Brandpie Energy - Issue 2

energy Issue 2 | 2024 Time for

Brand Strategies to improve visibility

Energy Voices Leaders on building trust

Culture Five steps to create resilience

Spotlight Introducing Höegh Evi

CONTENTS

Höegh Evi symbolizes our evolution— continuing to build on a proud history of expertise, while embracing the transition to clean energy. This balance between tradition and innovation lies at the heart of the new brand.

Christine Corkery Steinsholt Head of External Communications and Marketing, Höegh Evi

10 SPOTLIGHT: HÖEGH EVI New name. New era.

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Contents

18 RESILIENCE

THROUGH CULTURE Systematic, scalable, sustainable: Five actions that

16 THE VALUE OF DIFFERENTIATION Unlocking the real value of being different

build resilience through culture

06 INTRODUCTION Gaining momentum through a complex transition

22 ENERGY VOICES:

26 PORTFOLIO

BUILDING INVESTOR CONFIDENCE IN EVS EV leaders share how to leverage brand for long- term success

OPTIMIZATION TO MAXIMIZE IMPACT

Adapting your brand portfolio

36 CLOSING REFLECTIONS The time for momentum is now 32 ENERGY VOICES: TRUST IS THE KEY TO ACCELERATING THE TRANSITION How to build trust

30 IS YOUR BRAND VISIBLE? The three steps to building brand visibility

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EDITOR’S LETTER

As the energy transition accelerates, now is the time for momentum. Leaders have an opportunity to take bold action and shape the future of the energy landscape. Welcome to Brandpie Energy

A s we step into 2025, it’s clear that the energy sector is no longer at a crossroads—it’s moving along the path of transformation. The time for reflection has passed. Now is the time for momentum. Leaders must harness the power of purpose, brand, and culture— the true drivers of meaningful change—to not only navigate today’s complexities, but to proactively shape tomorrow’s opportunities. At Brandpie, we know that real progress is driven by those who understand that business as usual simply won’t suffice. The energy trilemma—the balance of sustainability, affordability, and reliability— requires leaders to think beyond short-term solutions. Success in this environment depends on your ability to make decisions guided by your purpose, align your culture with your goals, and position your brand as a future-focused business ready to accelerate the next phase of the energy transition. In this issue, Time for Momentum, we look at how to convert strategy into action and build forward movement that’s

sustainable and impactful. You’ll find stories of brands making bold moves— like Höegh Evi, who has redefined itself to lead in a diversified energy landscape. You’ll hear how leaders are building trust with stakeholders, and how EV businesses are building investor confidence. You’ll also explore ways to amplify your brand’s visibility, harness behavioral science to drive meaningful change, and optimize your brand portfolio for long-term growth. Now is the time to build on the foundations you’ve laid and take bold steps toward the future. How will you turn today’s ambitions into tomorrow’s results? Where will you focus your efforts to drive lasting momentum? This moment is pivotal—and what you do next will shape not just your business, but the future of the energy sector. Let’s get going.

Will Bosanko Managing Partner, Brand will.bosanko@brandpie.com

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Now is the time to build on the foundations you’ve laid and take bold steps toward the future.

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INTRODUCTION

Gaining

mome

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What does momentum look like? It’s new technologies; it’s diversification; it’s an empowered workforce; and it’s operating with a clear vision. entum through a complex transition

A s the wheels of transition gain momentum, the pivotal moment to tell that story, that sets out your future vision, is now. As we look ahead to 2025, we see a time for action—for energy leaders to capitalize on that momentum and create the brand they want to see, and be, tomorrow. This of course doesn’t come without challenge. Striking the delicate balance of the ‘energy trilemma’—of security, affordability, and sustainability—can be a burden on future proofing a brand and fostering an action-oriented culture. The persistence of fossil fuel consumption, of geopolitical shifts, means investment for short-term gain complicates the current direction of play. But there’s a profound chance here to accelerate through the short-term challenges and look ahead at the future opportunity, in tandem, positioning now for long-term success. The clean energy sector continues to see significant shifts, propelled by a combination of technological advances, geopolitical forces, and emerging policy frameworks. According to the IEA, renewable capacity >

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INTRODUCTION

> additions surged by 50% in 2023, while investment in clean energy has risen by 40% since 2020.

Let’s take a look at where the traction lies.

