People interested in buying an EV are most
concentrated in urban areas, regardless of state’s political
leaning, highlighting the criticality of solving community charging
for continued EV adoption
Volta Inc. (NYSE: VLTA) ("Volta"), an industry-leading electric
vehicle ("EV") charging and media company, today announced the
findings of its second annual Climate Conscious Consumer study,
which tracks how our climate influences consumer spending, what
environmentally-conscious consumers desire from advertisers, and
how drivers are thinking about EVs. The study is based on responses
from 997 Americans representative of the U.S. adult population
gathered in September 2022 by F’inn, a leading independent research
firm.
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Volta's Consumer Study Reveals Climate is
Top of Mind For 55% of U.S. Consumers and Advertisers Must Lead
With Innovation to Sell to This Cohort (Graphic: Business Wire)
This year’s findings reveal that the adoption curve around
climate consciousness has officially crossed into the late
majority, with 55% of Americans identifying with this attitude — a
15% increase from 2021. This consumer cohort is also increasingly
diverse and inclusive as it expands. Being a Climate Conscious
Consumer is no longer associated with only coastal states — this
mindset is prevalent across the U.S. with notable year-over-year
increases in Texas, Kentucky, and Michigan.
Understanding this rapidly growing and evolving consumer group
is imperative for brands seeking to remain relevant and sell
products and services. Volta’s study revealed Climate Conscious
Consumers’ key commerce preferences, providing advertisers with
important insights that should be used to shape future marketing
strategies, including:
- Climate Conscious Consumers are more tech-savvy: Over
70% subscribe to a streaming TV service compared to 60% of
Non-Climate Conscious Consumers; more than 30% use QR codes
compared to 25% of Non-Climate Conscious Consumers;
- This cohort expects targeted, personalized campaigns:
Nearly two-thirds prefer ads that are relevant to their needs
compared to less than half of Non-Climate Conscious Consumers;
and
- Value and price remain important to purchase decisions:
Nearly 60% of Climate Conscious Consumers are looking for more
sales and deals.
Volta provides advertisers the optimal media platform for
authentically reaching the 55% of the U.S. adult population that
identify as Climate Conscious Consumers. The company’s EV chargers
feature large digital displays — known as the Volta Media™ Network
— and combine performance-driving advertising capabilities with
true environmental impact. Volta’s chargers and media screens are
located directly in front of popular retailers and commercial
centers that millions of consumers visit daily, allowing marketers
to reach audiences as they finalize their shopping lists before
entering a store. To further personalize campaigns, the Volta Media
Network offers a robust suite of advertising capabilities,
including digital-direct offerings like audience targeting, mobile
retargeting, and QR code activations, and dynamic creative options,
including real-time weather triggers, countdown clocks, and 3D
creative.
To date, Volta has provided more than 150 million emission-free
miles and avoided over 35,000 tons of CO2 emissions that would have
otherwise been created by gas-powered vehicles — and Volta’s U.S.
charging network is backed by renewable energy. Volta purchases
verified Renewable Energy Certificates (RECs) equivalent to the
amount of electricity used to power its charging network, giving
partners and consumers confidence they are supporting a clean
transportation and energy future for all.
“The continued expansion of the Climate Conscious Consumer
cohort demands that brands intentionally design campaigns geared
toward this audience — from the messaging advertisers craft to the
media they buy,” said Brandt Hastings, Chief Commercial Officer at
Volta. “By fusing high-impact digital screens with EV charging, the
Volta Media Network offers our advertising partners the ability to
authentically reach Climate Conscious Consumers while they shop on
a media platform that equally drives measurable outcomes and a more
sustainable planet. We invite brands to grow with us as we continue
building the future of advertising and transportation.”
