Morning Brew - ☕️ Plug and pay

Why a payments company bought an EV charging network.
Morning Brew October 26, 2022

Emerging Tech Brew

Happy middle of the week. And oh what a week it is—we’re in the thick of Big Tech earnings, with Google and Microsoft reporting yesterday, Meta and Samsung taking their turns today, and Apple, Amazon, and Intel rounding us out tomorrow.

Maybe by the end of the week we’ll finally have enough data points to know whether we’re in a recession or not.

In today’s edition:

The strategy behind a surprising EV charging deal
What a DHL delivery driver thinks of fleet electrification
Reader poll: Chatbot edition

Grace Donnelly, Andrew Adam Newman, Dan McCarthy

EV CHARGING

A payments processor and an EV charger walk into a bar

A payments processor and an EV charger walk into a bar Plugsurfing

Paying for EV charging today is often more complex than the easy exchange of money at the gas pump.

As more drivers and fleet operators make the switch to EVs, streamlining that payment process presents an opportunity for companies with experience in the space.

Enter: Fleetcor, a global payments company that acquired the EV charging and software provider Plugsurfing last month for an undisclosed amount.

  • Plugsurfing has more than 300,000 charge points in Europe, which it claims represent nearly 80% of the region’s EV charge points.

Big picture: The deal brings Fleetcor, one of the world’s largest providers of fuel cards for commercial fleets, into the EV charging space—a relatively nascent sector where systems and payments are still very fragmented, David Morris, principal analyst for payments and commerce at Insider Intelligence, told Emerging Tech Brew.

“[Fleetcor] is seeing an opportunity here to be able to transition into this new energy delivery method,” Morris said. “It wants to be able to have the same kind of network built up on that EV charging side of things that it does with gasoline.”

Read about the strategy behind the deal here.GD

        

FROM THE CREW

For the health of your wealth

The Crew

That overnight meme-stock millionaire schtick is obviously a bust. But if your goal is to build long-term wealth through sensible investing, budgeting, and tax management, check out Money Scoop, our personal finance newsletter designed to help you make smarter moves with your money. Subscribe for free.

ELECTRIC VEHICLES

How DHL is driving electrification

A portrait of DHL driver Tony Grimila posing with the electric-powered delivery truck he drives. NACFE

There we were on a recent Friday morning, in a DHL delivery truck, driving through the chaos of 38th Street in midtown Manhattan. But it was so quiet inside that when you spoke, you half-expected a librarian to shush you.

We were in a Ford Transit 350 cargo van, but this one had been souped-up (souped-down?) by Lightning eMotors, which installs battery power under the hoods in place of rumbling gas engines.

It’s one of 51 fully electric vehicles in DHL’s last-mile delivery fleet in Manhattan, with another 45 being hybrid-electric. Manhattan, it turns out, with 53.1% of its delivery fleet fully electric, is nearly a microcosm of DHL’s ambitious global plans for electrifying its delivery fleet.

  • DHL has stated that by 2030, 60% (a total of more than 80,000) of its last-mile global fleet will be fully electric.
  • By comparison, the USPS announced this year only 10% of the 50,000 last-mile trucks it was purchasing would be electric; now it says it will purchase 50%.

Zoom in: Tony Grimila has been delivering for DHL for almost seven years. We tagged along because we wondered, as carriers electrify their fleets, whether these EVs are up to the task. And if people like Grimila, who are driving them day in and day out, think that they—in every sense of the word—deliver.

Read the full recounting of the ride-along from Retail Brew.AAN

        

FROM YOU

Reader poll: Chatbot edition

Reader poll: Chatbot edition Francis Scialabba

We’re in, like, year 10 of every company realizing they need to digitally transform lest they incur the wrath of disruptive digital upstarts. That goes for financial institutions, too, bastions of tradition though they may sometimes seem to be.

Last week…We asked whether any of you had tried out a financial institution’s chatbot tech, whether text- or voice-based. The results are in:

  • Just under half (47%) of our ~1,150 respondents said they had used the tech before. The remaining 53% said they never touched the stuff.

Zoom out: As we reported last week, the voice-powered features offered by financial institutions are still pretty limited and perhaps not all that useful as of yet.

As a result, most banks are working on building out text-based features alongside voice options. A key example is Bank of America, which recently announced that its Erica virtual assistant has been used more than 1 billion times by 32 million customers since its release in 2018.

Read our piece from last week to go deeper on the topic.

This week’s poll: The EU gave final approval to its USB-C mandate for devices this week. Do you think this was the right move?

Yes
No
IDK

TOGETHER WITH WORKIVA

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BITS AND BYTES

A wind turbine summoning energy Francis Scialabba

Stat: The Biden administration has a goal of increasing offshore wind production from its current level of 1 gigawatt to 30 gigawatts by 2030, but per the Financial Times, the goal is threatened by a host of complications, from sluggish permitting to inflation.

Quote: “There are no standards for uptime, reliability like you have at gas stations. It just doesn’t exist.”—Kameale C. Terry, CEO and co-founder of ChargerHelp!, to Emerging Tech Brew

Read: Can hybrid animal meats, like hybrid cars and EVs, be a stepping stone toward cultivated meat?

WHAT ELSE IS BREWING

  • Altimeter Capital, an investor in Meta, published an open letter to Mark Zuckerberg and the company’s board recommending that it cap metaverse investments at $5 billion per year, among other things.
  • Apple’s top designer—the successor to design legend Jony Ive—is leaving after three years.
  • Toyota is reportedly considering a fully electric pivot. The company, which was a leader in hybrid vehicles, has drawn criticism for moving slowly on EVs.
  • Archer Aviation said it is aiming to produce 250 eVTOLs in 2025. Check out our story on why United Airlines is embracing eVTOL tech like Archer’s.
  • China’s chip imports fell 12% year over year in September, and its domestic chip production dropped by 16%.

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Written by Grace Donnelly, Dan McCarthy, and Andrew Adam Newman

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