NEW TECHNOLOGY GAINS MOMENTUM Policy frameworks like the Inflation Reduction Act (IRA) in the US puts new technology at the center of this investment drive, buoyed also by frameworks that support renewable projects and the development of hydrogen, CCUS, and other clean initiatives across Europe and Asia. Recent IEA findings from the Global Hydrogen Review 2024 suggest that global hydrogen demand had reached 97 Mt in 2023, with most produced from fossil fuels. While low-emissions hydrogen remains limited right now, announced low emissions projects—almost 30% more now than when the Global Hydrogen Review 2023 was released—suggest capacity could reach 49 Mtpa by 2030, driven mainly by electrolysis technology and CCUS investments. Manufacturing capacity for key components of a clean energy system, including solar PV modules and EV batteries, is expanding fast. More than 500 gigawatts (GW) of renewables generation capacity were added in 2023—a new record. In 2020, one in 25 cars sold was electric; in 2023, it was one in five. Meanwhile more than $1 billion a day is being spent on solar deployment. As expected, AI takes center stage of technological progression—transforming the sector at phenomenal pace. As a resource that permeates multitudinous applications within the energy sector, here is a market, the IEA reports, that could potentially reach $13 billion. From predictive maintenance applications, which could reduce grid outages by 30% (according to E.ON), and which have reduced power outages by 15% (according

The industry is moving faster than ever before. Building a culture and brand that meets this momentum is paramount.

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97Mt Hydrogen demand in 2023—IEA findings from the Global Hydrogen Review 2024

500GW of renewables generation capacity were added in 2023

to Enel), to smart meters, which generate several thousand times more data than analogue versions. In short: the industry is moving faster than ever before. Building a culture and brand that meets this momentum is paramount, not least in the need to attract the talent and foster the partnerships that continue that acceleration. The IEA reports that in 2022, only 22,000 AI specialists existed globally, with 61% of large firms in the UK and US reporting insufficient AI staff. GAINING MOMENTUM THROUGH STRATEGIC DIVERSIFICATION Energy leaders understand that resilience is found not in a single-source future, but in a diversified energy portfolio, capable of addressing multiple challenges simultaneously. We have seen this play out in the industry recently, as companies leverage their strengths and legacy to expand into emerging areas. Höegh Evi is exemplary of using diversification to gain momentum. Formerly Höegh LNG, the rebranding of the Norwegian marine infrastructure leader reflected a strategic shift—opening opportunities for both LNG and clean energy solutions. By expanding their strategic focus to incorporate solutions for hydrogen, ammonia, and CCS within their portfolio, Höegh Evi is building a future that embraces both energy security and the transition to clean energy. The concept of Evi, or ‘energy vector infrastructure’ speaks to adaptability in a rapidly expanding ecosystem, and a building of resilience that comes through its integrated, multi-faceted approach. If we consider this evolution of identity against the energy trilemma, LNG of course continues to play a role as a critical, lower-emission bridge fuel— steadying the ship to allow the transition to progress. Now, as the focus turns to long-term viability, the company has the means to proactively respond to new

opportunities—with tangible solutions that enable the energy transition and connect markets to clean molecules. Here is a leader that, far from hedging bets, is positioning itself on multiple fronts, as markets and technologies evolve. SUSTAINING MOMENTUM THROUGH BRAND The future of the energy sector offers a unique positioning opportunity. Many companies have already laid the groundwork by aligning their long-term vision with a clear market narrative. The brands that lead into 2025 will be those that act boldly, mobilize their teams, and innovate culturally. After all, strong brand leadership is not just about reputation; it’s about action— mobilizing teams, attracting the best talent, and building a culture that embraces innovation. Sustaining momentum will require leaders to inspire workforces, engage stakeholders, and attract game- changing talent through their brand. With decisive action, the energy sector can keep moving toward the IEA’s Net Zero Roadmap and the goal of limiting global warming to 1.5°C—a pathway deemed difficult, but still possible. That is, if action is taken now.

LNG continues to play a role as a critical, lower- emission bridge fuel.

