Coal Company, EV Charging Startup Announce Partnership
May 6, 2022—Coal giant Alliance Resource Partners LP has become a "significant minority shareholder" for Tulsa-based EV charging startup Francis Energy.
The partnership comes as ARLP seeks to expand its footprint beyond coal and enter the rapidly developing EV charging market, according to a report from E&E News. Per 2020 U.S. Energy Information Administration data, ARLP is the sixth-largest coal mining company in the industry.
“We’ve gone to our utility contacts and our industrial customers and said … how can we do things not related to your coal purchases?” ARLP CEO Joe Craft said on an investors call. “And out of those conversations came the recognition that these utilities were going to have to support the automakers and sell electricity through these charging stations.”
Francis Energy says it is the fourth-largest EV charging network in the country, though almost all of its stations are in Oklahoma. The company is looking to expand into 34 other states.