Trystan Casey
The electric vehicle (EV) market is growing rapidly, with an increasing number of international initiatives and pledges aiming to accelerate the transition to electromobility. This has led to the development of several complementary or supporting businesses. For example, solar energy and electric vehicles complement each other, with solar power being used to charge electric vehicle batteries. Additionally, companies like Terra Finance provide loans and financing for drivers interested in purchasing EVs.
Characteristics and Values of Complements for Electric Vehicles
| Characteristics | Values |
|---|---|
| Financing | Microfinancing to purchase commercial EVs |
| Autonomous driving | Reasoning engine as an alternative to AI or machine learning |
| Charging | Mobile charging robots |
| Wheels | Carbon fiber wheels, which are lighter than aluminum wheels and offer longer range |
| Home charging | Home garages with technical upgrades |
| Patents | Revenue sources from intellectual property |
| Technology | Terra Finance India provides loans and financing for drivers |
| Envision Group's Mochi robot charges EVs using renewable energy | |
| Solar energy | Solar power can be used to charge EVs |
| PV carports can deliver energy to EVs | |
| Inductive cable-free charging | |
| Charging stations and electric vehicles | |
| Electric vehicles stabilize the grid | |
| Solar power can be used to charge vehicles and fed into the grid | |
| Special charging stations synchronize charging times with electricity generated by photovoltaic installation | |
| Initiatives | The Accelerating to Zero (A2Z) coalition aims for all sales of new cars and vans to be ZEVs by 2040 |
| Market growth | Electric vehicle sales are growing, with an estimated 1 in 5 new cars sold in 2024 being electric |
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What You'll Learn
Solar energy and electric vehicles
Electric vehicles (EVs) have a lower carbon impact than gas-powered cars over their lifetimes. As the local electricity mix becomes cleaner, the carbon impact of EVs will be even lower.
PV carports are another way to combine solar energy and EVs. These structures not only protect cars from the elements but also deliver the energy needed for EVs. The solar power can be used to charge the vehicle's battery, with the rest being fed into the grid or used for other purposes.
The combination of solar energy and EVs is beneficial as EVs have greater levels of efficiency than combustion engine vehicles, and generating power from renewable sources is more efficient than producing biofuel. Additionally, as EVs can store electricity, they help to stabilize the grid.
There are also financial benefits to combining solar energy and EVs. Federal tax credits can lower upfront costs by 30% for a solar system and up to $7,500 for an EV. State and local incentives may also be available. Furthermore, the use of solar energy and EVs can help reduce the strain on the local electricity grid, especially when charging during times of lower electricity demand or when there is plentiful solar generation.
The relationship between solar energy and EVs is important, and their complementarity has an impact on the efficiency of green policies. As more solar energy and EVs join the electric grid, organizations like the U.S. Department of Energy Solar Energy Technology Office (SETO) are working to understand how this combination can help meet clean energy goals and support grid operators and local jurisdictions in their decision-making.
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Carbon fibre wheels
Electric vehicles (EVs) are heavy due to their battery packs, and this weight negatively impacts their efficiency. Carbon fibre wheels are a solution to this problem, as they are significantly lighter than aluminium wheels—up to 40–50% lighter—while maintaining strength and robustness. This reduction in weight improves a vehicle's acceleration, stopping, handling, and fuel efficiency, and increases its range. Carbon Revolution, a company that makes carbon fibre wheels, claims that their product can also reduce road noise in EVs, as carbon fibre can be tuned to alter its resonant frequency.
Carbon Revolution's carbon fibre wheels have been adopted by some of the world's highest-performance vehicles, including the Shelby Mustang GT350R, GT500, and the Ford GT. They have also been used in the Range Rover Sport SV, and Renault's hardcore RenaultSport Megane RS Trophy R, which achieved a lap record for a front-wheel-drive production car. Carbon Revolution is also developing 24-inch carbon fibre wheels for an EV pickup truck, which will be around 45–50% lighter than an aluminium wheel of equivalent size.
As the automotive industry shifts towards electrification, carbon fibre wheels are likely to become more common. OEMs are excited about the benefits that carbon fibre wheels can offer, and companies like Carbon Revolution are expanding their manufacturing capabilities to develop and manufacture wheels for a wider range of vehicles, including SUVs and EVs.
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Mobile charging robots
Electric vehicles (EVs) are rapidly gaining popularity, and with them, the need for a robust and efficient charging infrastructure. Mobile charging robots are an innovative complement to the EV industry, offering a convenient and autonomous charging solution. These robots bring the charging point directly to the vehicle, eliminating the hassle of locating a charging station and manually plugging in the vehicle.
