For Pasquale Romano, every empty parking spot is a golden opportunity. As the CEO of ChargePoint, one of the world’s largest electric vehicle (EV) charging networks, Romano is transforming idle spaces into hubs for the future of transportation. With over 130,000 charging stations installed across North America and Europe, his vision is clear: electrify the way we travel.
With approximately eight parking spots for every car in the U.S., the potential is staggering—ChargePoint sees a total addressable market of 2 billion locations.
An Industry on the Brink of Transformation
Even before the Biden administration’s push for EV adoption, interest in electric vehicles was already surging. According to Romano, the biggest hurdle isn’t consumer interest but the limited variety of EV makes and models. “Cars are like fashion items—an extension of your personal brand,” he explains. “Until there’s a broader range of options in all shapes, sizes, and price points, adoption will remain gradual.”
ChargePoint estimates it will take 20 years to replace the 250 million cars and light trucks currently on U.S. roads with electric vehicles. Still, Romano is optimistic about the pace of change, predicting a significant shift within the next decade.
Reimagining the Refueling Ritual
Unlike gas stations, EV chargers align more closely with how we recharge our smartphones. With cars sitting idle 96% of the time, workplaces, homes, and parking garages are prime locations for chargers. This shift represents not just a change in technology but also in consumer habits.
ChargePoint’s recent move to go public through a special-purpose acquisition company (SPAC) marks a milestone for the industry. The deal is expected to raise $480 million, providing a financial boost to expand its network further.
A Pragmatic Approach to Policy
Romano is clear-eyed about the role of government subsidies in driving EV adoption. “Policy should create sustainable businesses, not ones reliant on permanent subsidies,” he says. Instead, he advocates for market-driven solutions: better cars at lower prices that naturally appeal to consumers.
He’s also skeptical of alarmist studies, such as one claiming EVs are used only for short trips. “Anyone with a Tesla will tell you they drive it everywhere, not just around town,” Romano says.
Charging as the New Employee Perk
For Fortune 50 companies, providing EV charging stations is becoming a coveted employee benefit. “It costs about the same per day to offer free power as it does to provide coffee,” Romano notes. This makes it a cost-effective way to boost employee satisfaction and retention.
The Road Ahead
Romano believes the journey to an all-electric future will take time—20 to 30 years—but he’s confident in the direction. “We’re going to put a big dent in this over the next decade,” he says. “The key is to make great cars that people love and can afford. The rest will follow.”
As EVs continue to gain traction, Romano’s ChargePoint is poised to play a pivotal role in powering the transition to a cleaner, more sustainable transportation system.
