EV charging station

Electric Vehicle (EV) Charging Stations

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Electric Vehicle (EV) Charging Stations

Sector
Most major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Renewable Resources and Alternative Energy
Sub Sector
Most major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Alternative Energy
Indicative Return
Describes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
5% - 10% (in IRR)
Investment Timeframe
Describes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Medium Term (5–10 years)
Market Size
Describes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
6,550 EV in circulation (1.2% of 552,934 total passenger cars in 2023). (29)
Average Ticket Size (USD)
Describes the USD amount for a typical investment required in the IOA.
< USD 500,000
Direct Impact
Describes the primary SDG(s) the IOA addresses.
Affordable and Clean Energy (SDG 7) Climate Action (SDG 13)
Indirect Impact
Describes the secondary SDG(s) the IOA addresses.
Good health and well-being (SDG 3) Industry, Innovation and Infrastructure (SDG 9) Sustainable Cities and Communities (SDG 11)

Business Model Description

Develop, install, and operate a network of EV charging stations (preferably solar-powered) across North Macedonia, ensuring accessibility on highways and urban centers. Offer charging services via a subscription model, pay-per-use options, and partnerships with municipalities and businesses to promote electro-mobility.

Expected Impact

Expanding EV charging infrastructure to accelerate clean mobility, improve air quality, and enhance equitable access to sustainable transport.

How is this information gathered?

Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.

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Country & Regions

Explore the country and target locations of the investment opportunity.
Region
  • Republic of North Macedonia: Skopje
  • Republic of North Macedonia: Southeastern
  • Republic of North Macedonia: Vardar
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Sector Classification

Situate the investment opportunity within sustainability focused sector, subsector and industry classifications.
Sector

Renewable Resources and Alternative Energy

Development need
The Republic of North Macedonia relies heavily on imported fossil fuels. This increases its energy vulnerability and carbon footprint. The need for decentralized renewable energy solutions, particularly solar, is critical to ensuring energy security, reducing long-term costs, and supporting the transition to a low-carbon economy. (1)

Policy priority
Multiple national strategy policies prioritize renewable energy expansion, aligning with EU directives on green transformation. Policies promote investment in solar energy through tax incentives, streamlined permitting for photovoltaic systems, and integration into the national grid. PPPs and international funding sources, including EU Green Deal initiatives, can support the sector’s growth. (1-8)

Gender inequalities and marginalization issues
Women and marginalized communities have lower participation in energy sector employment and decision-making. Expanding decentralized solar energy systems can empower women through job creation, skill development, and entrepreneurship in energy solutions. Additionally, rural electrification can improve access to education, healthcare, and digital services for underrepresented communities. (19)

Investment opportunities introduction
Renewable energy sector offers diverse investment opportunities beyond solar and wind farms. Major international and regional investments demonstrate growing investor confidence. Government support, feed-in tariffs, and green financing tools enhance the sector’s overall attractiveness. (1)

Key bottlenecks introduction
Regulatory uncertainties, slow permitting processes, and limited access to financing for small-scale energy producers hamper sector expansion. Grid infrastructure requires upgrades to accommodate decentralized energy generation.A lack of local expertise in battery storage and smart energy management technologies calls for targeted capacity-building programs. (20)

Sub Sector

Alternative Energy

Development need
The country has high but underutilized solar power generation capacity. The transition to electro-mobility in North Macedonia requires a well-developed EV charging infrastructure to support the increasing adoption of electric vehicles, reduce air pollution, and enhance energy efficiency. (6, 9)

The NDS and National Energy and Climate Plan, envisage expanded use of electric vehicles and plug-in hybrid vehicles. Aligning with EU directives and national sustainability goals, expanding EV charging infrastructure and incentivizing electric vehicle adoption are critical for reducing greenhouse gas emissions and fostering energy independence. (1, 7)

Gender inequalities and marginalization issues
Limited access to affordable EVs and charging infrastructure may disproportionately impact lower-income populations, particularly women and marginalized communities, who face economic barriers to adopting sustainable transport solutions. (21)

Investment opportunities introduction
There is significant potential for investment in solar-powered EV charging stations, fast-charging networks along major highways, and smart grid integration, with increasing demand driven by policy incentives and environmental concerns. (21)

Key bottlenecks introduction
Challenges remain regarding insufficient fast-charging infrastructure, lack of government subsidies for EVs, slow policy implementation, and range anxiety among consumers due to the limited availability of charging stations across the country. (20, 21)

Industry

Solar Technology and Project Developers

Pipeline Opportunity

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Investment Opportunity Area

Electric Vehicle (EV) Charging Stations

Business Model

Develop, install, and operate a network of EV charging stations (preferably solar-powered) across North Macedonia, ensuring accessibility on highways and urban centers. Offer charging services via a subscription model, pay-per-use options, and partnerships with municipalities and businesses to promote electro-mobility.

