Backed “by a number of large Dallas family offices,” Dallas-based Amperage Group today launched Amperage Capital with a goal of helping to create “assigned” EV charging in apartment communities.
As the U.S. and the world moves toward vehicle electrification, Amperage Capital aims to address a “large and rapidly growing gap” in infrastructure investment for EV charging solutions that serve apartment renters.
By paying for 100% of construction costs to get power to parking spaces—along with the costs of EV charging equipment—Amperage Capital says it enables apartment owners and operators to offer something increasingly valuable: assigned EV charging units for their EV-driving renters. Amperage also offers a white glove service that “takes responsibility for the management, design, construction, permits, and implementation of the entire process.”
Giving a renters an EV charger they won’t have to share
“In order for electric vehicles to be widely adopted, there needs to be a solution for the 44 million Americans who live in apartment communities,” Amperage Capital CEO Farrukh Malik said in a statement. “Currently, over 90% of electric vehicle owners charge their cars at home. However, apartment residents often have to share charging stations, which can lead to a frustrating customer experience and prevent them from fully benefiting from electric vehicle ownership.”
“To address this issue, we believe that apartment residents should have access to designated home charging spaces, rather than relying on shared charging stations,” Malik added.
A Dallas family office investor aims to help fill a ‘gap of funding’
Matt Shields, chief investment officer of the Dallas-based family office The Shields Group, said his office is an investor in Amperage Capital.
“We must anticipate demand for cost effective charging services where demand is the highest—at home, which includes people living in apartments,” Shields said in the statement. “As it exists today, there’s a gap of funding in this space. That’s why The Shields Group has invested in Amperage Capital to lead the charge by putting private capital to work with a long-term outlook.”
323 million EVs will be on the road worldwide by 2040
An estimated 323 million electric vehicles will be the road worldwide by 2040, according to research from Wood Mackenzie. Initiatives like the Biden Administration’s Build Back Better Plan are investing in EV charging to help meet that growing need. However, that might not help apartment renters enough.
“While billions of dollars in federal and state funding are being allocated to build out DC fast charging along America’s highway corridors, there’s a significant void in funding the build out of charging infrastructure for apartment complexes, where more than one third of Americans live,” said CEO and Lead Analyst Loren McDonald of EVAdoption.
“As an EV driver, being able to conveniently charge each night where you live and then wake up with a replenished battery is one of the biggest advantages of driving an EV,” McDonald added. “Amperage Capital’s no-cost and no-risk charger deployment approach for owners of multifamily properties is long overdue and critical to building out this much-needed infrastructure for tenants at apartments.”
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