Biden's $7.5B EV Pledge Draws This Finnish EV Charging Specialist Into The Market

Biden's $7.5B EV Pledge Draws This Finnish EV Charging Specialist Into The Market
  • 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.”
  • Also Read: This Tesla Supplier Pulls Brakes On US, Mexico EV Battery Investment
  • 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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