The slowdown in EV adoption could impact the speed at which Maxol develops its EV charging network.
Speaking at the announcement of the company’s latest financial results, CEO, Brian Donaldson, said: “We launched our first ultra rapid EV hub for the Republic of Ireland in Newbridge earlier this year. This followed the launch of Northern Ireland’s first dedicated ultra rapid EV hub in Kinnegar, Co Down in 2022 and Maxol Braid River, Ballymena in 2023.
“However, EV adoption has slowed; new EV sales to October are down almost 26% on 2023. While we recognise that our sector has a key role to play in supporting EV adoption, we are faced with significant challenges. Planning delays and access to power capacity have been issues from day one, but now we are also concerned about developing our charging network too quickly, when the demand isn’t there. EV technology is evolving continuously, so we have to manage the pace of our own development to safeguard against becoming outdated too soon.
“The market is experiencing a chicken-and-egg conundrum and all stakeholders, particularly government, need to revisit ways in which drivers can be better incentivised to make the switch to electric. Notwithstanding, we will open our next ultra rapid EV hub in Rathnew in 2025 and a number of other sites, where we can see the demand, are being considered.”
Maxol won Best Sustainable Strategy for its Braid River Service Station in Ballymena at this year’s Forecourt Trader Awards. Green initiatives at the site include an ultra-rapid EV charging hub, Co2 cooled glass door refrigeration, LED lighting, solar panels, heat pump technology, solar-efficient glazing and a water reuse system. This approach is being introduced to all Maxol’s redevelopments with the objective of reducing energy costs and the carbon footprint of each site by 40%.
