AeroVironment chosen by Oregon DOT for Green Highway charging stations
According to the news release, the Oregon Department of Transportation (ODOT) has not only selected AeroVironment (NASDAQ: AVAV) to supply and install, but also operate and maintain the twenty-two (22) electric vehicle (EV) fast-charging stations along major transportation corridors and travel destinations in northwest Oregon. From a stock investor standpoint, that is good for the company’s revenue stream.
Site review and selection is commencing, as construction is scheduled to be complete by December 2012. Funding for the project came from a $2 million U.S. Department of Transportation TIGER II (Transportation Investment Generating Economic Recovery) grant.
“This project will help remove a major barrier to rapid adoption of electric vehicles by providing a network of fast charging stations around northwest Oregon,” said Phillip Ditzler, Federal Highway Administration, Oregon Division Administrator. “Oregon will serve as a model for the rest of the country in its innovative approach to electrifying transportation.”
AeroVironment will install the fast charging stations at existing, convenient commercial host locations in 22 targeted communities identified by ODOT, allowing EV drivers to recharge in as little as 15 to 20 minutes. This project expands the “Green Highway” initiative, a multi-state effort to provide EV charging infrastructure up and down the West Coast.
“Electric vehicles are a huge part of Oregon’s future,” said Governor John Kitzhaber. “They will ensure that we can kick the fossil-fuel habit that hamstrings our economy and national security, and deploying this infrastructure shows that we are, and will continue to be, a leader.”
For the record, AeroVironment’s fast charging stations deliver a high-powered charge using DC charging technology to refuel cars quickly, similar to the way cars refuel at today’s gasoline stations.
“Oregon is demonstrating tremendous leadership in advancing the ‘Green Highway,’” said Mike Bissonette, senior vice president of Efficient Energy Systems for AeroVironment. “Electrifying the main transportation corridors in Oregon is not just a vision about a cleaner future, it’s about American jobs and building the economy today. We're working with Oregon to turn that vision into reality.”
In addition to 480-volt fast charging stations, AeroVironment went beyond the requirements of the TIGER II grant and agreed to also provide 240-volt Level II charging stations at each of the 22 locations at no additional cost to the state. More than 2,500 AeroVironment Level II charging stations have been installed in 25 U.S. states since late 2010.
While AeroVironment expands its public EV charging network in Oregon, the company will simultaneously be installing fast charging equipment in Washington State through a similar project managed by the Washington State Department of Transportation (WSDOT). When completed, the Pacific Northwest will have the most robust “Green Highway” corridor in the nation.
About AeroVironment, Inc.
AeroVironment is a technology solutions provider that designs, develops, produces and supports an advanced portfolio of electric transportation solutions and electric-powered Unmanned Aircraft Systems (UAS). AeroVironment’s comprehensive EV charging solutions include EV home charging, public charging, fast charging, data collection, grid-integrated communications and complete installation, training and support services for consumers, automakers, utilities, government agencies and businesses.
AeroVironment’s industrial electric vehicle charging systems support thousands of electric materials handling vehicles in mission-critical supply chains for Fortune 500 enterprises. AeroVironment’s power cycling and test systems provide EV developers and EV battery manufacturers with market-leading simulation and cycling capabilities. Agencies of the U.S. Department of Defense and allied military services use the company’s electric-powered, hand-launched unmanned aircraft systems to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and communication. More information is available at www.avinc.com and www.evsolutions.com.
On a Stock Note
Aerovironment (Nasdaq: AVAV) has major price support at 21.25. As of this morning's trading, AVAV is trading down near 25 area, down from Wednesday's close of 26.87. Then again, the general market and futures opened down significantly.
Full Disclosure Update: At time of publication, Sherosky, creator of the auto sector charts for TN, did not have any equity position in AVAV, but has now sold 2 Sep 22.5 Puts for income as part of his long-term retirement account. None of the information in this article constitutes a recommendation.
About the Reporter: After 39 years in the auto industry as a design engineer, Frank Sherosky now trades stocks, futures and writes articles, books and ebooks like, "Perfecting Corporate Character," "Awaken Your Speculator Mind", and "Millennial World Order" via authorfrank.com. He may be contacted here by email: [email protected]
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