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SPOTLIGHT: HÖEGH EVI

New name. New era. Strategic evolution and the rebrand of Höegh Evi

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I n the energy sector, momentum is everything. As we navigate unprecedented challenges and opportunities, staying in motion—both as a business and a brand—is critical. Yet, how can you stay true to your proud past while projecting where you’re headed? This was the challenge faced by Höegh LNG, a global leader in floating energy infrastructure, which has spent 50 years pioneering liquefied natural gas (LNG) solutions. In 2023, at a crucial juncture, the company saw an opportunity to build on its existing expertise and infrastructure to venture into solutions for zero-carbon molecules. “We wanted our brand to reflect the heritage of the company,” reflects Erik Nyheim, the company’s President and Chief Executive Officer. “At the same time, we wanted to reflect the future strategy of how we position ourselves, not only across LNG, but other molecules including ammonia, hydrogen and carbon.” As the momentum in the energy transition accelerates, Höegh LNG recognized it was time to evolve— transforming into a frontrunner that balances legacy with ambition. This was the birth of Höegh Evi. >

Christine Corkery Steinsholt Head of External Communications and Marketing, Höegh Evi

> Find out more at hoeghevi.com

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SPOTLIGHT: HÖEGH EVI

“This rebrand was about evolution, not revolution,” says Will Bosanko, Managing Partner, Brand at Brandpie. “We weren’t simply renaming the company; we were writing the next chapter. One that honored Höegh LNG’s pioneering history, while signaling its ambition to lead in the clean energy transition.” “The process was like a treasure hunt,” remarks Christine Corkery Steinsholt, Head of External Communications and Marketing at Höegh Evi. “At each step along the way we were curious, asking questions of ourselves like: What is our role today, and how will it adapt or evolve in the future? What do our stakeholders need or expect from us? How can we have an even greater long-term impact?” Throughout the collaboration, the Brandpie team engaged closely with over 250 stakeholders, from family owners and employees to investors and external partners. It was the input of these participants that shaped the rebranding journey—ensuring that the new brand would resonate deeply with those who had been integral to Höegh LNG’s growth and success. The result is a brand strategy built around a core idea: The vital link to secure transition. “This positioning statement reflects Höegh Evi’s role in bridging the energy needs of today with the solutions of tomorrow,” says Bosanko. “It articulates not only Höegh Evi’s unique role in the value chain, but how they are leveraging their expertise and infrastructure in LNG, while pioneering clean energy solutions to be an adaptable partner for the global energy transition.” INTRODUCING HÖEGH EVI As the company expands beyond LNG, a crucial element of the rebrand was the creation of the new name. Retaining the Höegh name was a clear nod to the company’s legacy. The addition of "Evi", meanwhile, draws from the concept of 'energy vector infrastructure'—a reflection of the company’s evolving role in the value chain. It is also inspired by the Norwegian word "evig", meaning forever and eternal, highlighting the company’s deep Norwegian roots and its enduring commitment to innovation.

WHY NOW? For five decades, Höegh LNG has been at the heart of the global energy value chain, enabling the movement and supply of LNG with one of the world’s largest fleets of Floating Storage and Regasification Units (FSRUs). This infrastructure is critical in connecting energy markets across the globe. However, as the world pivots towards clean molecules, the leadership team at Höegh LNG recognized that its existing brand and communications were no longer aligned with its future aspirations. The business saw potential to expand into marine infrastructure solutions for emerging clean energy technologies, such as floating ammonia and hydrogen import terminals, as well as carbon capture and storage (CCS).

This was no longer just about LNG—it was about molecules in all forms. This moment marked not just an important strategic diversification, but also a time to clarify the future vision of the company—showcasing to the workforce and the industry-at-large a bold new purpose, brand strategy, and commitment to both maintaining energy security, and driving the transition. And thus, Höegh Evi was born, signaling the company’s readiness to navigate the complexities of the transition and drive innovation in clean energy. THE REBRAND Rebranding Höegh LNG was not a task taken lightly. It required a deep respect for the company’s past, as well as a clear understanding of its future ambitions.

We weren’t simply renaming the company; we were writing the next chapter.

