So today we are taking a look at a company that is working in the Electric Car industry. Echarge.
So is Echarge, a green energy company, that’s goal is to use 100% green energy when charging any electronic device via its hotel parking charging network. Now before we go into the company, we need to take a look at this market more closely.
So this is obviously a very new market. But surprisingly, there is a lot of companies now involved in this. There are currently over 20 different types of cars available to purchases, The European passenger plug-in market grew in February 2018, by 39% compared to the same period last year (YoY) and pulling the year-to-date count to almost 47,000, a 35% increase over the same period in 2017.
There is a huge international push at the moment to reduce carbon emissions. With some countries pledging to have 100% zero emission by 2050 The Problem: Although electric mobility is the future and car manufacturers keep launching new electric vehicles onto the market, no adequate charging station network currently exists. Especially when you are on vacation, long waits are a hassle, and charging stations are frequently busy or blocked altogether. Plus they are not always easy to find, as the infrastructure is still in its infancy. So large investment is required as only a few hotels are equipped with e-charging stations.
The European passenger plug-in market grew in February 2018, by 39% compared to the same period last year (YoY) and pulling the year-to-date count to almost 47,000, a 35% increase over the same period in 2017.
How does echarge work?
Edrivers can book hotels which have an echarge charging station on its premises directly via the app. The charging station can be used immediately on arrival when booked with accommodation and the corresponding amount of ECHARGE (ECHG) tokens is deducted from the cryptocurrency wallet embedded in the mobile application. There will also be a peer to peer option but this will be based on demand and there wasn’t much information on this. So what can you do with your ECHG Tokens? Apart from just investing in the project, there is a number of other incentives. ECHG tokens in the following ways:
- You can utilize ECHG tokens as single use by pay for charging your electric car at half price, already in 2018
- If you hold at least 20.000 ECHG tokens (currently priced at just 2.000 EUR), you can enjoy the ECHG currency value growth and additionally get one year of free charging in eCharge points worldwide
- For 60.000 ECHG tokens (equivalent to 6.000 EUR today) you will receive a fully electric car for one-year FREE usage in the class of Nissan Leaf, BMW i3, Opel Ampera, including free charging in eCharge points and our partner points
- For 100.000 ECHG tokens (equivalent to 10.000 EUR today) you will receive a fully electric car for 2 years of FREE usage in the class of Nissan Leaf, BMW i3, Opel Ampera, including free charging in eCharge points and our partner points
- For 170.000 ECHG tokens worth 17.000 EUR today, you will receive a fully electric car for 4 years of FREE usage in the class of Nissan Leaf, BMW i3, Opel Ampera, including free charging in eCharge points and our partner points
So the current price is
To me, this is certainly a medium to long-term hold, but this definitely has HUGE potential.
There appears to be a strong team behind the project and they have a good blend of business administration, euntruepenaurship and blockchain developers. The CEO has a very impressive CV on LinkedIn and the Chief operating officer was the founder of booking.com! The fact that there a German company in the automobile industry gives added weight to the project.
If they can continue to strike up some partnerships with large hotel groups, this will further add value to this token. They already have contracts with Hilton, Marriott & Sheridan hotels.. These are some very big players.
So currently they have a functioning mobile application and 75 hotels contracted. They are working on implementing the wallet into the app and are aiming to have 50000 charging stations installed at 5000 mostly 4/5 star hotels by the end 2018
Initiially I had some reservations about this project, but after seeing the figures of new electric cars sold last year, and the number of different models available I had to reassess things. There is definitely a huge push to grow this marketing, with Germany pledging to have 1m electric cars on the road by 2020. Not this seems very optimistic, but show the direction of the market. But I also came across an article that that showed there is now 50,000 charging station in the US! India is also considering banning all non electric cars by 2050! Governments around the world are really pushing for green energy solutions and the UK Government offering a Plug-in Car Grant until 2020 with £100million pledged!
The fact they also have contracts with some large hotel groups is impressive. So what concerns would I have? My main concern would the emourmous scale of this project. It is a massive undertaking! It is going to take a lot of time to build the infrastructure in my view but they are already well on their way with that. We also need to see mass adoption in the electric car industry. But when this does happen, and it is going to happen at some stage, this could be a huge company.
For me, the rewards outway the risks on this one and it’s one I’ll be keeping a close eye on when it hits the exchanges.