3V Infrastructure, a new electric vehicle charging infrastructure owner and operator, announced its formation today, with a mission to accelerate widespread access to EV charging. Staffed with top-tier talent, 3V Infrastructure builds and operates Level 2 EV chargers in long-dwell properties such as multifamily housing and hotels, eliminating upfront and ongoing costs for real estate portfolio owners and managers. The company has secured a commitment of up to $40 million from an affiliate of Greenbacker Capital Management, that provides strategic growth capital to leading energy transition companies.
Currently, access to EV charging infrastructure is limited, with EV adoption quickly outpacing the supply of chargers. A recent JD Power study found that more than half of respondents cited a lack of charging station availability as a reason for not buying an EV. While there is a strong focus from private and public funding sources on building Level 3 chargers in centralized, public locations mirroring a gas station model, most Level 2 chargers are currently located in single-family homes, limiting access for drivers living in multifamily properties. 3V Infrastructure aims to address this gap by providing Level 2 chargers to a broader market, unlocking new customers and opportunities.
“3V Infrastructure is hyper-focused on an overlooked and underfunded asset class of EV infrastructure: Level 2 chargers at long-dwell properties,” said Aubrey Gunnels, Co-Founder and CEO of 3V Infrastructure. “Consumer behavior and market signals indicate that drivers want to charge their vehicles like they charge their cell phones – when they’re at rest for extended periods of time.”
Research indicates that 27% of apartment tenants are interested in EV charging as an amenity yet fewer than 5% of rental properties offer it. Similarly, 20% of hotel guests expressed a need for EV charging stations when staying overnight. This amenity is poised to become as ubiquitous as Wi-Fi. Real estate portfolio owners and managers control access to this demand, but building and maintaining EV infrastructure is complex, time-intensive, expensive, and non-core to their operations. 3V Infrastructure eliminates substantial upfront capital expenditures and ongoing costs for property owners. In-house experts work with a trusted network of technology and deployment partners to handle operational obstacles, from permitting and utility setup to ongoing maintenance and monitoring.
“Our team brings deep expertise in EV technology, real estate, construction, operations, energy, and public affairs. We’re a passionate group driven by a common mission to build for a future where EVs are ubiquitous,” says Ben Kanner, Co-Founder and COO of 3V Infrastructure. “3V Infrastructure believes that the right combination of technology, infrastructure, and capital will unlock the next generation of EV adoption.”
“Greenbacker is thrilled to partner with the founders of 3V to tackle the Level 2 charging space,” said Quinn Pasloske, Principal at Greenbacker and a member of 3V’s board of directors. “Working with real estate owners to deliver accessible, affordable charging to their tenants presents an extremely attractive risk-adjusted return. 3V brings an infrastructure mindset to an emerging market and, as an early mover, aims to capitalize on the long-term fundamental value of the sector.”
3V is prioritizing work with real estate portfolio owners and managers that have large portfolios of long-dwell properties, such as apartments and hotels. 3V focuses on property owners and managers with more than 20 sites in an effort to deploy projects broadly and rapidly. Property owners need support to start building today while preparing for the long-term infrastructure needed for future generations; this is what 3V was built to solve, redefine, and accelerate. To learn more about 3V Infrastructure and stay apprised of upcoming projects, visit www.3vinfrastructure.com.
Image Caption: Aubrey Gunnels, Co-Founder and CEO of 3V Infrastructure and Ben Kanner, Co-Founder and COO of 3V Infrastructure.