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“Our new name, Höegh Evi, symbolizes our company’s evolution—continuing to build on a proud history of expertise, while embracing the transition to clean energy and new marine infrastructure solutions,” says Christine Corkery Steinsholt. “This balance between tradition and innovation lies at the heart of the new brand.” AN EVOLVED IDENTITY With a new name came the need for a refreshed visual identity that would capture Höegh Evi’s role as “The vital link to secure transition.” Central to the visual concept is the idea of connection—reflecting the company’s commitment to linking today’s energy needs with the cleaner, more sustainable ambitions of the future. The concept of the link—present throughout the identity—also alludes to the brand’s nautical past, and the fluidity of the sea. “The new logo, featuring a link at a 111-degree angle, nods to the company’s original flag and acts as a proud emblem of its heritage,” says Louis Scott, Senior Designer at Brandpie. “The angle symbolizes the connection between past and future— showcasing how Höegh’s legacy of innovation now drives its new ambitions.” THE VITAL LINK Höegh Evi’s new brand positions the company as a trusted partner that governments, businesses, and markets can rely on. LNG remains a core part of its offering, while new, tangible solutions for the transition place Höegh Evi at the forefront—mastering the balance and seizing opportunity within an evolving sector. It’s a story of adaptability: where, instead of delivering security or transition, you can drive progress for both. In an era where balancing energy security, affordability, and sustainability is more critical than ever, Höegh Evi is now uniquely positioned to lead. Its new brand is a testament to strategic evolution and diversification, reinforcing its role as a vital link in securing the energy transition. With momentum behind it, Höegh Evi is poised to continue pioneering solutions that connect today’s needs with tomorrow’s possibilities.

Keeping the world

The vital link to

secure transition

moving

For a

better

tomorrow

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www.hoeghevi.com

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SPOTLIGHT: HÖEGH EVI

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Issue 2 - Brandpie Energy 15

THE VALUE OF DIFFERENTIATION

The energy industry is firmly in the spotlight. Now that you’re center stage, what will you say? Unlocking the real value of being different

T he energy transition is now the most fundamental challenge humanity is facing. It affects everything and touches almost every aspect of modern life. For the first time, the businesses that make up the sector have been thrust into the spotlight of global conversation— driving both the urgency and the solutions to reshape our future. Now that your business is center stage, how will you show your value and separate yourself from the cast of thousands? In a sector dominated by technicalities capabilities—rather than the “why”. This approach has created a landscape where businesses seem almost identical; wearing the same costume, wheeling out the same tropes, the “tired” and tested visual metaphors, icons in place of ideas, bullet points instead of a voice…and so, so many pictures of wind turbines. and engineering-centric thinking, communication often focuses on the “what”—the specifications, the

Now, energy businesses have an opportunity to connect with audiences in new ways and differentiate their business by building perceived value. In an era of intense scrutiny from customers, investors, and governments, differentiation is no longer a luxury—it’s essential. The companies that can step forward with a unique identity and represent something bigger than their products will be the ones to rise above the noise. Creating emotional resonance is key— take, for example, B2C brands such as Apple or Nike, who have mastered the art of building strong relationships and brand loyalty. These businesses don’t just sell products: they sell ideas, lifestyles, and emotions. They give you a reason to choose them beyond their technical or economic value. People choose them because of their perceived value—the lasting impression of what they mean, not just what they offer. This highlights a missed opportunity for B2B organizations. Somewhere along the way, someone believed their own acronym and thought it was a “business selling to a

Deva Corriveau Creative Director, Brandpie

THE IMPORTANCE OF PERCEIVED VALUE

For years, conventional thinking said differentiation didn’t matter: “It’s B2B, after all.” But now it does.

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business”—not a business selling to a very specific and often acutely known audience. Real people, with real intricacies, fallacies, prejudices. People with aspirations, ego and attitude. The key to building strong relationships lies in effective communication. Understanding your customers’ challenges, knowing how your business can support them, empower them, and make them look good is essential. B2C companies would envy the clear, defined audiences B2B businesses have—yet, in B2B, we often squander this opportunity, delivering uninspired messages that sound robotic, as if speaking to other robots. There is an incredible creative opportunity at the heart of this—it’s still a largely untapped space. Let’s use it to create really engaging, differentiated brands that communicate directly and empathetically to the end user. Brands that build fan-like loyalty and enduring emotional preference. BUT WHY DOES ANY OF THIS MATTER? “We’re doing fine—our customers know where to find us when they need our products.” That’s the mindset of many B2B businesses, even as they invest heavily in R&D, innovation, and improving their offerings to keep those customers. But what they often overlook is the power of perceived value. Incorporating this into their strategy can be one of the most cost-effective ways to retain and attract customers, while also drawing in investors. Simply put, nailing this can boost share prices and deliver impressive ROI. PUTTING THEORY INTO ACTION Brand identity plays a crucial role, serving as the outward expression of a company’s inner values. When done thoughtfully, that

