DALLAS - In a significant push to expand the infrastructure for electric vehicles (EVs), EV+, an electric vehicle charging solutions provider, has entered into a preferred partner agreement with CBRE, a global commercial real estate services company. The partnership aims to deploy electric vehicle charging systems across 10,000 U.S. commercial properties by 2029, targeting multifamily complexes, hotels, and healthcare facilities.
The initiative responds to the growing demand for convenient and reliable EV charging options at locations where drivers spend significant time. These property types have historically lacked sufficient charging infrastructure. EV+ will provide turnkey charging stations, offering property owners a maintenance-free amenity to attract and serve customers.
Jim Hurless, Global Head of Real Estate for CBRE EV Solutions, emphasized the importance of accessible charging stations in encouraging EV adoption and providing a valuable service to property owners' clients. EV+ offers a comprehensive charging infrastructure solution that includes hardware, software, and networking systems designed for durability and user-friendliness.
CBRE will assist EV+ with site acquisition, securing grants and incentives, project management, installation, and the ongoing operation and maintenance of the charging stations. Joe Schottland, Chief Executive of EV+, highlighted the partnership's potential to enhance the availability of EV charging solutions on a national level, especially in essential real estate markets.
EV+ was founded by experts in commercial real estate, infrastructure, and transportation, aiming to ease the process of EV-enablement for property owners and promote the shift to electrified transportation.
CBRE, headquartered in Dallas, stands as the world's largest commercial real estate services and investment firm, with a workforce of over 130,000 employees serving clients globally.
The information in this article is based on a press release statement from EV+.
InvestingPro Insights
In light of the recent partnership between EV+ and CBRE, it's pertinent to consider the financial health and market position of CBRE to understand its capacity to support such a large-scale infrastructure project. According to the latest data from InvestingPro, CBRE boasts a robust market capitalization of 27.83 billion USD, indicating a strong market presence and investor confidence.
With a price-to-earnings (P/E) ratio of 28.32, CBRE is trading at a valuation that reflects investor expectations for future earnings growth, despite concerns from some analysts who have revised their earnings projections downwards for the upcoming period. This revision is an essential consideration for investors looking at the short-term performance of the company. However, the P/E ratio remains relatively stable when adjusted for the last twelve months as of Q1 2024, sitting at 28.43.
InvestingPro Tips highlight that CBRE operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, providing it with financial stability. Additionally, the company's cash flows are robust enough to cover interest payments, which is a positive indicator of financial health, especially when undertaking new ventures like the EV charging infrastructure project.
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