DeCharge's infra accelerates as demand from India-based EV fleets grow
DeCharge Monthly Overview - August 28, 2024
Welcome back to the DeCharge Monthly Overview.
DeCharge is a protocol focused on supporting the electric vehicle (EV) charging network through decentralized physical infrastructure network (DePIN) technology and other web3 functionalities and elements like tokenization and real world assets.
It also won second place in Colosseum’s Solana 2024 Renaissance Hackathon for the DePIN category and qualified as one of the top 10 teams in the Colosseum cohort (more details on that below).
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DeCharge DePIN by the numbers:
Locations with deployed EV chargers: 192 (+27.2%)
Minutes of charging EVs: Over 48,000 (+118%)
Repeat customers: 61% (-9%)
Partners: 3 (200%)
These metrics are accurate upon publication. The percentages are based on month-over-month change, unless noted otherwise.
⚡🔋Debriefing with DeCharge🔋⚡
Latest Growth - The Demand Story!
As demand continues to grow for the DeCharge protocol, it is expected to hit a landmark of 300,000 charging minutes by the end of September, signaling greater infrastructure possibilities and expansion of DePIN technology in India.
Before developing the DeCharge protocol, its team has had a longtime belief that its growth strategy would focus on the expected market trends involving EV fleet companies that rent out EVs to quick commerce-based delivery partners.
This belief was confirmed when EV fleet companies began reaching out and showed interest in the OCPP-compliant hardware setup that operates on the DeCharge protocol.
The team went on to sign three EV fleet partners who have a total of 7,000 EVs in their networks. This opened up access to 100,000 EV fleet riders who will be interfacing with the DePIN ecosystem provided by DeCharge.
The business clients have also partnered with the charging infrastructure and mapping APIs provided by DeCharge, thereby showing a massive up-tick in the infra adoption story.
DeCharge has recently secured significant partnerships with Bijiliride, Hala Mobility, and Ecom Express, all of which are key players in the EV and logistics sectors in India.
Bijiliride operates a fleet of over 2,500 EVs with more than 70,000 drivers; Hala Mobility has over 3,000 EVs and 50,000 drivers; while Ecom Express, a massive Indian logistics company with a market cap of $800 million, is on a mission to fully electrify its fleet of 500,000 drivers by 2030.
Partnerships like these and others continue to showcase the demand from the business-to-business-to-consumer (B2B2C) sector for this technology. As more partnerships transpire, it can further exemplify the B2B2C approach that helps in the overarching compounding growth factor.
In response to the increasing demand, DeCharge has deployed more than 20 devices at strategic hubs within the last three days. This enables the partner company to power over 500,000 kilometers of travel daily, with a charging requirement exceeding 50,000 units per day. DeCharge is now aggressively expanding its charging infrastructure across India, aiming to fully meet this growing demand within the next 4 months.
With the enhanced demand from clientele, strategic deployments are expected to further increase over the next few weeks. This will give an expected lift of 15% week-on-week growth from the current metrics.
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Highlighting its DePIN Ecosystem
Hub and Spoke model:
With majority of the deployments happening in Hyderabad, Bangalore and neighboring cities, provincial hubs have been established near the business locations of the partners catering to the commercial grade EV users who are in need of frequent extension of their range.
Each hub is known to host at least 20 charging pods catering to hotspots with additional range provided by strategic deployments across small business and commercial centers where the fleet partners are likely to utilize the elegant charging infrastructure provided by DeCharge.
Upcoming campaigns:
DeCharge partnered with DePIN projects like map-focused proto. This relationship will demonstrate parallel use-cases where communities can get exposed to DeCharge quests, opening the door to educating users on the real world use-cases of DePIN.
Community expansion:
In the next few weeks, more partnered campaigns will transpire alongside early adopters of DeCharge’s charging-focused protocol. There will be introductions of on-chain points that can be distributed at the end of each epoch.
Check out DeCharge’s August 2024 partner and client testimonials here.
Social updates:
The DeCharge core team was also in the US at the Stanford Blockchain Conference and the second ever DePIN Summit where they interacted with an array of builders in the DePIN and web3 community. The event was hosted by Escape Velocity and featured around 164 DePIN teams and about100 VCs attended
The DeCharge team is also expected to be present at the upcoming Solana Breakpoint conference as well as After Breakpoint Bali & Island DAO.
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