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By Josh Enomoto, Benzinga
While the future of transportation may well be electric, it’s important to keep in mind that without adequate public infrastructure, the underlying innovation won’t get very far. That’s where the solution provided by Getaway Space – a specialist in the electric-vehicle charging ecosystem – comes into play. Getaway offers a fresh rethink regarding next-generation mobility with a focus on addressing the key pain points dogging broader EV integration. Even better, early bird proponents have a chance to invest in the company through StartEngine.
StartEngine enables everyday people to acquire shares in startups and early-stage enterprises. In effect, the platform facilitates a path for non-accredited investors to participate in equity crowdfunding campaigns. Fundamentally, the appeal is that retail investors can secure their stake in a promising company well before an initial public offering (IPO). Given the accelerating growth of EVs, Getaway is positioned in an intriguing industry for many.
According to data provided by the International Energy Agency (IEA), nearly one in five vehicles sold last year was electric. Nominally, EV unit sales almost reached the 14 million mark, with 95% of these transactions materializing in China, Europe and the U.S. Subsequently, the total number of registered electric-powered vehicles stood at 40 million worldwide.
The growth rate also offers insight into the pace of adoption. In 2022, EVs accounted for 14% of vehicle sales, compared to a mere 2% five years earlier in 2018. To put it simply, consumers globally are voting for electrification with their wallets.
However, the transition to EVs has also led to buyer’s remorse for some, with drivers suddenly encountering significant friction that they didn’t envision earlier. But where the EV industry sees headwinds, Getaway sees opportunity.
Getaway Space Offers A New EV Lounge Experience
A lack of EV charging infrastructure has also been a key experience – and pain point – of the great EV rollout. While more consumers than ever are making the transition to electric mobility, many are also returning to the traditional paradigm.
According to a report by McKinsey & Company, 46% of current EV owners in the U.S. plan to switch back to internal-combustion-engine (ICE) vehicles. One of the frustrations tied to EV ownership is satisfaction with public charging availability. While drivers do report that satisfaction ratings have improved slightly, however, the lack of robust progress in this field presents a viable business opportunity for Getaway Space as it seeks to address driver pain points.
Although much of the frontline attention is paid to EV sales, retention will likely be the critical metric moving forward. Here, the EV charging infrastructure currently available is largely inadequate to meet rising and evolving consumer demands. Fundamentally, one of the biggest concerns, if not the biggest issue, within the context of EV charging infrastructure is the lack of availability.
With availability, it’s not just about the number of charging stations, although that is undoubtedly a key factor. It’s also about the net output or lack thereof. If a charging system is broken or otherwise non-functional to the driver, the solution might as well be non-existent. In fact, The Wall Street Journal reported that approximately 27% of fast chargers in the Los Angeles area were malfunctioning.
Another catch-all challenge tied to public infrastructure is inconvenience and safety concerns. The rising popularity of EVs combined with common charging issues can create logjams at popular charging stations. Other facilities may be located in less secure neighborhoods or environments, presenting obvious risks.
Finally, not everyone enjoys access to home-charging solutions. According to the Department of Energy, 63% of all housing units in the U.S. have a garage or carport. By logical deduction, that leaves 37% of housing units without such accommodations, yielding a large opportunity gap for Getaway Space to fill.
Breaking Down The Getaway Difference
Getaway seeks to address the charging infrastructure problem through a targeted focus on numbers and consumer needs. By first targeting Commerce, California – a major transportation hub near Downtown Los Angeles – the company can immediately make a positive impact. From there, management will work to broaden out, making EV integration a more realistic goal. However, that’s just the start.
A key distinguishing factor about Getaway Space is that it marries creature comforts with the latest technologies. Even the fastest charging system will take at least 15 minutes to charge a vehicle to 80% capacity, if not longer. Getaway responds to this downtime with its partnership with Urth Caffé.
A European-style coffeehouse based in Los Angeles since 1989, Urth offers grab-and-go organic meals along with coffee. Combined with high-speed Wi-Fi, spotless restrooms and 24/7 security, drivers can enjoy their own rejuvenation session before hitting the road. In other words, Getaway will meet consumers where they are, thus reducing the frustrations associated with public charging. With the company’s user-friendly app-based reservation system, customers can even secure their spots in advance. Payments can also be completed through the app, and the company’s stations have dedicated on-site staff to help with any concerns at all, from charging to payment.
What’s more, when customers visit a Getaway Space, they will be assured of receiving what they came for: electrons. Engaging ex-Tesla Inc (NASDAQ: TSLA) engineers, the startup firm will ensure that the design and maintenance of the charging systems will feature minimal disruptions. In fact, Getaway aims for near 100% uptime.
While an ambitious goal, if achieved, the convenience alone would distinguish the company from its competitors, which include ChargePoint Holdings Inc (NYSE: CHPT) and EVgo Inc (NASDAQ: EVGO). Moreover, Getaway’s 30 DC Fast Chargers on-site, wide amenities and coffeehouse partnership would contrast conspicuously with both ChargePoint’s and EVgo’s limited facility-based services. Getaway is also focused on building key partnerships with a focus on sustainability to help support its growth, and the company counts CleanTech Alliance and Sustain Southern California (Sustain SoCal) as partners, among others.
Lastly, Getaway has also attracted institutional interest. Specifically, the company is projected to receive $1 million in non-dilutive funding from a local utility company under a rebate program for DC Fast Charging. Should it be awarded, the company can utilize the fund to cover part of the installation costs of its charging stations without negatively impacting ownership.
Powering The Future: A Game-Changing Solution For EV Charging Challenges?
Getaway Space could be uniquely positioned to transform the EV charging experience by blending high-quality infrastructure with a customer-first approach. As the demand for EVs continues to rise, the industry faces critical gaps in charging accessibility, reliability and convenience. By partnering with established brands like Urth Caffé, engaging former Tesla engineers to ensure near 100% uptime and incorporating on-site comforts and 24/7 security, Getaway offers a robust solution tailored for EV drivers.
Interested early investors have a chance to get in on the ground floor of this opportunity. With the EV industry seeking retention and not just conversion, Getaway potentially stands at an exciting juncture. Interested market participants can visit the company’s crowdfunding campaign on StartEngine.
Featured photo by Paul Brennan by Pixabay.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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