Over the next five years, Rhode Island is set to receive millions of dollars in federal aid to help the state enact its plan for electric vehicle infrastructure deployment.
As part of the Infrastructure Investment and Jobs Act (IIJA), RIDOT will receive $3.8 million in federal fiscal 2023, and $22.9 million over the next five years under the Federal Highway Administration’s National Electric Vehicle Infrastructure (NEVI) Formula Program.
As the senior director of programs and entrepreneurship at Innovation Studio, Walther Morales is hoping that a new program, in collaboration with AAA Northeast, can help local startups navigate the burgeoning market. Driving 2043 is a free program aimed at startups between pre-seed and Series A with solutions to aid in the adoption of electric vehicles, ranging from software and infrastructure to recycling and supply chain.
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Morales said it will offer intensive training for up to 10 entrepreneurs interested in developing mobility-based solutions that will shape the next 20 years of this industry. Entrepreneurs will be able to present their idea to AAA Northeast's Corporate Venture Fund, which will consider additional investments for participating startups, provide mentorship and a detailed assessment of their readiness to raise additional capital. Judges will whittle the participant list down to three for an in-person pitch night on March 23, 2023. Applications are open but close on Dec. 7.
While the electric vehicle market is projected to grow to $137.4 billion in 2028, Morales said there are considerable barriers to widespread EV adoption today.
“Nevertheless, vital factors like new industry policies, Covid impact, and the climate crisis are accelerating the transition from mobility to eMobility, driving the industry forward in one of the most radical adaptations,” he said. “We are here to support startups working on electric vehicle solutions and provide essential resources for them to succeed. Organizations must collaborate with the electric vehicle leaders in the ecosystem to thrive in the new transformation to advance sustainability in transport and unique customer experience and access more significant opportunities for growth.”
Innovation Studio, a nonprofit organization headquartered in Roxbury, Massachusetts, opened a chapter in Providence earlier this year and held its first pitch competition in May.
