Biden's $7.5B EV Pledge Draws This Finnish EV Charging Specialist Into The Market - Tesla (NASDAQ:TSLA)

A Finnish maker of high-speed chargers accelerated its foray into the U.S. following President Joe Biden’s $7.5 billion pledge to tackle a sparse network of power sources for electric vehicles that hampered the switch from fossil-based transport, Bloomberg reports.
Kempower Oyj hired a sales team to kick off sales in the U.S. by the end of 2023, two years ahead of its original plan, to ensure it gets a piece of the lucrative pie, CEO Tomi Ristimaki said in an interview.
“We have a recruitment plan ready for the US-market entry, and the first wave of the recruitments has just started.”
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Kempower makes fast E.V. chargers, which allow multiple vehicles to plug into a single system, unlike many of its rivals with a one-unit-per-car model. That’s particularly handy when placing them near other services, such as restaurants and shopping malls.
In the U.S., electric vehicles are yet to take off without the charging infrastructure, mainly due to long distances combined with the omnipresence of car transport.
Grants from the $5 billion National Electric Vehicle Infrastructure program could be a trigger, in the long run, to make the E.V. market in the U.S. “even bigger than Europe,” which is currently growing faster, according to Ristimaki.
“I don’t normally like subsidy markets much, but this one is so big that it actually pushes charger infrastructure forward,” added Ristimaki.
Kempower is focusing on the east coast to identify a state with a top-notch environmental, social, and governance offering, the CEO said.

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