San Francisco-based company, Stable, is revolutionizing the electric vehicle (EV) charging industry by utilizing machine learning to evaluate and analyze charging sites. With many companies in the EV charging sector lacking a solid analytics foundation for crucial investment decisions, Stable aims to bring clarity and valuable insights to make informed investment choices.
One of the biggest challenges faced by EV charging businesses is the lack of transparency in electricity tariffs, leading to uncertain gambles when it comes to investments. However, Stable aims to bridge this gap by leveraging its machine learning model to provide the essential missing information.
The process begins with Stable analyzing real data from thousands of existing charging stations. Factors such as traffic levels, nearby amenities, demographics, EV penetration rate, incentives, and more are taken into consideration. By working backward and assessing what the utilization rate of a new site would have been over the past year, Stable’s software generates comprehensive return on investment (ROI) estimates and ten-year forecast scenarios.
Rohan Puri, the co-founder and CEO of Stable, explains the impact of their machine learning models, stating, Stable’s Machine Learning models help financial institutions, infrastructure developers, and charging networks turn arbitrary decisions into data-driven ones based on a variety of factors like average trip distance, nearby amenities, and energy costs.
Stable has already analyzed a staggering 70 million data points for potential charging sites across the United States, providing crucial insights for investors. The company recently concluded a successful series A funding round, with Congruent Ventures spearheading the investment. The funding milestone reached an impressive $14 million, ensuring Stable’s continued growth and innovation in the EV charging industry.
As EV adoption continues to gain momentum, Stable aims to support its customers in the deployment, tracking, and monitoring of their investments. Predicting charger usage is just the beginning, and Stable’s machine learning models will play a pivotal role in facilitating efficient EV charging infrastructure development.
By prioritizing data-driven decision-making and considering factors such as average trip distance, nearby amenities, and energy costs, Stable is at the forefront of transforming the EV charging industry. With its machine learning capabilities, the company is helping businesses and institutions make informed choices and contribute to the widespread adoption of electric vehicles.
