Fueling Equipment Giant Gilbarco Veeder-Root Gets Into Charging Game

By Edward A. Sanchez — May 16, 2024

There are hundreds, if not thousands, of companies and brands largely unknown to the general consumer but are multi-billion-dollar businesses whose decisions can have tectonic implications on industries and trends. Gilbarco Veeder-Root is one of them. Unless you work in the fueling services industry, you’ve probably never heard of them. But you’ve likely used their products hundreds of times. The company is one of the largest suppliers of fuel dispensers and payment systems in the world.

So, when the company announces it’s getting into the EV charging business, I pay attention. Although this development may only get headline treatment in the fuel services trade publications and not on CNBC or Bloomberg, this development nonetheless has major implications for the EV charging infrastructure ecosystem.

It’s no great mystery that there are still a lot of skeptics about EVs, whether it be your friend, family, neighbor, or industry leaders and corporations (ahem…Toyota). Their skepticism and hesitancy is not altogether unfounded. As we have discussed and blogged about multiple times here at The Watt Car, EVs seem perpetually stuck in a catch-22 scenario of the charging infrastructure needing to improve before more people will consider buying an EV, but people holding back from buying one, because the public charging infrastructure isn’t visible or reliable enough.

Logistically, traditional fuel stations may not necessarily be the best locations for EV charging stations simply because of the “dwell time” inherent in charging versus refueling ICE vehicles, potentially causing traffic back-ups for gas stations located on smaller lots. But for gas stations on larger lots with plenty of supplemental parking, and a reason for people to spend 20-45 minutes at a time (coffee, hot food, etc.), the addition of visible and accessible charging stations could be a boon to their business as EVs incrementally and inevitably make up a greater share of cars in the U.S.

While the revenue from the charging stations themselves may be relatively insignificant (at first), the longer dwell time is a net positive for those site owners that have a reason for people to spend more time (and money) there. The fact that Gilbarco Veeder-Root is marketing its Konect charging solution as “turn-key” – all-inclusive of consultancy, installation, maintenance, and customer service, minimizing headaches and complications for site owners – could mean a quick proliferation of these stations across the country, potentially only constrained by supply.

Once the tipping point has been reached where the fueling services industry sees EVs as an opportunity rather than a threat is when we could potentially see large-scale adoption, to the point where fast-charging stations could be as ubiquitous as air and water dispensers. That level of visibility could be enough for a lightbulb moment for many to say, “Huh…Maybe I should look at an EV.”

Certainly, visibility alone will not be enough to convince the hard-core skeptics and ICE loyalists to buy an EV. But most drivers take a much more pragmatic view of the situation, looking at the practicality of owning and operating an EV rather than any kind of philosophical or political objection. Any development that leads to a more ubiquitous, more reliable, and more profitable charging ecosystem is ultimately a win-win for both consumers and businesses.

(Image courtesy Gilbarco Veeder-Root)