Over the past several years, an increasing number of vehicle buyers have made the jump to electric vehicles, and the advantages are quickly outpacing combustion engine alternatives. Battery life has improved, in some cases to upwards of 300+ miles on a single charge, emissions have been reduced to nearly zero, and prices have plummeted as new vehicle manufacturers look to capitalize on the rapidly expanding market for EV and hybrid vehicles.
With signficant new advances in technology, electric cars sold in the United States has witnessed increased sales at a rate of 59% annually. In 2016 alone, over 130,000 plug-in or battery powered cars were sold nationwide. Since 2008, there have been 570,000 sales in the U.S., making it the third biggest selling country behind Europe and China.
Market reporting agency Seeking Alpha predicts by the end of 2017, there will be 6 companies selling long range ( >150 mile) all-electric EVs for under $37,500.
With electric vehicles selling more than 800,000 worldwide annually and closing in on 1% of the market, there's plenty of reason to be excited about the future of EV-focused technology firms.
An Increasing Market For High-Tech Charging Stations
Based out of Tolland, Connecticut, business development company Lot78, Inc. (LOTE) decided to focus on a key-element of the EV business: electric charging stations. The company's first product to make a splash is the Juice Bar, which first debuted in 2009 and has continued to innovate ever since.
The Juice Bar Electric Vehicle Charging Station has taken direct aim at helping electric car owners charge their vehicles while on the go. The stations have found their way into stadiums (Oakland Coliseum in Oakland, California), hotels (Charles Hotel in Cambridge, Massachusetts), airports (Kahului Airport in Maui, Hawaii), and hospitals (Mount Sinai Hospital in New York, New York).
Lot78 has done an impressive job of gaining traction in a crowded electric battery space. The company has been featured in Building Magazine and Electrical Contractor, and earned a spot on CNN after the company donated $100 for every charging station sold to the non-profit organization Khusi Hona.
A Better Kind Of Charging Station Tech?
There are currently four main types of Juice Bar charging stations available to the general public: the mini bar, power bar, mini bar double, which won the 2015 NECA Showstopper Showcase, and the energy bar.
All four stations deliver industry-leading service, while the power bar brings some nice additions to the table. This special charger features both CHAdeMO and SAE Combo connectors so that all kinds of cars can receive substantial service improvements.
With the company's level 3 charger, cars gain a 30-80% charge in just 15 minutes. For comparison, level 1 chargers will fully charge a car's battery in eight to 16 hours, and level 2 chargers will normally take four to six hours. Each charging station can be upgraded with the SAE J1772 "Tough" connector, which is impact and crush resistant for any rough situation.
Juice Bar charging station customers also have the option to offer a cloud based software management system. This technology includes having the ability to add flex pricing, assign user groups, or allow QR codes instead of the typical radio-frequency identification (RFID) cards. Businesses can also allow free usage of Lot87's charging stations — a great value-add for customers.
The company has also decided to spruce up the Juice Bar charging station. Juice Bar accessories include a windshield washing station, murals, column wraps, recycling bins, and race deck flooring.
It's not just about visuals; the stations also offer an additional tire calibration inflation station, including a built-in heater and 30-inch coil hose and chuck. Business owners can also purchase a commercial vacuum.
Advertising on the charging station is also simple. Businesses can allow others to advertise their product for some added revenue. They can also team up with a sponsor to help bring the station into a new facility.
What Else Do You Need To Know About The Juice Bar?
Every Juice Bar is installed by a licensed electrician, and the company recommends installing the stations by a main entrance to a business, thus increasing customer retention.
Just like any hardware and software solution, maintainance is required. Lot87 has made this process as seamless as possible by setting up one, two, and three year included maintenance terms.
The company offers an equipment monitoring program, weekly remote monitoring, customer service, and technician dispatching.
A Gold Maintenance Plan includes inspections of the communications and metre board output and voltage levels at the EV connections and power source. An additional Platinum Maintenance Plan includes everything featured in the Silver and Gold Plans including two five-point inspections per year.
The maintenance program helps business owners avoid the headaches associated with maintaining technology while adding a nice recurring revenue model to Lot87's bottom line.
Removing The Barrier To Entry
Lot87 offers the Juice Bar with a very afforable leasing option that starts at just $69 per month. Every lease is offered through financial provider Macquarie Equipment Finance, which has over 20 years of experience in financing. The two companies joined forces in May 2014, and have maintained a strong relationship.
The Juice Bar Revolution Is About More Than Beverages
Juice Bar Electric Vehicle Charging Station orders have been increasing rapidly, and new locations will be popping up all over the country in the next several months, marking an incredible period of growth at Lot78, Inc.
By 2024, it is calculated that 740,000 electric vehicles will be sold annually in the United States, and in 2040, EV's will make up 35% of new car sales. With more electric vehicles on the road, more charging stations need to be implemented across the nation, and Lot78, Inc. is leading the pack with new innovations and value-added additions.
The growth in the EV industry will also provide a unique sales opportunity for companies in the charging station space. As more customers park and charge, the opportunities to upsell past clients to additional stations will become increasingly apparent.
Driving Lot87's Juice Bar vision is David Schmid, a stock market analyst and guru with years of experience in marketing capitalization and business development. Schmid took control of the LOTE Shell in mid-2016. Schmid is the CEO of Lot87 and the managing partner at Parking Acquisition Ventures, a $500 million joint venture focused on the Parking Real Estate asset class. Schmid has been involved in the parking industry for more than 25 years with a focus on real
estate and
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