Business Case

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Market Size and Environment

Critical IOA Unit
Describes a complementary market sizing measure exemplifying the opportunities with the IOA.

6,550 EV in circulation (1.2% of 552,934 total passenger cars in 2023). (29)

As of February 2025, only 1,055 EVs are registered and 5,500 hybrid vehicles, of which unknown portion are plug-in vehicles. (14)

Annual traffic growth is projected at 3.34% per annum during 2023-2030 and 2.67% per annum during 2031-2050. Projected EV penetration is 8% by 2030, 25% by 2040, 50% by 2050 under the "Do Something" scenario.(15)

The existing grid could handle up to a 40 per cent electric fleet by 2040 with no additional grid investment. (11)

By 2040 the share of electric and plug-in hybrid electric vehicles in total passenger car kilometres will be: - 10% in the Reference; - 40% in the Moderate Transition and - 45% in the Green Scenario. (6)

Indicative Return

IRR
Describes an expected annual rate of growth of the IOA investment.

5% - 10%

Financial viability of low-power (AC) charging stations in neighbouring Greece suggests an IRR of around 10%. (22)

In Bulgaria, a study reported IRR on the order of 13%-14% (an 8-year payback on a 20-year project), assuming the station operates for 20 years. (23)

A study estimates an IRR of 6% for EV charging stations in Germany. (37)

Investment Timeframe

Timeframe
Describes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.

Medium Term (5–10 years)

Investors might anticipate a payback period of approximately 5 to 8 years. (15, 23)

Ticket Size

Average Ticket Size (USD)
Describes the USD amount for a typical investment required in the IOA.

< USD 500,000

Market Risks & Scale Obstacles

Capital - CapEx Intensive

EV charging infrastructure requires high upfront capital investment, especially for fast-charging stations (DC 50kW+), which cost between €32,000 and €125,000 per charger. The long payback period (typically 5–8 years) presents a barrier to scaling. (15)

Capital - Requires Subsidy

The current EV market in North Macedonia is small (1,055 EVs and 5,050 hybrid vehicles in 2024), limiting immediate revenue potential. Government subsidies or incentives are crucial to accelerate infrastructure deployment and improve ROI. (15)

Market - Highly Regulated

Compliance with EU Alternative Fuels Infrastructure Regulations (AFIR) and national energy laws poses bureaucratic challenges. Grid connection requirements and permitting delays also impact project timelines. (15)

Impact Case

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Sustainable Development Need

By expanding EV charging infrastructure, the business model reduces reliance on fossil fuels, lowering CO₂ emissions and urban air pollution, improving public health, and contributing to climate change mitigation. (30)

By increasing EV charger availability across urban and rural areas, the business model facilitates e-mobility adoption, making sustainable transport more accessible, reducing noise pollution, and supporting green urban development (30, 31)

Gender & Marginalisation

Expanding EV charging infrastructure improves women's access to sustainable transportation, particularly in regions where limited public transit and high vehicle costs disproportionately affect female mobility. (32)

By supporting subsidies and incentives for EV adoption, the model reduces financial barriers for marginalized groups, ensuring low-income communities can benefit from cost-effective, sustainable transport options (30, 31)

The expansion of EV infrastructure creates green jobs in installation, maintenance, and energy management, promoting women's participation in STEM fields and offering economic inclusion for underrepresented groups. (33)

Expected Development Outcome

The business model reduces CO₂ emissions and urban air pollution by enabling greater EV adoption, improving public health, and supporting North Macedonia’s climate commitments under EU sustainability goals.

By expanding charging infrastructure, the model removes barriers to EV ownership, encouraging a shift toward clean transportation, reducing noise pollution, and enhancing urban mobility.

Investments in EV charging create employment in renewable energy, tech, and infrastructure, fostering economic inclusion and gender-diverse opportunities in the transition to a low-carbon economy.

Gender & Marginalisation

Strong EV charging infrastructure enhances transport access for women and low-income communities, reducing reliance on costly or unsafe transit options, and promoting equitable mobility solutions.

