A Year of Remarkable Growth and Innovation
December 21, 2023 | David Bibby, CEO & President
As we close out our first full year as Canada’s first publicly traded EV charging solutions provider, we approach the end of a transformative year for Hypercharge.
It’s at this time that we as an organization reflect on our achievements, celebrate our customers, learn from our challenges, but most of all, it’s a time we look at the path we have charted in the growing electrified mobility sector and the journey that’s still to come.
Reflecting on Hypercharge’s journey in 2023, I am incredibly proud of how we have worked to strengthen our position in the market while making substantial strides in enhancing our Level 2 and DC Fast Charging hardware, software, and service offerings. Our dedication to growing our customers’ businesses while contributing to a more sustainable future continues to be a guiding force for us as a company. This year we’ve announced many significant projects and we’re excited to deliver on these moving into 2024 and beyond.
In addition to outstanding customer growth, we’ve also had impactful developments on the corporate side. Some key highlights include our U.S. listing and first network roaming agreement early this year, $5 million private placement and inclusion in the MSCI Canada Micro Cap Index in the spring, and ZEVIP funding and multiple product launches in the fall. Finally, as we close out the year, we are proud to align with, and support, the Government of Canada’s announcement of the new Electric Vehicle Availability Standard for zero-emissions vehicles (ZEVs) to make up 100% of all new car and truck sales by 2035.
Thanks to our growing customer base, Preferred Partners, and hardworking team, Hypercharge continues Charging Forward Together towards our goal of seeing a carbon-neutral economy across North America.
Read on to learn more about our reflection on 2023, the current state of the market, and perspective looking ahead.
(Level 2 + DCFC Combined)
charging locations across Canada and the United States
(Data Range: June 2021 – December 2023)
Market Growth in 2023
The mobility sector experienced a remarkable transformation this year and is poised for significant growth in the coming years.
In Canada, the market experienced a significant surge in 2023 and the latest data from S&P Global Mobility indicates that one in eight vehicles registered in Canada in the third quarter of the year was either a battery electric vehicle (BEV) or a plug-in hybrid (PHEV), marking a remarkable 13.3% of total registrations. In our home province of British Columbia, that number rises to one in four vehicles.
For our neighbours to the south, the United States saw a historic year in EV sales in 2023, with sales skyrocketing past 1 million, a 50.7% increase year-over-year. This milestone marks the first time U.S. EV sales exceeded the million threshold in a single sales year, as reported by the National Automobile Dealer Association (NADA).
Hypercharge receives the Greater Vancouver Board of Trade Business Distinction Award for Business Growth under $5M.
Increasing Charging Availability Remains A Top Priority
As the industry matures across North America, expanding the availability of public and private charging stations and innovating our business models remain top priorities.
In Canada, the market is evolving from simple ownership of charging assets to curator of customer experiences which will drive new business models in the EV charging sector. At Hypercharge, we’re excited to be expanding our solutions across residential, public, retail, and fleet charging, indicating a rapid development of a robust charging network available to all.
The U.S. market, similarly, is undergoing a transformation, with the electric vehicle supply equipment market projected to grow from $7 billion today to $100 billion by 2040.
Arrival of the first Hypercharge Home shipment to our North Vancouver Head Office.
Industry Challenges in Reliability and Cost Remain
Amidst the significant growth and progress in the industry, we acknowledge challenges, particularly in the areas of economic viability and meeting the evolving needs of customers. A key barrier to entry continues to be the cost of new electric vehicles. While currently higher, data shows these costs reaching parity with traditional internal-combustion engine vehicles by 2027.
In Canada, drivers tell us they need higher charger availability, geographic spread, uptime, and speed, especially for DC fast charging stations. This demand for increased charger density is crucial for encouraging consumers to choose EVs over traditional internal combustion engine vehicles, and this demand is what keeps Hypercharge diligently working hard to expand the availability of charging stations, including DC Fast where needed.
In the U.S., the challenges are also diverse, ranging from residential to on-the-go charging segments. We and our network peers need to address these varied challenges to facilitate full adoption of EV charging, as well as economic considerations, including upfront costs for development and the necessity for long-term investments.
Reflection and Commitments
As we step into a new year, our commitment to enable and accelerate EV adoption is clear. Our journey so far has taught us the importance of agility, innovation, and credibility in an industry that is not just about technology, but also about focusing on the highest service and partnerships, which are crucial in this emerging market.
I want to take this moment again to thank our customers, partners, and employees for their tremendous support in 2023 and I am excited to ring in the new year with you all.
From all of us at Hypercharge, we wish you and yours a joyous festive season and prosperous 2024.
CEO & President
Hypercharge Networks Corp.