Duke Energy Introduces Its First Carbon-Free Microgrid for EV Charging
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Duke Energy Corporation DUK recently launched the Duke Energy + Electrada Fleet Mobility Microgrid facility at its Emerging Technology Office in Mount Holly, NC. This new center is the first facility in the United States to offer a carbon-free microgrid solution for charging commercial and public fleet of electric vehicles (EVs).
This launch is likely to strengthen DUK’s footprint in the rapidly expanding EV charging market.
Benefits of DUK’s New Microgrid
The new microgrid hub is a step forward in making EV charging easier and more sustainable by providing charging facilities for light, medium and heavy-duty EVs. It is the first charging hub that allows medium and heavy-duty U.S. trucks with two flexible charging options, which are connecting to the main Duke Energy power grid or using 100% carbon-free energy from the microgrid. This flexibility is crucial as more businesses switch to EVs.
By partnering with Electrada, Duke Energy takes care of the infrastructure and upfront costs, making it simpler for businesses to set up reliable charging stations without worrying about the cost or complexity. This partnership also helps manage electricity demands, keeping prices stable and the grid efficient.
DUK Stock’s Prospects in the EV Charging Market
The demand for EVs in the United States is growing rapidly thanks to favorable government policies, increasing corporate investments and shifting consumer preferences in favor of adopting clean energy as the nation transitions toward its net-zero emissions goal by 2050. To support this huge demand for EVs, resilient charging stations, both home and public, are the need of the hour. Although the share of home charging is high in the United States, public charging and the interoperability of its infrastructure remain key factors in enabling more widespread and equitable access to EVs. Therefore, the growth prospects of the EV charging systems market are immense.
This is likely to have prompted Grand View Research to forecast a compound annual growth rate of 30.3% for the U.S. EV charging infrastructure market during the 2025-2030 time period.
Being a prominent forerunner in EV charging technology, Duke Energy has been taking big steps to reap the benefits of the aforementioned market growth opportunities. Its latest launch of the microgrid hub, in partnership with Electrada, duly reflects the company’s efforts in expanding its EV charging capabilities portfolio.
Currently, Duke Energy has more than 600 EVs in its fleet and aims to switch all its approximate 4,000 light-duty vehicles to electric by 2030. To duly achieve this target, the company projects to install numerous chargers in the next five years, thereby expanding the availability of EV charging across its service locations.