Volta’s 2022 Climate Conscious Consumer study also examined EV
adoption trends, revealing critical insights about where EV
charging infrastructure must be deployed to facilitate the next
wave of EV ownership. Notably, EV intenders — those who stated they
plan to buy an EV in the next 12 months — are:
- Urban residents in both blue and red states: 20% of
people who live in urban areas within Democratic-leaning states are
EV intenders, compared to only 9% in non-urban areas in these
states; 12% of people who reside in urban areas in
Republican-leaning states are EV intenders, compared to 7% in
non-urban areas in these states;
- Limited access to at-home charging: More than half of EV
intenders are renters or live in something other than a single
family home, compared to only 43% of current EV owners; and
- Lower incomes than early EV adopters: Close to 60% of EV
intenders have household incomes less than $75,000, compared to
just 31% of current EV owners in this earnings bracket.
These findings point to the importance of public, accessible EV
charging infrastructure in more densely populated communities.
Recently, Volta partnered with the City of Hoboken to integrate
critical EV charging infrastructure directly onto city streets in a
way that maximizes economic, health, and climate benefits. The
digital screens featured on Volta’s EV chargers can generate media
revenue immediately upon installation, allowing the company to
install EV infrastructure at little to no cost to a city, ensure
the most efficient use of taxpayer funds, and build in areas ahead
of high EV adoption. Further, it unlocks the ability for Volta and
partners like Hoboken to subsidize the cost of charging sessions
for drivers where suitable, delivering safe and affordable charging
near the front doors of commercial properties and retail
locations.
In support of the federal government's Justice40 goal — which
seeks to ensure that 40 percent of the overall benefits of certain
federal investments flow to disadvantaged communities — Volta
launched its Charging For All initiative, the company's commitment
to delivering affordable, reliable, and equitable charging across
the United States. Most recently, the company announced its latest
extension of Charging For All — Volta’s infrastructure planning
platform, PredictEV®, now offers an upgraded capability to provide
state and local governments with critical, data-driven insight to
effectively deploy EV charging at optimal locations within
disadvantaged communities, in direct alignment with Justice40
goals.
“The Climate Conscious Consumer study further highlights the
strength of Volta’s dual EV charging and media model. Volta’s
conveniently located public charging makes EV ownership a reality
for urbanites, while our media network enables EV charging
build-out in areas ahead of mainstream adoption,” said Vince
Cubbage, Interim Chief Executive Officer at Volta. “The health and
safety of our planet demands that every community has access to the
benefits of equitable EV adoption, and we look forward to
continuing forming multiple private and public partnerships to
supercharge the next phrase of electric mobility.”
To learn more about advertising on the Volta Media Network,
click here. To learn more about the benefits of Volta’s model for
cities and municipalities, click here.
About Volta
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle
("EV") charging and media company. Volta's unique network of
charging stations powers vehicles and drives business growth while
accelerating a clean energy future. Volta delivers value to site
partners, brands, and consumers by installing charging stations
that feature large-format digital advertising screens located steps
away from the entrances of popular commercial locations. Retailers
can attract and influence foot traffic, advertisers can precisely
target audiences, and EV drivers can charge their vehicles
seamlessly as they go about their daily routines. Volta's extensive
network leverages its proprietary PredictEV® platform, which uses
sophisticated behavioral science and machine learning technology to
help commercial property owners, cities, and electric utilities
plan EV infrastructure intelligently, efficiently, and equitably.
To learn more, visit www.voltacharging.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of federal securities laws. These
forward-looking statements generally are identified by words such
as “anticipate,” “believe,” “estimate,” “expect,” “future,”
“intend,” “may,” “opportunity,” “plan,” “potential,” “project,”
“should,” “strategy,” “will,” “would,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to the factors, risks and
uncertainties included in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2021 and our subsequent Quarterly
Reports on Form 10-Q, as such factors may be updated from time to
time in our other filings with the Securities and Exchange
Commission (the "SEC"), accessible on the SEC’s website at
www.sec.gov and the Investor Relations section of our website at
www.voltacharging.com. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and, except as
required by law, we assume no obligation and do not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise.
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Lucas Piazza lucas.piazza@voltacharging.com
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