The partnership supports Avis Budget Group’s strategy of establishing the infrastructure needed to meet growing rental demand for EVs
Parsippany, N.J. and Palo Alto, Calif. (January 26, 2023) – Avis Budget Group (Nasdaq: CAR) and EverCharge, an SK Group company and a leading provider of large-scale electric vehicle (EV) charging devices and management systems, has launched a significant number of EV charging stations at the George Bush International Airport (IAH) in Houston, Texas. The stations will power Avis and Budget’s fleet of EVs and plug-in hybrid electric vehicles (PHEV) available for rent at the airport. The EverCharge stations will be unveiled by executives from Avis Budget Group, EverCharge, and SK Group today.
EverCharge’s patented load balancing software, SmartPower, enables large-scale, networked EV charging by managing and controlling electric loads, analyzing the charging patterns of EVs, and intelligently allocating available power based on the individual vehicle’s need. SmartPower empowers EverCharge partners, such as Avis, to install more stations than would be available with traditional charging systems, without a strain to the existing energy grid or the need for costly utility upgrades. Although EverCharge has stations at multiple locations, this is the first large-scale charging solution at an airport.
Joe Ferraro, President and Chief Executive Officer at Avis Budget Group said: “An optimal charging infrastructure is a necessary condition to support a seamless transition to an electrified fleet. We are committed to offering the best possible experience for our customers and this requires investing in leading technology that integrates with the diverse EV fleet that our OEM partners will deliver. At Avis Budget Group, we believe the road to electrification rests on a foundation of charging infrastructure. We’re excited to be partnering with the SK Group to advance our strategy and we’re proud to showcase this large-scale operation at the George Bush International Airport in Houston as a proof point of the developments to come.”
The partnership between Avis Budget Group and EverCharge at the Houston airport is designed to serve as a model for scalable fleet electrification planning at airports across the U.S. It is also the latest example of Avis Budget Group’s belief that electrification is the future of mobility, and having sustainable options in its fleet, including electric and fuel-efficient vehicles, is a core part of the company’s business strategy.
Avis Budget Group believes that partnerships like this, which tackle some of the infrastructure challenges associated with electrification, will help the company reach its 2030 ESG (Environmental, Social & Governance) target to reduce absolute greenhouse gas emissions from its operations by 30%. The EverCharge stations will serve as a visible reminder of Avis Budget Group’s commitment to investing in infrastructure and advanced technology that support the nation’s transition to electric mobility.
“EverCharge is on a mission to enable the widespread adoption of EVs by providing intelligent software and hardware charging solutions that leverage the capabilities of existing electrical infrastructure. Our partnership with Avis Budget Group is an important step to realizing that mission, and a prime example of EverCharge’s ability to advance our partners’ sustainability strategies,” said Jason Appelbaum, CEO of EverCharge. “We are proud to be leading the charge with Avis Budget Group to accelerate the decarbonization of the transportation sector and bring us another step closer to a clean, all-electric future.”
This partnership comes on the heels of EverCharge’s acquisition last year by SK Group, South Korea’s second-largest conglomerate. SK Group is investing billions of dollars in U.S. energy solutions and sustainable technologies, such as those by EverCharge, to fulfill its commitment to reduce carbon emissions by 200 million tons in 2030, or 1% of the global carbon reduction targets needed to address climate change.
“The adoption of EVs across the U.S. auto market is encouraging, but this growth requires a transformation of our energy systems,” said Jeong Joon Yu, SK Group Vice Chairman and Head of U.S. Corporate and Government Affairs. “The collaboration between Avis Budget Group and EverCharge is intended to provide the infrastructure needed for a clear pathway to cleaner forms of transportation for rental customers.”
Following the launch at the Houston airport, Avis Budget Group and EverCharge plan to extend this partnership to additional airport locations this year.
About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of transportation solutions, both through our Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world’s leading car sharing network. Avis Budget Group operates most of our car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group is headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com
EverCharge provides hardware and software EV charging solutions for fleets, multi-unit, and single-family homes. The company’s turnkey offerings are designed to utilize existing infrastructure to scale electric vehicle (EV) charging at the lowest cost. EverCharge’s SmartPower technology maximizes the number of EVs that can charge at once and eliminates barriers, such as data connectivity. Founded in 2013 and headquartered in Palo Alto, EverCharge supports hundreds-of-thousands of users with EV charging stations across the United States and Canada. In 2022, EverCharge was acquired by SK Group, South Korea’s second-largest conglomerate, as part of their multi-billion dollar investment in U.S. energy solutions and sustainable technologies. For more information, please visit EverCharge.com.
About SK Group
SK Group, South Korea’s second-largest conglomerate, is a collection of global industry-leading companies driving innovations in energy, advanced materials, biopharmaceuticals and digital business. SK companies combined have $139 billion in global annual revenue and employ more than 100,000 people worldwide. SK companies are investing billions of dollars in expanding their U.S. presence with business operations or partnerships in electric vehicle (EV) batteries and charging technology, hydrogen energy and fuel cells, pharmaceutical manufacturing and development, and semiconductors. For more information, visit sk.com.
Certain statements in this press release constitute “forward-looking statements.” Any statements that refer to outlook, expectations or other characterizations of future events, circumstances or results, including all statements related to our future plans, initiatives or results with respect to ESG, sustainability, electric vehicles or electric charging stations, are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to, climate change, government regulation, consumer adoption of electric vehicles, competition in the mobility industry, supply and availability of clean renewable energy, COVID-19, which has had, and is expected to continue to have a significant impact on our operations, and resulting economic conditions and related restrictions, as well as the other factors described in Avis Budget Group’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2022 and in Avis Budget Group’s other filings with the Securities and Exchange Commission from time to time. We undertake no obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.