Entrepreneurial Opportunities for Electric Vehicles and Smart Grids

As the globe struggles with declining air quality and rising oil import costs, there is a growing demand for electric vehicles or EVs. The ecosystems for energy production and distribution are changing as a result of the introduction of EVs. Under a carbon-free energy generation strategy, it is inherently unacceptable to rely on fossil fuels to charge electric vehicles. Therefore, for the sake of the environment and public health, smart grids with integrated renewables like solar, wind, etc. will need to be built in parallel. This is a thought for CEOs, policymakers, and the Government.

After the COVID-19 pandemic, there is a chance to construct sustainable infrastructure and electric vehicles (EVs). This will lessen the “job loss” brought on by the epidemic in addition to addressing climate change as an “existential threat” to humankind. Changes in the power and transport sectors will create new job possibilities and spark the inventiveness of young entrepreneurs and start-up businesses in nations like India. Nonetheless, there are technical, social, and financial issues that must be resolved in addition to a complete risk assessment. Government agencies and the general public must take long-term measures to embrace and use the gradual shift to carbon-free energy.

Government agencies and legislators worldwide have been compelled to adapt their operational procedures in response to mounting concerns regarding greenhouse gases, harmful pollutants, and costly fuel imports. Crafting a business strategy necessitates a comprehensive comprehension of the ramifications of green energy and associated systems across social, environmental, and technological domains, especially for aspiring entrepreneurs.

However, a thorough grasp of the socio-technical difficulties is necessary, in addition to a market study of electric cars. A complete transition to green energy is unavoidable and will occur either through EVs or FCEVs, according to a comparison of the functions of conventional vehicles, electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). To increase the system’s efficiency, solar photovoltaics, wind turbines, and distributed generation methods like fuel cells are taken into consideration. This is still a significant query.

One of the main forces behind the cooperative development of smart grids and EVs is the shift towards smart eco-cities. The advantages of using EVs to deliver power to grids (V2G) as well as charge them from the grid (G2V) are widely recognized. Understanding the social acceptance of EVs shortly such as cost, range anxiety, life and safety, etc., together with the technological challenges of developing suitable battery chemistries and battery management systems (BMS) are essential.

CEOs need to address: 

• The impact of EVs and smart grids in terms of technological developments
• By examining the role of EVs in replacing ICE vehicles
• A framework for steps needed for early adoption of EV

To comprehend the disruptive business models and socio-technical transformations, an analysis was conducted on Tesla and Autolib. It appears that “automobility” that is sustainable is the way to go. Similar to EVs, they are less powerful and have less energy than cars that run on fossil fuels. Hybrids with an engine and battery are regarded as intermediate choices. Examples of these are HEVs and PHEVs. As intermediate choices, alternative fuel cars including those powered by hydrogen, LPG, CNG, and biofuels are also being explored. Hydrogen-powered fuel cell vehicles are a desirable alternative, as they can achieve performance close to that of internal combustion engine vehicles when combined with a battery or supercapacitor. Nonetheless, there have been significant setbacks in the areas of safety, cost, infrastructure development, and hydrogen storage. All of these flimsy technologies can only delay the inevitable: battery electric cars, which run entirely on energy and generate their power from renewable resources.

Systems for generating electricity from renewable sources are integral components of smart grids, capable of operating in both grid-connected and islanded modes. Policymakers, along with electricity distributors, suppliers, and environmentally-conscious consumers, are spearheading initiatives to construct eco-cities and smart grid infrastructures. These endeavours are driven by a shared commitment to reducing carbon footprints and preserving natural resources and energy for future generations.

Discussions 

Smart grids and electric vehicles share a symbiotic relationship, offering significant advantages for electric vehicle charging when renewable energy sources are fully leveraged. To ensure effective and reliable power distribution between smart grid components and electric vehicles, key factors such as control, automation, optimization, and energy management play pivotal roles. The selection of batteries, their construction, and associated technologies, including battery management systems, are critical in enhancing electric vehicle performance in terms of lifespan, range, safety, affordability, and efficiency. Additionally, smart grid functionalities encompass fleet management, power quality maintenance, demand-supply regulation, and optimal charge scheduling, all presenting notable challenges. The primary drivers behind the advancement of sustainable alternatives are institutional innovations, regulatory policies, and governmental interventions. The proliferation of smart grids and electric vehicles hinges on various factors, including user perception, cost considerations, incentives, public awareness, and behavioural shifts. It is time to rethink, fast!

Written by Dr. Manoj Joshi.

Have you read?
World’s Best Countries To Invest In Or Do Business.
World’s Most Startup-Friendly Countries.
World’s Best Countries For Quality of Life.
Largest Economies Europe In 2024.
GDP of the BRICS countries (2000 to 2028).