1. Simon partners with Electrify America to enhance EV charging at retail locations. 2. Over 500 Hyper-Fast chargers installed across 105 Simon properties. 3. Partnership supports the growing EV market, improving consumer convenience. 4. Charging stations facilitate EV adoption, benefiting retail traffic at Simon centers. 5. Simon aims to elevate shopping experiences with added EV amenities.
FAQ
Why Bullish?
The collaboration with Electrify America could drive foot traffic to Simon locations, translating to potential revenue growth similar to previous retail initiatives, like the introduction of Wi-Fi which improved consumer engagement.
How important is it?
The article highlights Simon's innovative approach to retail through EV charging, which could attract environmentally conscious consumers, boosting Simon's overall attractiveness as an investment.
Why Long Term?
This strategic investment in EV infrastructure aligns with long-term trends towards electric mobility, as seen during the rise of electric vehicle adoption in previous years, enhancing Simon's market positioning over time.
Electrify America and Simon® Reach Major Milestone with 500 Hyper-Fast Chargers
Electrify America, recognized as the largest open Hyper-Fast charging network in the United States, in collaboration with Simon®, a leader in retail real estate, has announced the completion of over 500 Hyper-Fast chargers across more than 105 stations. This milestone signifies a significant enhancement in electric vehicle (EV) charging access at Simon properties, providing convenience for shoppers and supporting the transition to electric mobility.
Collaboration Highlights and Achievements
Since their first joint initiative in 2018 at Gulfport Premium Outlets®, the partnership has flourished, currently spanning 27 states and two Canadian provinces. Key achievements from the Electrify America and Simon collaboration include:
- 500+ individual Hyper-Fast chargers deployed
- 105 operational charging stations
- More than 189 million kilowatt-hours of energy dispensed
- In excess of 549 million EV miles powered since launch
One notable installation is the large-format charging station at Simon's Fashion Valley™ in San Diego, California, which features 20 Hyper-Fast chargers. This expansion underscores the commitment to enhance EV charging accessibility in prime retail locations.
Implications for Electric Vehicle Drivers
By integrating Hyper-Fast charging at top-tier shopping, dining, and entertainment venues, Electrify America and Simon are providing EV drivers with unparalleled convenience. With charging speeds of up to 350 kilowatts (kW), compatible vehicles can recharge in as little as 20 minutes, greatly benefiting those on the go.
“Surpassing 500 Hyper-Fast chargers across our stations is a significant milestone,” stated Anthony Lambkin, Vice President of Operations at Electrify America. “We are making it easier for EV drivers to charge where life happens while supporting the transition to electric mobility.”
Enhancing the EV Charging Experience
The Electrify America mobile app plays a crucial role in streamlining the charging process. It allows drivers to:
- Locate nearby chargers
- View pricing details
- Initiate charging sessions
- Monitor progress in real-time
Additionally, all stations incorporate Plug & Charge technology, allowing drivers of compatible vehicles to simply plug in and begin charging without requiring a card or mobile device.
About Electrify America and Simon®
Electrify America is making substantial investments in electric vehicle infrastructure, committing over $2 billion to Zero Emission Vehicle (ZEV) access. Their efforts aim to support the growing adoption of electric vehicles across the nation.
Meanwhile, Simon®, a recognized real estate investment trust and an S&P 100 company (NYSE: SPG), operates premiere shopping and entertainment destinations. These collaborative efforts are helping to create community gathering places and promote sustainable energy solutions.