When a new industry or market appears, it’s always a bit like the Wild West. Think back to the early days of the internet and the companies that existed to support its early stages. How many of them still exist today? How many are hanging on by a mere thread? How many of them are thriving? And, perhaps more importantly, what enabled them to do so with a rapidly changing technology and a highly competitive market?
The truth is the companies that survived and remain today were those that were capable of evolving, who planned for the future, provided superior post sale support, and continued to innovate and invest in new and emerging technologies that would allow them to adapt quickly to a shifting landscape. They are the companies who were responsive to user needs and demands and were able to provide reliable service when and where it was needed.
There are quite a few parallels when we look at the electric vehicle industry. As car manufacturers continue their evolution, both EV charging solution vendors and the EV charging marketplace continue to change rapidly. And, much like that early internet market, the players who are big today may not be here tomorrow. So, when you look to make the investment in an EV charging solution, doing your due diligence is paramount.
Quick Links
- Why You Need Due Diligence When Selecting an EV Charging Vendor
- What to Look for in an EV Charging Vendor
- Why EV Charging Vendor Profitability Matters
Why You Need Due Diligence When Selecting an EV Charging Solution Vendor
As the truly old saying goes, caveat emptor. Whenever you make an important or significant investment in your personal life or in business, every effort should be made to do your due diligence.
When it comes to choosing your EV charging solution vendor, due diligence should also be about the investment you're making for the future and for the folks who’ll be using the EV charging station and network you invest in. 
Further, as we noted above, not all EV charging solution vendors are the same. In fact, product and service offerings differ across vendors and it’d be wise to understand exactly what you’re getting when you sign on the line. For example, some vendors only sell hardware. With no associated charging network, you’ll have to negotiate for that separately and confirm compatibility and that can come with additional challenges that won't support the business models or driver experiences you need.
Similarly, as with any technology provider, especially where a network is a prime component of the EV charging solution offering, you want to thoroughly investigate administrative flexibility, reliability and security. For many EV charging networks, you’ll also want to ensure you have flexible rules to manage stations and power consumption, and transparency to deliver business and usage models you choose and control.
In short, you should think of your investment in EV charging solutions as you would an investment in any (smart) appliance you’d like to last. Ask:
- What is the vendor providing? Hardware and a network or only hardware?
- Is the product reliable (software/hardware)?
- Do some digging here. Read reviews. Read reports.
- Is it flexible?
- Are they using OCPP? Have they moved to OCPI or will they soon? Do their chargers come with different options and accessories?
- Investigate the brand.
- Look into the company and its leadership. Consider its profitability and viability.
- Investigate their relationships with utilities. Not only will this let you know how well-informed their site assessments are, but working with utilities requires a higher standard of reliability and security, one that will transfer to you and their product line.
- Ask about the R & D process. Are they innovating? Growing? Evolving?
- See if they are investing in technologies or capabilities that will drive the industry in the future, such as AI or in-app advertising? Are they investing in features that position and prepare them for where the industry and market are heading?
- Question your ROI? Have they considered, fully, how you can drive revenue with their solutions.
- Is there post-sale support and maintenance? What kind of warranty do they offer?
These questions are a great place to start, but what are the right answers? We’ll get to a few in a moment, but the reality is that the right answers will depend on your needs, your expectations, your goals, and your site. Still, there are a few things that are crucial.
What to Look for in an EV Charging Solution Vendor
When selecting your EV Charging solution vendor, you’ll, first and foremost, want to ensure they offer the breadth of products and services you need. As mentioned above, some vendors will offer only EV charging hardware, while others offer software, networks and turnkey installation. Ensuring you have the solution for your site and needs, is vital.
To start, do you need a site analysis? Hardware? Installation assistance? Networked charging stations? A charging network? Ongoing support? A solid warranty and product support? If you need all of the above, you need an EV charging solution vendor who’ll start the process with you by consulting and be there long after the sale.
Further, as the sector continues to grow, you’ll want to have complete confidence in your EV charging solution vendor’s longevity and ability to evolve and grow with the market. More specifically, are they prepared, financially and technologically, for the growth in the market?
Already we’re seeing the market open up and expand with interoperability efforts increasing and EV charging industry groups encouraging vendors to leverage OCPP and technology that improves the EV charging experience for drivers.
Understanding the capabilities of your EV charging solution vendor’s network (if it exists) and what technology they’re using to ensure security, reliability and accessibility should be a top priority for anyone looking to install EV charging stations on their property.
Why EV Charging Solution Vendor Profitability Matters
One EV charging solution vendor factor that should be considered, but is often overlooked, is financial strength and profitability. Often, those looking to invest want to focus on a big name in the industry, but as we’ve learned from other industries, name recognition and strong branding does not always equal longevity and the risks of relying on a company that isn’t solvent or one that’s burning cash at an unsustainable rate may just burn you in the end.
What’s the risk? The first and biggest risk is that your EV charging stations may be inoperable. However, let’s suppose that the hardware is still functioning. If your EV charging solution vendor failed to future-proof your hardware and network with OCPP and tied you to a proprietary solution, your charging stations may no longer support updates or more importantly, will not adapt to your business needs as you evolve. Additionally, you may not receive ongoing spare parts, hardware or software support, nor will your EV charging stations show up as in-service on driver maps.
If the EV charging stations or network themselves are inoperable or inaccessible, then you’ll also incur the cost of having to replace EV infrastructure you installed which can be (especially if grant/incentive money helped fund it the first time) quite costly, especially when it can be avoided.
The future of EV's and EV charging really relies upon EV charging solution vendors investing in and continually driving solutions to deliver seamlessly. Reliability and accessibility are a responsibility for all of us. It’s just one of the reasons why NovaCHARGE aligns itself with industry organizations whose mission it is to further those goals.
It’s also why we take great pride in providing next-generation reliable hardware and software as well as unprecedented flexibility, transparency and control for station owners and hosts. It’s why we built our systems to be future proof and why we’re continually innovating and considering where the industry is headed so we can meet it, EV charging station hosts, and drivers, at that next stop.
Whether you’re struggling with failing existing EV charging stations or looking to design and provision new implementations, get in touch with our team today and let’s start talking about how we can help you now, and well into the future.