One example of a mobile charging robot is the Mochi robot by Envision Group. Mochi uses renewable energy and is equipped with position sensors to locate and charge electric vehicles. EV users can subscribe to Mochi's services through a mobile app, allowing the robot to receive instructions wirelessly and set up a charging plan independently. This level of automation significantly reduces queuing and enhances throughput compared to manual charging methods.
Another prominent player in the field is Flexiv, which has developed an innovative mobile automatic charging system. Their system combines an Autonomous Mobile Robot (AMR) with an adaptive robot that leverages artificial intelligence, computer vision, and force control. Flexiv's robot mirrors human movements, ensuring the correct insertion of the charging plug into the vehicle's socket. With seven degrees of freedom and navigation capabilities, it can safely and efficiently move within a car park to locate and charge electric vehicles.
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EV financing
Electric vehicles (EVs) are becoming an increasingly popular alternative to traditional cars with internal combustion engines. As such, there is a growing need for financing options for consumers who want to make the switch to electric.
For instance, Chase Auto offers financing for customers who lease or purchase vehicles through select auto manufacturers. They also provide an online platform where customers can shop for and finance an EV, filtering their search by price, model, and features. Additionally, they offer incentives and access to a growing network of public charging stations, addressing two key considerations for potential EV owners.
EV Life, on the other hand, has created a comprehensive database of EV incentives, helping customers maximize their tax credits and rebates. They also offer lower monthly payments by automatically factoring in these tax credits and rebates, as well as the cost of home charging installation. This simplifies the process of purchasing an EV, making it more accessible and affordable for consumers.
In addition to these dedicated EV financing companies, traditional automakers are also getting involved. For example, McLaren offers lease options for their electric vehicles, with the financial services program being subject to credit approval by Chase. This integration of financing options by the automakers themselves further contributes to the growing accessibility of EVs.
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Global initiatives to accelerate electric vehicle adoption
Electric vehicles (EVs) are an essential means of achieving global net-zero emission goals. To promote their widespread adoption, challenges such as infrastructure, adoption, costs, energy transition, awareness, and market-related issues must be addressed. Robust regulatory frameworks and incentive policies are crucial to overcoming these obstacles. Governments and private industries must collaborate, offering incentives to drive both demand and supply.
Several global initiatives have been launched to accelerate electric vehicle adoption and address the needs of various communities:
- The CEM Electric Vehicles Initiative (EVI) aims to reduce carbon and air pollutant emissions from vehicles and promote clean transportation by accelerating the adoption of zero-emission vehicles.
- The Federal Government of the United States supports public commitments to fleet electrification made by States, Tribes, localities, and companies. By working together, they can promote EV innovation, expand infrastructure, and support the growth of the clean energy economy.
- The Accelerating to Zero (A2Z) coalition, launched in November 2022, targets all sales of new cars and vans globally to be zero-emission vehicles by 2040 and by 2035 in leading markets. 40 national governments have signed the declaration.
- The Zero-Emission Vehicle Emerging Markets Initiative, launched in November 2022, aims to enhance cooperation between public and private actors in emerging markets and developing economies to accelerate the transition to zero-emission road transport.
- The Global Memorandum of Understanding (MoU) on Zero-Emission Medium- and Heavy-Duty Vehicles was launched in 2021, with signatories committing to 100% ZEV bus and truck sales by 2040. As of 2023, 33 countries and territories have signed, representing almost 25% of the global medium- and heavy-duty truck market.
- SparkCharge pairs technology and business model innovation to address the problem of "charging deserts," ensuring reliable access to charging stations for low-income and disadvantaged communities.
These initiatives reflect the growing global support for accelerating the transition to zero-emission transport and the important role of international collaboration in decarbonization efforts.
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Frequently asked questions
Electric vehicles (EVs) are supported by several complementary or supporting businesses. Some examples include:
- Mobile charging robots that can charge electric vehicles while the owner is away.
- Carbon fiber wheels, which are lighter than traditional aluminum wheels and offer a longer range for EVs.
- Solar energy, which can be used to charge electric vehicles and stabilize the grid.
- Microfinancing to purchase commercial EVs.
Solar energy can be used to charge electric vehicles, and electric vehicles can store electricity generated by solar power, stabilizing the grid. At peak times when electricity demand is high, the stored power can be used as a short-term backup.
Intersolar Europe, the world's largest exhibition for the solar industry, has showcased combinations of PV carports, charging stations, and electric vehicles. Special charging stations for PV carports can synchronize the charging times of electric vehicles with electricity generated by the photovoltaic installation.
One challenge for the electric vehicle market is the lack of charging infrastructure, particularly in developing and emerging countries. However, ambitious policies and initiatives have been critical in stimulating the electric mobility transition in major vehicle markets. The Accelerating to Zero (A2Z) coalition, for example, aims for all sales of new cars and vans globally to be zero-emission vehicles by 2040.
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