A. We are in the electric space today. We’ve got acceptance at a number of charging stations, including ChargePoint. We continue to build out that network. We’ve got customers and partners who have electric vehicles and need to have charging facilities. We do business with the Federal Government and the Department of Energy is a customer of ours and we’ve got a huge push. The GSA (General Services Administration) also has got a huge push for EVs. A lot of the needs are related to the infrastructure: Where can you find these charging locations? What’s the charge time? What’s the battery life? I think our role is to allow people to get the charge reported back and settled. And we help companies establish where they should put charging stations, based on where we know our customers have EVs.
We’ve had conversations with these stakeholders, the same way we have had these with alternative fuels such as CNG (Compressed Natural Gas). The charging stations represent an interesting dilemma in that it’s probably not going to be your traditional gas station that will put a charging station and have vehicles there 30 minutes or an hour. It’s going to be somewhere else.
Is the value chain the same as in fuel?
The value chain is certainly different in that we’re not trying to find the best charging rates for fleets the way we would with fuel. Now it is just about getting the network set up.
That’s what our value proposition is today. Very much the way it was 30 years ago when we started WEX. First, we want to help vehicles get a charge and then we’ll try and optimize that experience.