revenue comes from selling carbon emission targets through Low Carbon Fuel Standards (LCFS) projects. EVgo earns points by selling electricity and sells these carbon emission indicators to entities obligated to purchase through the project or through exchanges. EVgo’s management is actively discussing the feasibility of LCFS projects with other states, such as Massachusetts, New York, Colorado, Washington, and New Mexico.
Capital and Market Analysis
Charging pile companies incur losses, but are still favored by the market
Based on the annual reports of three companies/operators in the 2021 fiscal year, it is possible to compare and analyze the profitability of the companies and their level of market confidence.
>>ChargePoint has the largest revenue scale
Because ChargePoint has an earlier commercial layout and a much higher market share than the other two companies, its revenue generating ability is also relatively the best. And Blink’s revenue capability is the worst among the three companies, with a total revenue of only $20.94 million in the 2021 fiscal year, more than $1 million less than EVgo’s total revenue. EVgo’s gross profit is the only negative, indicating that the company’s costs are higher than its revenue. In summary, according to the revenue statement, all three companies were in a loss making state in the 2021 fiscal year, with ChargePoint having the highest gross profit margin and EVgo having the highest cost expenditure.
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Post time: May-13-2024