Two major U.S. companies are joining forces to merge electric vehicle (EV) charging with battery storage and artificial intelligence (AI) technology to create a high-speed charging network.
ChargePoint Holdings, Inc., a leading EV charging network, and Stem, a provider of AI-driven clean energy solutions, announced on Jan. 31 an agreement to accelerate the deployment of the integrated system, which is expected to lower operating costs and increase energy resiliency.
“An integrated ChargePoint and Stem solution broadens the number of sites that can support high-speed charging economically at scale,” Pasquale Romano, CEO of ChargePoint, said in a joint statement released by the two companies.
The new system will use AI to analyze demand at charging stations and looking to install DC chargers, assess their eligibility for incentive programs, including the National Electric Vehicle Infrastructure (NEVI), and collaborate with Stem to determine if a battery storage system could reduce the site’s operating costs, the companies said.
Battery storage can be used to mitigate demand peaks, reducing costs and protecting customers against potential rate changes.
ChargePoint’s Express Plus is a high power DC fast charge platform — using liquid-cooled cables — designed for retail and highway charging stations.
“Stem is excited to partner with ChargePoint to help customers quickly design, develop, and operate cost-effective EV charging infrastructure projects that deliver real value,” said John Carrington, CEO at Stem. “The combination of Stem’s solar and storage management leadership and ChargePoint’s EV charging leadership will help empower customers to confidently invest in proven EV strategies with on-site renewables and storage for both immediate and long-term operational, economic and environmental value.”
The new partnership follows the Bipartisan Infrastructure Law, which allocated $7.5 billion to build out a network of EV chargers across the U.S.
As of Feb. 1, the U.S. Department of Energy shows 50,320 EV charging stations in operation across the country.
Added stations not only have the benefit of providing more options to travelers who need to charge their vehicles — a recent study shows they increase home values as well.
The University of Maryland’s Center for Global Sustainability found that homebuyers are willing to pay more for a house in an area that has more EV charging stations. In California, EV charging infrastructure increased home values by almost 3.3 percent.