NORWALK, Conn., May 15, 2024 (GLOBE NEWSWIRE) -- Despite a recent growth forecast of 27.5% CAGR and the size of the electric vehicle (EV) charging infrastructure market estimated to exceed $224.8 billion by 2032, the lack of reliable and managed on-site charging options remains a key challenge to broad EV adoption for commercial fleets. To provide vehicle OEMs and commercial users with access to critical EV infrastructure, Mitsubishi HC Capital America, the largest non-bank, non-captive finance provider in North America, and Electrada, the electric fuel solutions leader for fleets, announce their partnership to provide Electrada’s 360 Charging-as-a-Service (CaaS) as part of a holistic offering.
Electrada’s 360 CaaS model already serves numerous light-, medium- and heavy-duty fleet customers at their own depots, deploying 100% of the charging and related energy infrastructure as investor/operator under a performance contract structure. Under this partnership with Electrada, Mitsubishi HC Capital America provides the financing for the vehicle component of the electrification program, an efficient integration of EV and energy through a unified offering.
“Electrada’s approach represents a comprehensive infrastructure and electric fuel solution to unlock the benefits for fleets going electric and complements the long-standing financing support provided by Mitsubishi HC Capital America to commercial customers and vehicle OEMs,” according to John Critelli, Director of SDG Sales, Transportation Finance at Mitsubishi HC Capital America.
“The clear difference with this type of service model is that it’s not entirely about equipment finance, but rather about a risk mitigation solution for the energy component of a customer’s electric fleet program. The customer makes a fixed-rate, pre-negotiated CaaS payment for the entire contract term, covering everything from capital equipment to energy supply to maintenance and uptime management,” says Critelli. “Electrada shifts the technology, performance and price risk from the customer, providing a more predictable experience that will accelerate OEM success in selling more EVs and fleets.”
“Early efforts to electrify fleets were primarily DIY pilots, underwritten by incentives, with most of the burden to integrate new technologies and electrical work, while maintaining critical operations, left to the fleet owners themselves,” noted Ben Rogers, Electrada’s Chief Development Officer. “Over three-quarters of fleet routes today may be electrified with beneficial fuel cost economics, but such scale requires the expertise in distributed power, utility integration, and charging technology that only a partner like Electrada provides. It’s why we invest in our customers’ EV strategies and why our collaboration with Mitsubishi HC Capital America is a natural offering to provide a seamless experience to fleets.”
Autocar, LLC, a manufacturer of severe-duty class 7 and 8 trucks for various vocational sectors, will be the first vehicle OEM to commercialize this partnership’s fleet solution for its own customers. “Our customers are looking for a more seamless way to go all-electric with the trucks we deliver. This new partnership will drive greater adoption of our BEV trucks across our entire customer base by providing an end-to-end solution for the whole sales and use cycle, from vehicle financing provided by Mitsubishi HC Capital America to the fully capitalized, owned and managed electric fuel solution that Electrada delivers through 360 CaaS,” noted Mark Aubry, President, Terminal Tractor, Autocar Industries. “This partnership makes acquiring and operating a BEV exponentially simpler for our customers, and provides the necessary ingredients to dramatically reduce operating costs and carbon emissions,” added Aubry.
About Mitsubishi HC Capital America
Mitsubishi HC Capital America is a commercial finance company that has extensive capabilities throughout North America with its affiliate, Mitsubishi HC Capital Canada, combining a consultative approach and expansive digital platform to help organizations of all sizes accelerate growth. With $7.5 billion in assets and more than 800 employees, the company is the largest non-captive, non-bank commercial finance company in North America. Mitsubishi HC Capital America partners with equipment manufacturers, dealers and distributors, as well as end customers, in providing customized financial solutions, including transportation and commercial finance. Dedicated to improving the communities where it operates, the company is committed to the United Nations Sustainable Development Goals. Visit https://www.mhccna.com/en-us
About Electrada
Electrada is a Cincinnati-based developer, owner, and operator of electric vehicle infrastructure and related energy assets, serving multiple transportation segments using its unique 360 Charging-as-a-Service solution. Electrada partners with fleets to expertly design and build a 100% tailored EV charging solution, covering all the investment required to deliver an electric fuel solution to fleets for a decade or longer. Electrada's 360 Charging-as-a-Service delivers an electric-fueled cost per mile lower than liquid fuel from day one. Electrada clients just pay for their electric fuel needs – with no disruption to their operations. Electrada, founded in 2020 by energy, mobility, and utility experts, is a BlackRock Climate Infrastructure portfolio company established to build and support high-performance EV infrastructure across North America. Visit https://electrada.com/
About Autocar
Autocar, LLC, manufacturer of severe-duty vocational trucks carrying the first specialized truck brand in North America, is the only American-owned and operated original equipment manufacturer (OEM) of trucks. Autocar’s severe-duty vocational trucks provide customers the perfect tool for their jobs with the most uptime, support, and impact on their bottom line. Autocar collaborates with customers to build trucks to their exact specifications and needs. Autocar’s purpose-built severe-duty truck lines include ACMD and ACX cab-over trucks, the ACTT and its all-electric E-ACTT terminal tractors, and the DC-64 Class 8 work trucks. Autocar recognizes that performance and uptime are everything and offers every customer 24/7 access to its ALWAYS UP® direct factory support center staffed by expert technicians who engineer and build Autocar’s trucks. For more information, visit www.autocartruck.com.
Media contacts:
For Mitsubishi HC Capital America
Katie Mullin, Vice President of Marketing Communications, kmullin@mhccna.com
For Electrada
David Stoyka, Marx Layne & Company, DStoyka@marxlayne.com
For Autocar
Sydney Borden, sborden@autocartruck.com
