EV Charging Has Problems But This Crypto Project Can Fix Them – Should You invest?
It is widely agreed that a global transition to electric from fossil fuel-powered vehicles is both highly desirable and much needed. Over the course of their lifetime, fossil fuel vehicles result in significantly worse CO2 emissions, contributing to global climate change. Meanwhile, fossil fuel vehicle emissions contribute to air pollution, which remains one of the leading causes of premature worldwide.
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But electric vehicle (EV) drivers face a problem – an under-developed charging infrastructure. In the US, the number of EVs rose by 87.5% in the first half of 2022, while growth in the number of charging ports was just 31%.
Charging is thus a significant challenge for EV drivers. Not only are there not enough chargers, but EV drivers lack real-time information as to which charging stations are currently operational and pricing isn’t transparent. These challenges hinder the global transition to EVs, hampering our collective battle to slow climate change.
Another big problem with the existing EV charging setup is that, while EV makers and charging stations can accrue big carbon credit rewards, EV owners don’t get anything. However, one new crypto start-up is building a platform that it thinks can solve these problems.
What is C+Charge?
C+Charge is developing a peer-to-peer blockchain-based electric vehicle charging payment system designed to open up the carbon credit reward market to the drivers of EVs, like Tesla.
EV drivers will use the C+Charge application to pay to charge their vehicles. They will pay using C+Charge’s native cryptocurrency CCHG and will be rewarded with carbon credits in the form of Goodness Native Tokens (GNT), which will be stored in their account on the C+Charge app. GNT token represents a verified voluntary carbon credit and is backed by venture capital firms a16z Crypto and Samsung Next as well as fund manager Invesco.
The more EV owners charge and drive and the more CCHG they spend, the more GNT they will earn. CCHG owners also have an opportunity to earn carbon credits passively. There is a 1% tax on all transactions that C+Charge uses to purchase GNT carbon credits and then distribute them proportionately amongst CCHG token holders.
As well as acting as a payments platform for EV charging and a carbon credit tracker, C+Charge’s application will also help users easily geolocate nearby charging stations and will offer useful information such as real-time charger wait times and charging station technical diagnosis.
C+Charge Could Be a Big Hit, With the Carbon Credit Market Set to Boom
Given the pace of recent growth in the carbon credit market, as countries race to address climate change, C+Charge could be a big hit. According to analysts at Refinitiv, the value of carbon credits traded increased by 164% in 2022, reaching a total trading volume of $851 billion.
Meanwhile, according to analysis from Coherent Market Insights, the market cap of the global carbon credit market was around $211.5 billion in 2019 and is expected to grow to over $2.4 trillion by 2027. But the carbon credit market has a big problem. Its centralization and concentration.
The carbon credit market remains dominated by big players and remains largely inaccessible to individuals. Big manufacturing/industrial sector players get to buy credits on mass. Big sellers, like electric vehicle (EV) maker Tesla, get to sell credits on mass. Up until now, technology hasn’t been there to democratize access to this rapidly growing market.
C+Charge is hoping that, by democratizing access to this rapidly growing carbon credit market, it can further accelerate the EV transition. C+Charge hopes its platform will also bring other benefits to the EV charging space such as more transparent pricing and real-time charging station information.
C+Charge – Time to Invest?
C+Charge recently opened up a presale of its CCHG token in order to fund its development and investors have been rushing to secure their bag. Indeed, a crypto whale recently banked a massive $99,000 worth of CCHG tokens in one whack, as can be verified here on per BscScan.
In just a few weeks since the project launched its presale funding round, it has already raised nearly $250,000. C+Charge is currently selling its CCHG token, which will power its EV charging application, for 0.013 USDT, a highly discounted price according to some analysts. Some have gone as far as claiming the cryptocurrency could 10x when it launches on exchanges in just over two months.
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Investors should also be aware that C+Charge is conducting a $50,000 giveaway. Investors must hold at least $100 of CCHG on the day of the draw to be eligible to win the prize.
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