High upfront prices for lithium battery packs that power EVs are considered to be a barrier to the rollout of EVs and the new company will address this issue by devising a fleet-focused strategy that takes the high capital cost of the battery out of the equation for EV buyers.
The new company will own the battery pack and rent them on five- and ten-year terms, bringing the price of the EVs as low as par with the conventional alternative, thereby enabling fleets to invest in EVs, batteries not included.
The new company will use proprietary wireless technology developed by REV to monitor its battery assets remotely, ensuring that the battery life is managed and optimized and goes beyond the duration of the rental term.
Further, REV’s combined technology and business model can be utilized to enable government-owned EVs to store and return energy to the electricity grid without worry to long-term battery performance and life.
REV CEO Jay Giraud said that high battery prices are the only obstacle for widespread electric vehicle adoption and so like fuel, the battery needs to be a consumable, not a commodity.