The growth of the EV charging sector creates green jobs in STEM, energy, and infrastructure, fostering greater female participation and inclusive employment opportunities for marginalized groups.

By supporting EV incentives and subsidies, the model makes electric mobility more financially viable, ensuring lower-income individuals benefit from cost savings and a cleaner transport system.

Primary SDGs addressed

Affordable and Clean Energy (SDG 7)
7 - Affordable and Clean Energy

7.2.1 Renewable energy share in the total final energy consumption

Current Value

The contribution of electric vehicles currently is close to zero. In the total energy consumption in transport, only biofuels contributed to renewable energy share of 9% in the final energy consumption in the transport sector in 2022. (8)

Target Value

Electric vehicles can and should contribute to an increase of renewable energy share (RES) in transport by 8 percentage points, reaching 17% RES share in transport in 2030. (8)

Climate Action (SDG 13)
13 - Climate Action

13.2.2 Total greenhouse gas emissions per year

Current Value

11.37 Mton CO2eq in 2023. (21)

Target Value

By 2030, the NECP envisages 82% reduction in GHG net emissions compared to 1990 levels, 66% reduction in emissions in the energy sector; 45% reduction in emissions in the industrial processes and product use sector; 29% reduction in emissions in the agriculture sector; 95% reduction in emissions by increasing the forest fund; 21% reduction in emissions in the waste sector. (8)

Secondary SDGs addressed

Good health and well-being (SDG 3)
3 - Good Health and Well-Being
Industry, Innovation and Infrastructure (SDG 9)
9 - Industry, Innovation and Infrastructure
Sustainable Cities and Communities (SDG 11)
11 - Sustainable Cities and Communities

Directly impacted stakeholders

People

Urban and rural EV owners (men and women, 18-65) benefit from expanded charging access, while commuters and households experience cleaner air and reduced noise pollution from increased EV adoption.

Gender inequality and/or marginalization

Women (18-65) gain safer and more accessible transport options, while low-income and rural communities benefit from EV incentives, reduced costs, and job creation in the green economy.

Planet

The model reduces CO₂ emissions and air pollution by supporting EV adoption and solar-powered charging, contributing to climate change mitigation and sustainable urban development.

Corporates

Taxi or transport operators, logistics companies, and commercial property owners gain new revenue streams from hosting EV chargers, while businesses benefit from increased customer dwell time and green branding.

Public sector

Ministry of Energy, Mining, and Mineral Resources. Municipalities.

Indirectly impacted stakeholders

People

Non-EV users (men and women, all ages) benefit from reduced air and noise pollution, improved urban infrastructure, and increased public awareness of sustainable transport options.

Gender inequality and/or marginalization

Women in STEM and clean energy sectors gain employment and leadership opportunities, while rural and low-income groups benefit from long-term cost reductions as EV adoption scales.

Planet

Biodiversity and ecosystems benefit from lower emissions, reduced reliance on fossil fuels, and improved air quality, supporting healthier and more sustainable urban and rural environments.

Corporates

Utility providers and renewable energy companies see increased demand for clean energy, while automakers and dealerships experience growth in EV sales due to improved charging accessibility.

Public sector

Educational institutions and workforce training programs benefit from new curricula in EV and renewable energy technology, while public health agencies see long-term improvements in air quality and respiratory health.

Outcome Risks

A sudden surge in EV charging could strain the electricity grid, leading to higher energy costs and potential power shortages, especially in areas with weak grid infrastructure.

Expanding EV charging networks requires land use, resource extraction, and construction, potentially disrupting ecosystems and generating waste from battery and charger disposal.

Reliance on capital goods for EV charging stations could increase economic dependence, slowing local industry development and limiting job creation in domestic manufacturing.

Women and marginalized groups may be underrepresented in EV industry jobs, limiting economic opportunities in the clean energy and transportation sectors.

Impact Risks

If EV adoption remains low, charging stations may be underutilized, delaying profitability and reducing environmental benefits from lower emissions and improved air quality.

Delays in government incentives, subsidies, or regulatory approvals could hinder infrastructure expansion, discouraging investment and slowing market growth.

Rising electricity prices or inefficient pricing models could make charging unaffordable, limiting EV uptake and failing to deliver sustainable transport benefits.

Insufficient grid upgrades and technical constraints could lead to charging congestion, power disruptions, or slow rollout, affecting reliability and user trust.

