mPhase Technologies Inc., a technology company developing the mPower 5G-enhanced electric vehicle (EV) charging network and consumer engagement platform, has signed agreements with members of the Asian American Store Owners Association (AASOA) to add approximately 1,200 mPower locations in the State of Florida in Phase I of a statewide expansion. It will be followed by additional locations in Phase II early next year.
The mPower ecosystem is an integrated set of platform technologies consisting of consumer engagement software, EV charging and 5G connectivity designed to create a beneficial link between consumers and retailers transitioning to an EV-centric future.
All sites will initially receive the consumer engagement portion of the ecosystem and pay a base recurring monthly fee. Following site assessments, locations with appropriate facilities will also qualify for installation of 5G and/or EV charging stations, which will generate additional monthly recurring revenue. The mix of locations includes convenience stores, gas stations, restaurants and other businesses primarily focused on serving mobile consumers.
“Our membership has been eager to embrace the green, EV-driven future that is coming, so mPower gives us a tremendous opportunity to begin that process today,” says Vipul Patel, AASOA’s president. “The flexibility of this platform was a major attraction for us.”
“Many of our owner/operators need a solution that they can use not only at multiple locations, but also with multiple kinds of businesses under different franchisee arrangements, often with national chains,” continues Patel. “mPower gives us the ability to participate in the drive toward EV adoption, even for stores that do not have the physical layout to install EV chargers. We are very excited to become first movers in the roll-out of this powerful platform in the State of Florida.”
“This announcement represents a sign of things to come, as we work to quickly populate specific geographies with a broad mix of customers,” explains mPhase CEO Anshu Bhatnagar. “We will start at the state level, then go regional. It is important to remember that mPower is an interconnected ecosystem that will grow in effectiveness as we add sites, making each of our platform technologies more powerful over time.”
“As our network expands, the potential for retailers to capture new and repeat business will also grow exponentially, giving locations access to an increasing number of mPower-connected mobile travelers,” adds Bhatnagar. “Layered on top of that, our 5G network will also expand, giving us increasing revenue opportunities in the private network and municipal markets. We expect to replicate this plan around the U.S., so the size of this Florida network represents a fast start for our ambitious growth strategy.”
While site configurations will vary under the mPhase ecosystem, the platform is designed to create multiple, monthly recurring revenue streams, with a highly affordable entry point for retailers. The number of EV and 5G installations will be determined after site surveys but is expected to be sufficient to create mPower coverage in the State of Florida, even before anticipated in-fill activities with additional customers.