The Amperage Group has launched Amperage Capital to enable electric vehicle charging in apartment communities. Amperage Capital pays for construction costs to get power to parking spaces and the costs of charging equipment for assigned EV charging in apartment communities.
“In order for electric vehicles to be widely adopted, there needs to be a solution for the 44 million Americans who live in apartment communities,” says CEO Farrukh Malik. “Currently, over 90 percent of electric vehicle owners charge their cars at home. However, apartment residents often have to share charging stations, which can lead to a frustrating customer experience and prevent them from fully benefiting from electric vehicle ownership. To address this issue, we believe that apartment residents should have access to designated home charging spaces, rather than relying on shared charging stations.”
Amperage Capital provides apartment owners and operators with 100% of the long-term capital for construction costs, as well as taking responsibility for the management, design, construction, permits and implementation of the entire process.
“Vehicles with no or low tail pipe emissions will become the standard and substantial investments in infrastructure are required across multiple sectors, including end-user charging,” states Matt Shields, chief investment officer at The Shields Group. “We must anticipate demand for cost effective charging services where demand is the highest – at home, which includes people living in apartments. As it exists today, there is a gap of funding in this space, and that is why the Shields Group has invested in Amperage Capital to lead the charge by putting private capital to work with a long-term outlook.”
“While billions of dollars in federal and state funding are being allocated to build out DC fast charging along America’s highway corridors, there is a significant void in funding the build out of charging infrastructure for apartment complexes, where more than one third of Americans live,” adds Loren McDonald, CEO and lead analyst at EVAdoption. “As an EV driver, being able to conveniently charge each night where you live and then wake up with a replenished battery is one of the biggest advantages of driving an EV. Amperage Capital’s no-cost and no-risk charger deployment approach for owners of multifamily properties is long overdue and critical to building out this much-needed infrastructure for tenants at apartments.”