November 29th, 2023 — The United States is at a critical moment for electric vehicle (EV) deployment: 48 new EV models will be released by the end of this year, the highest number of new models released during any year to date. This includes SUVs and pickup trucks, and the majority of these new models are affordable options for a much broader range of American buyers. This transition from early adoption to mass adoption is a paradigm shift for EV charging, as newer drivers are more likely to rely on public charging instead of charging at home or work.
EV drivers who stand to benefit most from streamlined public charging are those who drive for a living. To date, creating a seamless and user-friendly experience for drivers using public charging has been difficult, as it requires solving multiple problems for multiple stakeholders at once: drivers want convenient charging options; charging networks want higher utilization; and fleets, rideshare companies, and other mobility providers want to avoid integrating with every charging network individually for their drivers.
Presto’s platform enables high-mileage drivers like gig workers, car rental companies, and fleets to access charging stations across networks, and find, charge, and pay through one app. By working with charge point operators (CPOs) to help shape load and improve fleet utilization, Presto creates a win-win solution that addresses many of the key pain points related to public charging.
Public charging today can be fragmented and confusing
In 2022, the United States joined 18 other countries where fully electric vehicles made up 5% of all new vehicle sales. This threshold is widely considered to be a tipping point between the initial set of wealthier early adopters towards mass adoption. In Q3 2023, EVs jumped to 7.9% of all US car sales.
Today, 80% of personal EV charging happens at home, but at-home charging is much more difficult for people who rent, live in multi-unit buildings, or lack garages, with 78% of Americans lacking access to EV charging at home.
Access to public charging stations, especially fast-charging stations, is critical for high-mileage drivers who care about convenience, reliability, and affordability. However, the current public charging ecosystem is fragmented, with each CPO requiring its own app to find, charge, and pay for charging. This can make for a confusing, obscure, and often expensive experience for drivers, who have to manage multiple networks on their own.
Incumbents can’t solve this problem
As public charging infrastructure in the US expands beyond the handful of large, existing players into a much wider set of medium-sized and regional players, the idea that every driver, fleet, and OEM will integrate with every charging provider becomes increasingly unrealistic.
By working with high-mileage drivers like gig workers, car rental companies, and fleets, Presto creates a unique value proposition for charging providers with utilization from these drivers.
Presto is the platform for the future of charging
Presto provides a seamless charging experience for fleets and their drivers through their app that enables key features: starting charging, stopping charging, and paying for the session, as well as a charger recommendation engine that promotes chargers based on reliability, speed, and availability.
Presto also empowers other stakeholders, like fleets and rental car companies, to co-brand with the Presto app where drivers can choose to either pre-pay with a pass or pay as they go. By offering expert customer service and driver education, Presto does much of the heavy lifting to onboard drivers who are new to EVs and EV charging.
With the flywheel of charging demand and associated data, in the future, Presto will continue to build products for all sides of the charging ecosystem: drivers, mobility companies, charging providers, utilities and energy providers, and the wider energy market.
To pull together so many critical pieces of the public charging puzzle requires an exceptionally talented team. Co-Founders Ashwin and JJ bring deep experience in vehicle electrification, growth strategy, and partnerships from Uber and are uniquely suited to build the platform for our charging future.
Powerhouse Ventures is proud to join Presto’s round, led by Congruent Ventures. We look forward to working with Ashwin, JJ, and the entire Presto team to expand access to public charging.
Special thanks to Marie Thompson and Jessica Makolin.
To read more about our work at Powerhouse and Powerhouse Ventures, visit our Insights page.