Bullet EV Charging Solutions Will Help Tackle America’s EV Charger Shortage

Bullet EV Charging Solutions, a rapidly-growing installer of EV chargers, solar panels, and battery storage systems, announced its formal launch. The renewables services company will take on three critical energy challenges: the scarcity of EV chargers, a strained power grid and rising electricity rates. As it continues its expansion, Bullet EV is expected to generate thousands of green-collar jobs throughout the country.  

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Headquartered in Austin with over 30 full-time employees, Bullet EV is initially offering its services in Texas, Arizona, California and Colorado with national expansion planned for 2024. The company is already on pace to generate annual revenue north of $20 million this year with positive cash flow from inception. Its offerings—EV charging station, solar panel, and storage installation and maintenance—are available to both commercial and residential customers. 

Behind Bullet EV is an experienced leadership team: Allen Rezapour, co-founder and former co-CEO of Fox Rent-A-Car, Andres Pinter, a former senior member of Ares Management’s investment team and Mark Vogel, an expert in renewable energy and former SVP for ADT’s Solar division. Rezapour, who was semi-retired after recently selling Fox to auto rental giant Europcar, has provided Bullet EV with the investment capital required for expedited growth. 

Bullet EV has already partnered with ChargePoint Holdings, Inc. (NYSE: CHPT) as a certified reseller and installer of EV charging stations. ChargePoint is a leading provider of solutions for charging EVs from home and multifamily to workplace, parking, hospitality, retail, and transport fleets of all types. 

Consumer demand and government incentives are fueling the need for more EV chargers— both commercial and residential—across the country, according to company executives. While Bullet EV specializes in the installation of EV charger infrastructure, its services also include installing solar panels and storage systems, along with ongoing maintenance and support for each of its offerings. 

According to data from S&P Global Mobility, the U.S. does not currently have adequate charging infrastructure in place to support the growing EV market. To accommodate forecasted EV sales demand, the number of EV chargers needs to quadruple between now and 2025—and grow more than eight-fold by 2030. “Current and projected demand for EV chargers is the catalyst behind the formation of Bullet EV,” said Mark Vogel, Chief Operating Officer of Bullet EV Charging Solutions.

“The number of new electric vehicles sold in this country has been doubling every year. There are simply not enough chargers to accommodate the EVs that will be on the road,” said Vogel. 

“Our company is addressing the big picture—providing a combination of EV charging, solar and storage. Imagine being able to charge your car from the power you generated from your roof and stored in your own batteries. The ultimate goal is to allow our customers to achieve grid independence.” 

Many forecasters estimate that up to half of U.S. new car sales will be electric vehicles by 2030, according to Andres Pinter, Co-Chief Executive Officer, Bullet EV Charging Solutions.

“With government and EPA mandates fast approaching, Bullet EV will get ahead of the country’s EV charger problem,” said Pinter. “The issue is not only the alarming shortage of charging infrastructure. The existing EV chargers in place are not being routinely repaired and maintained.” 

Government mandates and incentives are providing tailwinds for the EV charger industry. For example, by 2027, light-duty government vehicles will need to be emission-free per President Biden’s executive order. By 2035, California’s Advanced Clean Cars II rule will require all new car and light truck sales to be zero-emission vehicles. The Inflation Reduction Act (IRA) greatly expanded federal tax credits to provide massive incentives for the expansion of the country’s EV charger infrastructure. The private sector is also digging deep to build out their own EV charger networks. For example, Mercedes-Benz announced it will build 2,500 EV chargers in North America by 2027 at a projected cost of about $1 billion.

While the U.S. faces an increasingly strained grid, Allen Rezapour, Co-Chief Executive Officer, Bullet EV Charging Solutions, noted that electric vehicles, combined with solar and storage systems, can help alleviate the pressure on the country’s power infrastructure. 

“Bullet EV focuses on renewables as a holistic, big-picture solution for homeowners and commercial customers. The potential for this market is huge, and we are especially proud that Bullet EV will create thousands of green-collar jobs across the country to fulfill these needs.”

Bullet EV Charging Solutions | https://bulletev.com/