A universal Electric Vehicle (EV) payment passport that streamlines the charging experience for everyone

Overview: 

AeonCharge is building universal mobile apps for EV drivers to locate, activate, and pay for EV chargers across different providers. Our solution to an inevitable problem in the EV space is consolidation. AeonCharge’s universal platform provides the necessary integration of all EV charging tools in a streamlined application.

Our Journey: 

Three years ago, our team met on our first venture together in founding a non-profit organization at Purdue University, which later grew to a multinational organization. After a successful venture together, our bond as friends grew stronger and we decided to tackle another world-scale issue together. The EV space is rapidly growing and we decide to help in increasing EV adoption by consolidating the EV charging infrastructure in the United States.  

The Problem: 

We talked to 276 EV drivers in States across the United States and found a similar complaint: the EV charging system in the United States is broken. EV drivers have to go through the hassle of using multiple apps to find the most convenient charging locations. 7 out of 10 EV drivers claimed they owned more than 4 different apps for charging, requiring them to create separate accounts and insert payment information for each of the accounts.

With the broken EV charging system in the United States, 87% of EV drivers own a second gasoline vehicle for longer-range trips. Even worse, 2 out of 10 EV owners abandon their EV because of charging inconveniences!

Our Solution: 

Utilizing open charging protocol, complex proprietary data flow, and cutting-edge user experience, our mobile apps allow locating, activation, and payment through 2 simple clicks. In addition, our app allows brand advertisements for charger owners like local businesses, restaurants, and retail shops to attract EV patrons and earn more revenue.

Why Now: 

The EV charging sector is a fast-growing market primed to explode. Between 2020 to 2027, the compound annual growth rate (CAGR) is expected to hover around 46.6% following the boom of electric vehicles in the United States. Furthermore, fighting the climate crisis has become a top priority for policymakers, resulting in many new EV-friendly policies and mandates.

In addition, the EV charging market is fragmented with several players occupying the market share (Technavio EV charging Stations Market 2020-2024 report). By becoming the universal payment passport or “Visa in the EV charging sector”, our project has a promising trajectory.

Market Opportunity: 

Our total addressable market in the United States is $724 million in 2021 and will grow to $2.1 billion in 2025. This is based on a bottoms-up model

Revenue Model: 

We have two revenue pipelines: a freemium model for EV drivers and an advertisement fee for business owners.

Standard EV drivers can use AeonCharge for free. We are partnering with charging networks, charge point operators, and utility companies to receive transaction revenue, with expected average revenue of $5.99/user/month; Premium EV drivers pay $8/user/mo for perks such as discounted charging sessions and promotional offers.

On the other hand, charger owners and nearby businesses can purchase an advertising plan to attract EV patrons, consisting of a $0.5 Cost Per Click for ads on the app and a $2.5 Cost Per Lead for each paying EV driver at their business.

With our current business model, the expected LTV/CAC is 31.6x and 45.6x for EV drivers and business owners.

Traction: 

Our team has been able to secure funding from angel investors, equity crowdfunding, and a grant from the Regional National Science Foundation (NSF) for a total amount of $492,000 (in both cash and in-kind services). In addition, our project has received multiple national and international recognitions.

Currently, we have integrated multiple major network operators. From our users' side, we are seeing a 373% month-over-month growth and 921 waitlisted users waiting for our public launch. Our current NPS score is 84 based on our private beta. In addition, we are backed by 12 state-level EV organization leaders and the board members of the largest national EV organization in the US, which allows us to get more insights from a wider range of EV drivers and charger providers. 

Recent press coverage: Yahoo Finance, Inside Indiana Business, Nasdaq, InvestorPlace, and ABC 21

2021

June 22nd, 2021 - Private Beta (Close group testing, network operators)
July 22nd, 2021 - Private Beta (Invite-only testing, network operators)
October 23th, 2021 - Public Launch, network operators

2022

January 2022 - Series A (open, duration 9 months)
March 2022 - Private Beta (Close group testing, non-network operators)
April 2022 - Private Beta (Invite only testing, non-network operators)
July 2022 - Public Launch, non-network operators
Oct 2022 - Plug & Charge integration 

2023 & after

January 2023 - Series B (open, duration 9 months)
2024 - partnership with automakers for built-in integration

Forward-looking projections cannot be guaranteed.

Final Words

Our dream is to increase EV adoption in the United States and we hope that by fixing the charging experience for drivers, we can encourage more people to shift to electric vehicles. Join us and be a part of our exciting venture!