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By JE Insights
Although the mass proliferation of electric vehicles (EV) may count among the most profound technological advancements for the environment in recent memory, a critical lack of infrastructure is holding up the underlying innovation. A premium EV charging specialist, Getaway Space, has stepped up to the challenge, presenting what it believes to be not only a societal solution but also a potentially compelling investment opportunity – available now through its StartEngine private-equity campaign.
Unlike some crowdfunded startup ventures, Getaway Space offers much in terms of empirical evidence for its projected viability. According to Grand View Research, the U.S. EV charging infrastructure market will reach a valuation of $5.09 billion by the end of 2024. Experts in the field believe that by 2030, the sector will generate revenue of $24.07 billion, translating to a compound annual growth rate (CAGR) of 30.3%.
As circumstances stand right now, the EV ecosystem suffers from a numbers problem in some regions; simply, the influx of drivers making the transition to electric-powered mobility is overwhelming what the current charging market can handle. However, Getaway believes its appeal centers around not merely addressing the problem, but doing so holistically.
Meeting The New EV Charging Demand - A Community
A key distinguishing element of Getaway’s business is its leadership and expertise, the company says. Spearheaded by CEO Steve Kuh, the company leverages his core competencies in electrical engineering, digital product development and marketing. To enhance its engineering expertise, Kuh formed a partnership with a boutique cafe retailer, Urth Caffe - a well-known and established organic cafe giant in Los Angeles, to bring their retail expertise. In addition, Kuh has a team in place to work with former Tesla, Inc. (NASDAQ: TSLA) engineers to assist in the design, build and maintenance of the EV charging equipment.
Nevertheless, the bottom line for the EV charging industry comes down to the numbers. According to a BloombergNEF report, auto sector analysts anticipate that electric car sales will expand at an average rate of 21% per year over the next four years. Given that battery plug-in EV unit sales in the U.S. topped the one-million mark in 2023, the charging scarcity issue will likely only exacerbate.
Therefore, Getaway says it is meeting this demand but doing so in a manner of sophistication that goes beyond a brute-force approach. Instead, an integral component of the company’s business model is its membership structure. Currently, Getaway offers a subscription plan:
Basic Membership
Priced at $150 per month, giving eight free DC Fast Charging per month.
Removal of advertisements on the app and the charge station.
Priority in reservations.
One free drink per visit and free high-speed Wi-Fi.
Priority and discounts on drinks and meals ordered with the app.
Priority maintenance and support.
Primarily, the membership plan aims to provide cost efficiencies and budgeting predictability to EV drivers. For example, while the cost to charge an electric car is consistently lower than filling up an equivalent combustion-powered vehicle, the actual hit to the wallet can vary depending on factors such as the time of day (i.e. peak versus non-peak hours). With a flat membership rate, drivers know upfront what their expenditures will be.
Another element that favors Getaway’s game-changing subscription model is the positive impact it could offer garage-less drivers. According to the U.S. Department of Energy, two-thirds of all housing units nationwide have a garage or carport. However, that leaves a significant amount of the consumer base lacking a convenient and reliable space for charging.
While competitors like ChargePoint Holdings Inc (NYSE: CHPT), EVgo Inc (NASDAQ: EVGO) and Electrify America largely answer the raw numbers component of the EV infrastructure problem, Getaway says it is the only one to bring together the convenience, safety, premium amenities, technical acumen and pricing predictability under one roof.
What Makes Getaway Space Unique And How Will It Scale?
Getaway Space plans to meet the community’s desire to congregate and spend time together in a space where good-tasting food options are available while the customers charge their EVs. In a world where third places have become less common, a concept like Getaway Space can help create more community while meeting a logistical need. This new paradigm shift at Getaway Space is unlikely to be duplicated, the company says, especially given people’s desire to meet, rest and congregate with good-tasting food and drinks.
