Nasdaq, Inc. (NDAQ) Earnings Call Transcript & Summary
August 26, 2022
Earnings Call Speaker Segments
Jill Malandrino
executiveWelcome to Nasdaq TradeTalks. I'm Jill Malandrino, Global Markets reporter at Nasdaq. Joining us for this segment, we have Andrew Fox, Founder, Chairman and CEO of Nasdaq listed Charge Enterprises, a company that has a portfolio of global businesses with a vision to build the electronification and telecommunications infrastructure that will address and service requirements for infrastructure and charging. Andrew, it's great to have you with us, welcome to TradeTalks.
Andrew Fox
attendeeThank you for having me, Jill.
Jill Malandrino
executiveYou got it. And how did you become interested in EV infrastructure and charging?
Andrew Fox
attendeeYes. It kind of happened by accident. I knew I was an early investor in a company called Lime scooters. And after I invested in Lime, I saw that the equity show this entire new EV movement was it was just a lack of supporting infrastructure. And so like a lot of great ideas, they kind of stumble upon them. And so in this particular case, it was a bit of a stumbling upon. So yes, that's how I came up with the idea.
Jill Malandrino
executiveAndrew, it's so interesting because we have all these moves towards EV, but if you don't have the infrastructure to support it as in here is a great example, Austin, Texas, which is kind of cool to see them all over the city, but there's just no place to put all these scooters or kind of strewn all over the ground. So you definitely -- there is a need for this infrastructure to exist. So what is the vision of Charge Enterprises?
Andrew Fox
attendeeYes. Our mission simply put is to be the most trusted infrastructure company for EV in the country. We've gone from 0 to 375 people in 3 years, 0 to -- we're on a run rate to do over $600 million this year in revenue. And so to be a trusted infrastructure partner, it's a really important part of this equation. Think of us as the enablers. And so we're enabling this boom to happen.
Jill Malandrino
executiveWhat's the forecast for EV adoption in the U.S.?
Andrew Fox
attendeeWell, today, there's about 4 million EV vehicles on the road. That number is expected through 10x by the end of the decade, so 40 million vehicles on the road by the end of the decade. And then it's going to double from there to 2035. So 80 million vehicles over the next 12 to 13 years. The infrastructure lags significantly behind those ambitions. And so there's a huge tailwind opportunity for what we're doing.
Jill Malandrino
executiveHow many EV charging stations will be required to meet the needs of the general public and commercial users?
Andrew Fox
attendeeYes, that's a good question. I think that every home itself becomes a mini filling station. But you're talking about 10 million plus EV charging stations domestically needed between now and 2035. And we have somewhere in the neighborhood of about 125,000. So it's straight up growth opportunity.
Jill Malandrino
executiveWhat's the current status of EV charging stations in the U.S.? Can you get from one side of the country to the other with the existing infrastructure?
Andrew Fox
attendeeYes. But think about it like this. It's almost like being at the dawn of the cell phone industry 35 years ago. Yes, you could roam, but it was clunky, there was friction. It was painful. It was prohibitively difficult at times. You could do it, but it wasn't easy. And that's the same thing that's true today. And so this is like being at the dawn of a new industrial revolution for EV and because the infrastructure is so important to make this adoption happen, it's just such a strong opportunity. And so yes, you can get from coast to coast, but it's got a lot of friction around it.
Jill Malandrino
executiveWhat are the barriers to entry for EV adoption?
Andrew Fox
attendeeWell, the big automotive companies, OEMs you start to see it now, but they can't afford to invest in both EV and internal combustible engines. And so the adoption is starting to happen slow, but it's happening. And so between now and kind of the end of the decade, we're going to go from 20 or 30 vehicles to choose from now EV to over 200. And so that's going to accelerate the adoption quite quickly. But once again, remember, if you've got anxiety about refilling your vehicle, it's going to slow the adoption, which is why the infrastructure and what we're doing, we believe, is so important to disappoint.
Jill Malandrino
executiveAnd finally, Andrew, how will you benefit from the $7.2 billion bipartisan infrastructure deal earmarked for EV charging?
Andrew Fox
attendeeWell, I mean, I think on the left, this is about clean energy. And on the right, this is about job creation. I think from a tactical standpoint, our company is not crossing our fingers and hoping those public dollars hit. We're really focused on the private sector. But I think me and you both benefit from it because it's clean for our cities that we're in. From a business standpoint, $7.5 billion is sand in the ocean. It pales in comparison to what's going to be needed. And so I think that the value is that, both private and public have to kind of coexist in this ecosystem to accelerate the adoption. But like I said, we'll both benefit because the cities that we live in will be cleaner. But it's still going to take some time for that $7.5 billion to hit the market. And until that does, we're really focused on the private sector.
Jill Malandrino
executiveGot it. Andrew, I appreciate the insight. Thanks for joining us on TradeTalks. I'm Jill Malandrino, Global Markets Reporter at Nasdaq.
Andrew Fox
attendeeHave a great day. Thank you.
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