CAMPBELL, Calif., Oct. 16, 2013 /PRNewswire/ -- ChargePoint – the company that built the world's largest and most open electric vehicle (EV) charging network – is teaming up with Key Equipment Finance – one of the nation's largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY)– to spur mass electric vehicle adoption throughout the country.
Today, ChargePoint and Key Equipment Finance launched a $100 million lease-to-own program for EV charging stations, which will give small and medium sized companies and municipalities the opportunity to install EV chargers at no upfront cost. This is the first comprehensive, turn-key program that allows for pay-as-you-go financing of charging stations, installation costs, operational services and warranty.
In addition to no money down, the new initiative known as The Net+ Purchase Plan can provide a net positive cash flow for companies or public entities depending on charging usage.
"Through this program, companies and municipalities can now offer their workforce EV charging for no more than the price of a couple of cups of coffee per day," said Pasquale Romano, CEO of ChargePoint. "By providing EV charging to workers, employers are essentially giving their employees a raise of up to 5% as a result of reduced fuel costs. In addition, companies increase productivity, allow their employees HOV lane access, and support important sustainability and environmental policies. This is a win-win-win for employers, employees, and our communities."
"We are thrilled to partner with ChargePoint to offer flexible financing options to companies and municipalities interested in installing EV charging stations," said Tim Duerr, senior vice president of business development at Key Equipment Finance. "This program makes it much easier for municipalities and businesses with budget or cash-flow constraints across the U.S. to cover both the hard and soft costs associated with EV chargers, and we look forward to seeing this program grow as more organizations realize how cost-effective and beneficial EV chargers can be."
The new ChargePoint program is the first large scale financing solution offered in the EV market to address a known barrier to EV adoption. Fashioned after the success in the solar industry, the innovative purchasing program should drive adoption by significantly lowering up front installation costs.
"ChargePoint has found a way to overcome one of the biggest obstacles to mass EV adoption," said California Lieutenant Governor Gavin Newsom, who as mayor of San Francisco led a major EV infrastructure initiative in the city. "This purchase program is a golden opportunity for all businesses as well as state and local governments who want to attract and retain the best employees."
"The magic of the Net+ Purchase program is that with very little capital, the electric vehicle industry will see rapid adoption," said Reed Hundt, CEO of the Coalition for Green Capital and former FCC Chairman in the Clinton Administration. "This is absolutely critical for expansion of the EV market."