ADS-TEC Energy Unveils the Future of Ultra-Fast EV Charging for Residential Complexes with Deployment at Marina Palms in Miami

Rhea-AI Summary

ADS-TEC Energy plc (NASDAQ: ADSE) unveils ChargeBox, a battery-buffered, ultra-fast EV charging solution at Marina Palms in Miami. The technology allows for quick EV charging without major upgrades, revolutionizing EV adoption in large residential complexes.

Energy Sector Analyst

The introduction of ADS-TEC Energy's ChargeBox at the Marina Palms Yacht Club and Residences presents a notable advancement in addressing the infrastructure challenges of electric vehicle (EV) charging in multi-family residential settings. The ability of ChargeBox to deliver ultra-fast charging without necessitating extensive electrical upgrades is particularly significant for property developers and managers. This technology potentially reduces the capital expenditure and disruption typically associated with installing high-powered charging infrastructure, thus enhancing the appeal of EVs to residents and supporting broader EV adoption trends.

In the context of the energy sector, this deployment could signal a shift towards more scalable and cost-effective solutions for EV charging infrastructure. The operational efficiency of ChargeBox, which can service a high volume of EVs using minimal space, aligns with the growing demand for sustainable and convenient energy solutions. As urbanization continues and the number of multi-family residences increases, the ability to integrate such technologies seamlessly could be a competitive differentiator for real estate developments.

Financial Analyst

ADS-TEC Energy's strategic move to penetrate the U.S. market with its ChargeBox technology could have positive implications for the company's financial performance, given the rising demand for EV infrastructure. The cost savings associated with the installation of ChargeBox, as opposed to traditional Level 2 chargers, could lead to higher adoption rates among property managers, which in turn may drive revenue growth for ADS-TEC Energy. Furthermore, the partnership with Porsche and the planned expansion into additional U.S. locations underscore the company's growth strategy and potential to capture a significant share of the EV charging market.

The stock market often reacts favorably to innovative solutions that address existing market gaps, especially in high-growth industries such as EVs. Investors may view the deployment at Marina Palms and the planned U.S. expansion as indicators of ADS-TEC Energy's market potential and scalability. However, it is important to monitor the company's execution of its rollout plan and its ability to maintain a competitive edge in a rapidly evolving industry.

Real Estate Development Expert

The integration of EV charging solutions like ADS-TEC Energy's ChargeBox into multi-family residential complexes represents a forward-thinking approach to real estate development. As EV ownership increases, the availability of charging stations becomes a critical amenity for residents. The ChargeBox solution addresses space constraints and infrastructure limitations, which are common hurdles in densely populated urban environments.

From a real estate development perspective, the ability to offer ultra-fast EV charging could enhance property values and attract a demographic of environmentally conscious, tech-savvy residents. This amenity could become a key selling point for new developments and a factor in retaining current residents. Moreover, the minimal disruption and quick installation time associated with ChargeBox may encourage more rapid adoption among developers looking to future-proof their properties without incurring prohibitive costs.

• Battery-buffered, ultra-fast ADS-TEC ChargeBox overcomes challenges faced by large multi-family residences to deliver EV charging to growing populations of EV drivers.
• ChargeBox powers up EVs in minutes, yet typically requires no major electrical upgrades or construction, and a single system can serve a sizable population.
• Condominium association and homeowner association boards, property managers and developers are all seeking the most cost-effective, least-disruptive ways to integrate EV charging into existing and future projects, and the Marina Palms deployment leads the way in Miami—and the country—in showing how this can be done. With ChargeBox, ultra-fast charging will soon be as ubiquitous as air conditioning and elevators at these developments.

MIAMI--(BUSINESS WIRE)-- ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today unveiled the first deployment of its ChargeBox at a multi-family residential complex during a special ceremony at the Marina Palms Yacht Club and Residences in North Miami Beach. The solution allows EV drivers at the 470-unit residential property to charge their EVs in just minutes yet required no extensive construction or upgrades to high-powered electrical infrastructure.

ADS-TEC Energy unveiled the first deployment of its ChargeBox at a multi-family residential complex during a special ceremony at the Marina Palms Yacht Club and Residences in North Miami Beach. (Photo: Business Wire)

Access to fast and readily available EV charging is one of the biggest hurdles to the adoption of EVs. This challenge is compounded by the fact that almost a third of U.S. housing is comprised of large, multi-family residences. According to the U.S. Department of Energy, more than 80% of EV charging takes place at home, but in large residential buildings, the charging landscape is much more complicated than in single family homes and small multi-unit dwellings. Electrifying each or a share of parking spaces with slower Level 2 chargers in a building with several hundred apartments or condos is not a long-term solution as EVs ramp up due to the space limitation and insufficient electrical wiring onsite. In addition, Level 2 charging takes many hours. With ChargeBox from ADS-TEC Energy, users can charge their EVs in minutes.

