UBS Asset Management Picks EV Charger Vendors

When California decided that 2035 would be the end of new fossil fuel car sales in the state, it was clear that multifamily owners had to get chummy with chargers.

That’s going to be true from virtually every multifamily owner, owner, and investor. If automobile traffic is to be electric, they had best plug in somewhere.

UBS Asset Management already seems to be on its way as two different announcements from apparently separate companies note that they’ll be providing charging stations to UBS Asset Management’s Real Estate & Private Markets.

First up, Xeal, which calls itself a “leading provider of electric vehicle (EV) charging stations and smarter technology for the multifamily industry” announced that “it was selected by UBS Asset Management’s Real Estate & Private Markets business to install EV charging stations in select investment trust properties across the United States.”

“Xeal will install hundreds of chargers at UBS investment trust properties throughout the US. UBS Asset Management has also made a strategic selection of properties that are slated for future-proofing by ensuring an adequate quantity of Xeal chargers to welcome the oncoming wave of EV adoption,” the release continued.

Next, Blink Charging, a “leading owner, operator and provider of electric vehicle (EV) charging equipment and services,” announced with UBS Asset Management’s Real Estate & Private Markets business “a mutual service agreement for the deployment of Blink charging stations and related services to UBS-owned properties throughout the United States.”

“This agreement allows UBS to select from Blink’s flexible business models to support the unique needs of each facility,” that release continued.

In each release, Vasilios Diakogeorgiou, Head of Strategic Initiatives, UBS Asset Management, was the source of the usual type of warm statement the big customer offers the vendor.

So, what is going on? What seems most likely is that UBS Asset Management has taken a belt-and-suspenders approach to providing EV charging. Rather than put all its eggs in one electrical basket, the company now has two vendors. This may be an initial trial to see which might be better positioned going forward.

Another related possibility is that large companies have to tread carefully when dealing with startups. A small vendor may find itself challenged in meeting all the demands of a major customer, whether because it lacks enough capacity or possibly may not have the financial strength such clients typically look for.

Or this may be like running two simultaneous pilot programs to see who should win the bulk of the business.