clarity can help communicate leadership, trust, and innovation—intangible qualities that resonate emotionally with both B2B buyers and customers. When we worked with legacy business Schlumberger on its rebrand to SLB, we realized they were never truly an oil and gas company. They are, and for 125 years have been, an innovative technology company—this needed to be brought to the forefront to show their true value. Inhabiting this position would also help the business establish a credible role in leading the energy transition. To achieve this, we had to undertake a complex brand transformation, which required a new visual identity system, simplified portfolio, and new Masterbrand strategy. The new brand clarifies their focus—to drive energy innovation—by bringing to life their purpose: “We are a global technology company driving energy innovation for a balanced planet.” This brings to market a powerful brand idea that speaks to the challenges of current and new customers alike: the need for a balanced energy transition and the desire to rebalance our relationship with the planet—creating intangible value that goes beyond cost savings and products—leading to an £8B brand valuation and establishing them as the most valuable brand against competitors, according to Brand Finance. For a sector that is traditionally not used to being in the spotlight, now is the time to build confidence and define a position that is different to others. Show beyond “what” you have and highlight “why” it matters. By doing so, you can elevate your business and rise above the price wars and technical comparisons that dominate the sector. This not only differentiates but also builds long-term trust and reputation, leading to greater perceived value.

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RESILIENCE THROUGH CULTURE

Systemic, scalable, sustainable

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W e are all familiar with the opening line that a worrying percentage of businesses aren’t set to be in existence in 20 years’ time. We face an era of unprecedented change and where change is the new normal. Across the energy sector specifically, businesses are fighting for their place in the future. To do that, they need to be resilient—able to lean into the winds of change. At any pivotal moment of change, people will often talk about the importance of organizational culture in weathering the storm. But how often have you found yourself nodding along to this very idea, yet when it comes to taking action, it feels too big, too complicated, and impossible to know where to start? Nothing gets done, nothing changes. The energy industry’s approach to culture change needs to adapt. Borrowing from the principles of behavioral science, we can go some way to finding the antidote to the overwhelm. BUILDING RESILIENCE THROUGH YOUR PEOPLE In a sector where external pressures—whether from the climate crisis, fluctuating oil prices, or regulatory shifts— are constant, resilience is more than just a buzzword. It’s the lifeblood of energy businesses that want to lead in the transition to a sustainable future. And the key to that resilience lies within a culture of innovation. In this world, culture is not an A to B endeavor. It does not assume that we can create a single, perfect set of behaviors, but rather that your culture > Resilience is the lifeblood of energy businesses that want to lead in the transition—culture is how you get there.

Lucy Maber Senior Consultant Brandpie

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RESILIENCE THROUGH CULTURE

If you’d like to run a T.E.S.T.S workshop in your business, get in touch with Lucy Maber at lucy.maber@brandpie.com

Systemic because it looks to gradually unpick the intricacies of the system and recognizes each part’s role in creating the culture and environment in which people are making decisions. Scalable because you always start small. Be focused: Tackle one problem at a time to build confidence and resilience in the process itself. Sustainable because it is based on a growing body of evidence unique to your organization, breaking down the shifts you need into manageable chunks. One of the pitfalls companies may face when attempting to change their organizational culture is an over- reliance on the “Big Bang” business moments. These include announcing new strategies, leadership overhauls, or even a corporate rebrand. These pivotal moments come with unfair expectation. Initially, there is excitement—a phenomenon known as the “Fresh Start” effect where individuals are theoretically more likely to commit to change when in the throes of a new beginning. However, that initial surge of enthusiasm is often short-lived. As the halo of the Big Bang moment fades and business as usual resumes, employees return to old habits. Fatigue sets in when the systemic change hoped for doesn’t materialize. The gap between ambition and reality widens and resilience is compromised. SO, WHY IS CHANGE SO HARD? Put simply, people will always take the shortcut or the “easy” way out. As Daniel Kahneman popularized in Thinking, Fast and Slow, we have