ADS-TEC Energy’s Marina Palms deployment is significant as it showcases a simple way to quickly deploy ultra-fast EV chargers and, in turn, speed up EV adoption. Built-in batteries allow ChargeBox to draw power from existing electrical grids, store it and then output the power at ultra-fast speeds of up to 320kW per vehicle. This means that building management does not have to invest in costly upgrades or time-consuming construction and enables installation to be completed in weeks versus months, which is typical for traditional fast chargers.

The benefits of ADS-TEC Energy’s ChargeBox made it extremely appealing to the Marina Palms Yacht Club and Residences Master Association and property management company, First Service Residential. A single ChargeBox today replaces several Level 2 chargers that were available to residents on a first-come, first-served basis, requiring residents to patiently wait hours to have their vehicle charged. The ChargeBox can easily service 100 EVs per week using only two parking spaces, versus shared Level 2 chargers, which would require 20 spaces for the same number of vehicles.

“At Marina Palms, the rapid increase in EVs made access to one of the six Level 2 chargers exceedingly difficult and frustrating to our residents. Charging took many hours. We realized we needed an alternative, but the challenge was finding a more advanced, speedier charging technology that could be installed in limited space, with minimal disruption and construction and without requiring costly electrical upgrades,” explained George Barriere, general manager, FirstService Residential. “We found the ideal solution in the ADS-TEC Energy ChargeBox. It has exceeded all expectations. We are very proud to be the first to adopt it in Miami.”

ADS-TEC Energy is taking the next important step, expanding into the U.S. Already a major presence in the EV charging space in Europe, the ADS-TEC Energy technology was first developed in conjunction with Porsche, which uses ADS-TEC Energy chargers at dealerships worldwide. The Marina Palms project is the blueprint for what is to come from the company in the year ahead. To meet the demand for charging, ADS-TEC Energy will be deploying its ultra-fast charging solutions at additional large residential complexes, city centers, convenience stores and corporate campuses.

“Rewiring a multi-level parking structure for Level 2 charging is costly, approximately $5,000-$15,000 per parking space, according to estimates our customers have received. With ChargeBox, condominium associations, building managers and investors can bypass Level 2 infrastructure that will be obsolete in a couple of years and instead deliver the future…today: a premium, ultra-fast charging solution that will power up their residents’ cars and get them back on the road in minutes,” said Thomas Speidel, CEO, ADS-TEC Energy. “Our deployment at the Marina Palms Yacht Club and Residences serves as a model for other large condominium and apartment complexes in Miami and elsewhere in the U.S. The lack of charging infrastructure is still a deterrent in driver adoption of EVs. ADS-TEC Energy is solving this problem with our solution. We look forward to rolling out additional installations across the U.S. this year. The advantages we provide will be a huge step for the U.S. in building a strong and reliable charging infrastructure.”

In addition to the Marina Palms ChargeBox deployment, ADS-TEC Energy today announced another important milestone; the appointment of Renato Gross as senior vice president for the company’s U.S. operations.

To learn more about how the ADS-TEC Energy ChargeBox can benefit multi-family residential buildings, visit here.

About ADS-TEC Energy

ADS-TEC Energy plc, a public limited company incorporated in Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as a holding company for ads-tec Energy GmbH, an operating company incorporated in Germany (“ADSE GM”) and ads-tec Energy Inc., a U.S. subsidiary of ads-tec Energy GmbH (“ADSE US” and together with ADS-TEC Energy and ADSE GM, “ADSE”). Based on more than 10 years of experience with lithium-ion technologies, ADS-TEC Energy develops and manufactures battery storage solutions and fast charging systems including their energy management systems. Its battery-based, fast charging technology enables electric vehicles to ultrafast charge even on low powered grids and features a very compact design. It was nominated by the President of the Federal Republic of Germany for the German Future Prize and elevated to the "Circle of Excellence" in 2022. The high quality and functionality of the battery systems are due to a particularly high depth of development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for automotive OEMs, utility companies and charge point operators.

More information: https://www.ads-tec-energy.com/en/

View source version on businesswire.com: https://www.businesswire.com/news/home/20240319428589/en/

Media:

For ADS-TEC Energy Europe:

Juliane Kunz

Head of PR, ADS-TEC Energy

press@ads-tec-energy.com

For ADS-TEC Energy United States:

Barb Hagin

Breakaway Communications

bhagin@breakawaycom.com

+1 408-832-7626

Source: ADS-TEC Energy plc

FAQ

What is the ticker symbol of ADS-TEC Energy plc?

The ticker symbol of ADS-TEC Energy plc is ADSE.

What is the technology unveiled by ADS-TEC Energy at Marina Palms in Miami?

ADS-TEC Energy unveiled ChargeBox, a battery-buffered, ultra-fast EV charging solution.

How does ChargeBox help overcome challenges in EV charging for large residential complexes?

ChargeBox allows for quick EV charging without major upgrades, making it easier to integrate EV charging in large residential buildings.

What is the significance of the Marina Palms deployment of ChargeBox?

The Marina Palms deployment showcases a simple way to deploy ultra-fast EV chargers and speed up EV adoption.

Who was appointed as senior vice president for ADS-TEC Energy's U.S. operations?

Renato Gross was appointed as senior vice president for ADS-TEC Energy's U.S. operations.