EV Charging Infrastructure and Home Energy Storage Projected to Surge with California’s 2035 Gas Vehicle Ban
Palm Beach, FL – October 28, 2020 – Executive order in California, home to 40 million and the world’s fifth-largest economy, will create opportunities for clean energy companies – On September 23, 2020, Governor Gavin Newsom announced an executive order requiring all new passenger vehicle sales in California to be zero-emission by 2035. The initiative, intended to combat climate change by reducing carbon emissions, will dramatically accelerate the state’s vehicle charging infrastructure and influence further demand for residential energy storage systems. Mentioned in today’s commentary includes: NeoVolta (OTCQB: NEOV), Tesla (NASDAQ: TSLA), NIkola (NASDAQ: NKLA), General Motors (NYSE: GM).
As Californians commit to zero-emissions vehicles, they will need far greater access to charging stations. Meeting this demand in the nation’s most populous state could overburden the existing power grid. And when the motivation of electric vehicles is zero emissions, it only makes sense to charge them using clean energy rather than fossil fuels. That’s why the future of electric vehicles in California and beyond will be propelled by off-grid, solar-powered charging stations. The need for thousands more charging stations nationwide will create significant growth opportunities for solar technology companies.
With the push to go green happening alongside an alarming increase in prolonged blackouts, California is also showing growth signs in the residential energy storage market. In early 2020, Bloomberg reported that home energy storage is on the verge of a major breakthrough in California, predicting that the state’s residential battery sales would more than quadruple in 2020. And despite the Covid-19 crisis, the U.S. solar battery market recorded its second-best quarter ever in Q2 2020.
As California moves to zero-emission standards, four of the most active companies are: NeoVolta (NEOV), Tesla (TSLA), Nikola (NKLA) and General Motors (GM).
NeoVolta (OTCQB: NEOV) – San Diego based NeoVolta, which trades at around $4 per share, is the only pure-play energy storage company on this list. Recently NeoVolta announced it has significantly expanded its distribution network, adding 34 dealers across Southern California and Northern California. These include some of the leading solar installers in the state.
The company has doubled its production in 2020 and plans to quadruple capacity by the end of this year. NeoVolta’s NV14 storage system was named one of Solar Power World’s Top Solar Storage Products of 2019. Read more about NEOV and recent news developments by visiting: https://www.neovolta.com/news/
Tesla (NASDAQ: TSLA) – Tesla, whose stock is trading about $422 per share, sells more electric vehicles than any other carmaker. The Silicon Valley company is also a major player in solar energy solutions for the home. By its own count, Tesla has installed 3.6 gigawatts of clean solar energy across 400,000 roofs. Since its 2015 launch, the Powerwall home battery has been Tesla’s flagship residential storage product. The company installed its 100,000th Powerwall earlier this year, and delivery delays currently extend into 2021.
NIkola (NASDAQ: NKLA) – Nikola, which trades at around $21 per share, is a Phoenix-based company that has generated considerable buzz since 2016 with its zero-emission vehicle prototypes. These concept vehicles are powered by either electricity or hydrogen fuel cells. Nikola recently signed a strategic partnership that will give General Motors a $2 billion equity stake in the startup in return for GM supplying the fuel cells, battery technology, and manufacturing and engineering services to get these cars on the road.
General Motors (NYSE: GM) – A traditional carmaker trading at around $34 per share, GM has embraced a zero-emissions future. It has committed to 20 new electric vehicle models by 2023 and established a joint venture with LG Chem to mass-produce battery cells, typically the most expensive component in an electric vehicle. GM recently teamed up with EVgo to add more than 2,700 fast chargers across the U.S. over the next five years, tripling the nation’s largest network of fast chargers.
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