Urth Caffe has been a retail cafe operator since 1989 in Los Angeles. They have multiple stores in operation in Southern California and Las Vegas. Why does Blue Bottle Coffee compete well with Starbucks? Why does Chick-fil-A compete well with McDonald’s? It is the difference in taste and the atmosphere that each brand represents, the company argues. Getaway Space aims to apply that same logic. Through a partnership with Urth Caffe, it says it is several steps ahead of all of its competitors.
Getaway Space plans to form partnerships with major brands and build EV charging facilities using funds available from the national government, states and utilities. Already, Getaway Space is working to form partnerships with major brands in the automotive industry and retail industry. Getaway Space hopes to announce new partnerships in early 2025. Once the funds have been raised, it also plans to scale up using its relationships with multiple vendors who are already engaged in building EV infrastructure in the U.S. Getaway Space says it is hoping to build 50 locations in five years with $150 million in projected annual revenues.
Redefining The EV Charging Paradigm
Charging an electric vehicle frequently requires more than just plugging in – it often means waiting. Whether the delay arises from charging a vehicle to 100% due to ingrained habits carried over from traditional gas refueling or from waiting behind other drivers, the experience can feel unnecessarily cumbersome. Compounding these challenges are the technical shortcomings and safety inconsistencies that plague much of the existing charging infrastructure industry.
Getaway Space not only acknowledges these realities, but seeks to actively transform them into an opportunity to enhance the EV charging experience, by offering a solution that is both practical and desirable as a third destination after home and work.
At the core of this transformation is the company’s commitment to providing an atmosphere where delays – anticipated or otherwise – become an afterthought. Lounges featuring premium amenities such as high-speed Wi-Fi, gourmet coffee and organic meals from local vendors like Urth Caffé can create an atmosphere that is as productive or relaxing as drivers choose it to be.
This focus on comfort is supported by Getaway Space’s unwavering commitment to safety, it says. Unlike many charging networks that may leave security measures to vary by location, Getaway Space says it employs standardized 24/7 surveillance and well-lit designs across its facilities. Drivers can depend on a consistent level of care and protection, whether they are stopping during the day or late at night in any of the company’s current or future locations.
Beyond amenities and safety, Getaway Space addresses a key pain point for EV drivers: technical reliability. With a recent report by The Wall Street Journal revealing that 27% of chargers in Los Angeles were non-functional, the industry’s struggles in maintenance and design are well-documented.
By enlisting former Tesla engineers, Getaway Space says it hopes to ensure that its charging stations operate at the highest standards. Proactive maintenance minimizes downtime, while advanced software integration can eliminate common issues such as payment rejections and handshake failures between vehicles and chargers. This attention to detail allows Getaway Space to potentially deliver a seamless experience, one that drivers can rely on, the company says.
Together, these elements – premium amenities, consistent safety measures and technical excellence – aim to redefine the EV charging paradigm. Getaway Space doesn’t just alleviate the challenges of today’s infrastructure; it says it elevates the entire charging experience with the goal of setting a new benchmark for the industry.
The Road Ahead With Getaway Space
As electric vehicles reshape the future of transportation, the gaps in charging infrastructure present both a challenge and an opportunity. Getaway Space seeks to address these gaps not with incremental improvements, but with a bold redefinition of what EV charging can and should be. By combining premium amenities with unduplicated good-tasting quality food options from Urth Caffe, robust technical reliability and consistent safety standards, the company wants to position itself as a pioneer in the evolving EV ecosystem.
Getaway Space doesn’t just hope to address the logistical problems of EV charging; it transforms the experience, ensuring that every stop is more than a moment of inconvenience – it’s an opportunity for drivers to relax, recharge and move ahead with confidence. As the demand for electric vehicles continues to grow, Getaway’s approach could place it squarely in the center of an industry ready for disruption.
This is not just a solution to industry problems; it’s a stake in the potential future of mobility, the company argues. If you’d like to be part of Getaway Space’s mission to revolutionize the space, you can do so by supporting Getaway Space through its StartEngine campaign today.
Featured photo by 政徳 吉田 on Pixabay.
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