Gender inequality and/or marginalization risk: Women, low-income communities, and rural populations may face reduced mobility access, widening social and economic disparities.

Impact Classification

C—Contribute to Solutions

What

The expansion of EV charging infrastructure enables cleaner transportation, reduces CO₂ emissions, and improves air quality. Positive impact but dependent on EV adoption growth and energy costs.

Who

EV owners, urban and rural commuters, low-income communities, and businesses benefit. Rural and marginalized groups remain underserved due to limited charger distribution and affordability.

Risk

Slow EV adoption, high electricity costs, policy delays, and grid limitations could hinder expected environmental and social benefits.

Contribution

Without this initiative, EV infrastructure growth in North Macedonia would be slower, with fewer incentives for adoption, delaying air quality improvements and energy transition efforts.

How Much

With 1,055 EVs in 2024 and projections of 8% EV penetration by 2030, the impact is scalable but dependent on policy support. (6, 8, 13)

Impact Thesis

Expanding EV charging infrastructure to accelerate clean mobility, improve air quality, and enhance equitable access to sustainable transport.

Enabling Environment

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Policy Environment

The National Development Strategy 2024-2044 positions green infrastructure and digital transformation as key enablers of sustainable growth, which makes EV charging stations an investment aligned with the priorities of “Green Transformation and Sustainable, Innovative and Competitive Economy". (1)

Strategy for Development of the Energy Sector (until 2040) emphasizes the need for electrification of transport and integration of renewable energy, making EV charging stations a key investment opportunity to support energy transition and to reduce dependence on fossil fuels. (6)

National Energy and Climate Plan envisages increase of renewable energy capacities. (8)

Smart Specialization Strategy encourages the development of energy self-sustainable buildings, widespread utilization of renewable energy, and the introduction of innovative energy-efficient technologies​. (2)

National Transport Strategy 2018-2030 prioritizes sustainable and low-emission mobility, promotes expansion of EV charging infrastructure as an investment opportunity aligned with the country’s long-term goals for environmental protection and EU integration. (8)

Financial Environment

Financial incentives: The European Investment Bank (EIB) and EBRD provide grants and low-interest loans for EV charging infrastructure, supporting private and public investments in sustainable transport projects. (10)

Fiscal incentives: Fully electric vehicles (EVs) and electric motorcycles, scooters, tricycles, and quadricycles are exempt from the tax on motor vehicles. However, plug-in hybrid electric vehicles (PHEVs) are subject to taxation, but may receive a 50% tax reduction. (12)

Regulatory Environment

Law on Energy provides a general legal framework that supports EV charging stations through provisions on energy infrastructure, renewable energy, and efficiency, but lacks specific regulations directly governing EV charging infrastructure. (26)

Law on Construction regulates the procedures and requirements for obtaining permits and building infrastructure, including EV charging stations, ensuring compliance with technical and urban planning standards. (26)

Law on Construction Land governs the use, lease, and sale of state-owned land, which is essential for locating and developing EV charging stations, particularly in public or commercially strategic areas. (26)

Law on Tax on Motor Vehicles incentivizes the use of electric vehicles—exempting or significantly reducing taxes on low- or zero-emission cars—which indirectly supports the demand for EV charging stations in North Macedonia. (11)

EU Directive 2019/944 on Electricity Market Rules mandates frameworks to facilitate the integration of electric vehicle (EV) recharging points into distribution networks. (18)

Marketplace Participants

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Private Sector

EVN eMobility, renewable energy startups.

Government

Ministry of Economy (North Macedonia), Energy Regulatory Commission, Ministry of Transport and Communications.

Multilaterals

European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), World Bank, UNDP.

Non-Profit

Association for Promotion of Electirc Vehicles Ëlectromobility Skopje, Eko-svest.

Public-Private Partnership

Free parking for electric vehicles is provided by the municipalities of Strumica, Bitola, and Ohrid, indicating municipal support for EV adoption. (28)

Target Locations

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country static map
urban

Republic of North Macedonia: Skopje

Most of the EV charging stations can be located in Skopje, other big cities and along the highways.
semi-urban

Republic of North Macedonia: Southeastern

In the Southeastern region there are highways that are prime locations for EV charging stations (35, 36)
rural

Republic of North Macedonia: Vardar

The Vardar region presents a prime opportunity for EV charging station deployment, given its high-traffic highways and strategic connectivity, making it an ideal location for infrastructure expansion. (15)

References

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