EV charger company Xeal Energy announces expansion of deal to provide chargers at apartment ... [+]
Washer/dryer, garage, utilities, fitness center and clubhouse included in your monthly rent. That’s a common come-on in advertisements for apartment complexes. But a tech company and national residential property management firm are working together to add one more amenity to the list—charging stations for battery electric vehicles.
EV charging station producer Xeal Energy installed what it described as hundreds of EV chargers at dozens of properties operated by Valiant Residential in just 90 days, the companies announced Tuesday. That represents a 10-fold year-over-year increase in the partnership between the two companies.
Xeal and Valiant, which manages 150 properties and 35,000 units throughout the United States, began their partnership about three years ago, according to Xeal CEO Zander Isaacson, with installations at apartment complexes mainly in Texas.
Zander Isaacson, CEO, Xeal Energy
“They saw over 200 drivers sign up in the first 45 days. So that was kind of a breaking point for them to realize, okay, this is happening. It happens at the pace that we move. So why not be first and capitalize on this next massive wave of the modern renter,” Isaacson said in an interview.
Indeed, 44 million Americans live in apartments, according to a study by the Joint Center for Housing Studies of Harvard University, giving rise to the urgency to provide renters driving EVs the ability to conveniently charge their vehicles.
With that in mind, the New York City-based tech startup plans to boost charger installations with a focus on the fast-growing Texas market and central U.S.
“From early on at Xeal, we always wanted to take the path of most resistance, where there's not a lot of demand so that we can create that access for tomorrow,” explained Isaacson. “So in central U.S. alone, we have over 5,000 charging stations and our plan is for this year to double down in central U.S. and really 2X the number of chargers we have there.”
The company has chargers installed in more than 40 markets all across the U.S., according to Isaacson.
Motorists connect with Xeal chargers through a smartphone app.
Unlike many other charging stations, Xeal's are not managed over the internet or cellular network, but rather through a connection between the user's smartphone and the station though a proprietary Xeal technology called Helix using a distributed ledger and token system.
Most smartphones are equipped with NFC which, unlike Bluetooth or Wi-Fi is for very short-range communications and is widely used to make mobile payments over apps such as Google Pay.
“They work with all EVs and the big thing to note is that our core protocol, which basically puts the brain inside the environment instead of a server across the country, makes sure that every single driver, whether it's a Tesla, an Audi, a Kia, a Hyundai, all those cars are getting the same exact 100% reliable experience,” said Isaacson.
That technological difference is one of the key drivers in residents’ quick acceptance of Xeal chargers, according to Valiant CEO Craig Lashley.
“Our residents' warm reception to Xeal's chargers underscores a growing eco-consciousness we're proud to support," said Lashley in a statement. "Meeting the surge in demand for EVs flooding the market, along with Xeal's industry-leading uptime, has significantly boosted resident satisfaction, and the flexibility afforded by Xeal’s central network independence enabled us to select charging locations based on convenience, not connection.”
The expanded deal with Valiant Residential comes as Xeal opens an office in Dallas, Texas in conjunction with its latest work with Houston-based single and multifamily residential developer Vero Sade to roll out EV charging stations at Us Living properties throughout Texas.
Founded in 2019, Xeal is a growing competitor in a crowded market occupied by such major players as Volta, EVgo, ChargePoint, SWTCH Energy and Envoy Technologies.
In addition to placing chargers in residential developments, Xeal is tapping another lucrative market where EV drivers do not have access to home chargers. Working with several real estate development companies, Xeal has installed more than 500 level two chargers at 10 universities over the past year.
The bottom line, says Isaacson, is boosting adoption of EVs by making it easy for developers to remove an obstacle many of those living in apartments or dorms cite in resisting going electric.
“We're just looking at just everyday renters, and we put together a pragmatic approach that allows them to deploy at a very fast speed, minimize costs, no downtime and maximize the revenue they make on that, and all of that together is indirectly benefiting the drivers because now they get faster access to charging,” said Isaacson. “The charging feels like the future. It doesn't feel like this obsolete solution. It feels like this is the next experience for transportation.”