needs to consistently evolve and adapt. The energy industry is the perfect training ground for an innovative way of thinking about culture change. Resilience for energy companies takes on a unique form—it’s about the ability to pivot and adapt to emerging technologies and external pressures at extraordinary pace, and with great efficiency. It’s about taking calculated risks and moving mountains with limited resources. The big players are fighting for relevance and a license to operate, while new entrants are moving nimbly to create a more secure future. With monumental strategic shifts affecting the industry, talent and culture simply must evolve with it. The need to balance a risk-averse, compliance-heavy heritage with a forward-thinking, fast-moving future state is a constant tension for those in the energy industry. For smaller organizations in their infancy, this approach is a way to streamline the abject chaos. For larger, established organizations, this is an opportunity to build agility and innovation into your cultural DNA without setting fire to the building in the process. CREATING LASTING CULTURE CHANGE The discipline of behavioral science has risen in popularity in recent years for good reason. It’s a brilliant, rigorous and experimental approach to understanding why people do what they do, and what levers impact people’s decision-making. More excitingly, organizations are starting to figure out how to use the thinking and the methodologies to drive systemic, scalable and sustainable culture change.

two modes of decision-making: fast, intuitive choices (system one) and slow, deliberate choices (system two). In most cases, people will default to system one—quick, instinctive responses that are rooted in familiar habits and patterns. Think of this in the context of behavioral change in organizations. We often forget that our employees are people, overburdened and overwhelmed by near constant decision-making both at work and at home. Add into the mix the fact that the culture in your organization is also deeply complex—contending with norms and values, unwritten rules, written rules, office design, processes, platforms, and policies. If you want your people to be more creative, to be more innovative, take more risks, be more efficient, give better feedback, take more accountability, be more strategic, this requires a shift in behavior—you’re fighting against both the individual’s predilection to take the shortcut, and the complexity of your organization causing friction with the desired behavior. Even if they did want to change, there are a million and one reasons for them to give up. The solution isn’t in sweeping culture transformation programs, but in focused, iterative shifts that consider the specific problem, the individual and their context. THE SOLUTION Drawing on the principles of behavioral science, the T.E.S.T.S. methodology— standing for Target, Explore, Solution, Trial, and Scale, developed by the Behavioural Insights Team, is a step-by- step process for implementing a more robust, experimental approach to culture change in your organization.

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Start with a hypothesis Every good experiment begins with a hypothesis, a theory or assumption to be tested.

This is an opportunity to build agility and innovation into your cultural DNA.

1 TARGET Start with specific behaviors in a targeted group that you want to change. Whether it’s boosting employee innovation or fostering better decision-making, set clear, measurable outcomes that reflect the behaviors you want to encourage. For example: We need to improve our Operations team in Europe’s efficiency so that they have more time to be creative and solve customer problems. 4 TRIAL Pilot an intervention with your chosen group and measure with rigor. Test the solutions in a small, controlled environment before scaling, using both data and anecdotal feedback to gauge success.

2 EXPLORE

3 SOLUTION Design interventions targeting the behaviors you want to change. The key is to start small, with a laser-focused group, rather than overhauling the entire system. For example: Change default meeting invites to 25 or 50 minutes or limit cc’s in emails.

Get under the skin of current context.

Through observation, surveys, or interviews, you can identify what’s preventing change and influencing behaviors. It’s about understanding the context of employees’ decisions—what are the processes, policies, environmental factors, unwritten rules and cultural codes that are stopping them from achieving the desired behavior? 5 SCALE Once successful interventions have been identified, scale them across the organization, tweaking as necessary for different teams or cultural contexts.

The lesson is clear: Resilience is about adaptability and agility. And the key to that resilience lies within the people and the culture they create together. Adaptability and agility can be hardwired into your culture—and it doesn’t have to be complex or overwhelming. It’s about treating the changes and shifts of the energy industry as an ongoing process of experimentation, adaptation and learning, and not a one-off Big Bang event.

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ENERGY VOICES: BUILDING INVESTOR CONFIDENCE IN EVS

Building

investor confidence in EVs

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In conversation with energy brand leaders

We interviewed senior EV leaders to discuss how they are winning investor confidence and leveraging brand for long-term success.

J ust a few years ago, the electric vehicles (EV) sector seemed unstoppable. Tesla hit a valuation of $1 trillion, traditional car companies raced to launch their own electric models, and global energy giants like Shell and EDF began snapping up startups leading on charging infrastructure. From an investor’s standpoint, there were few bumps in the road. According to the IEA’s latest Global EV Outlook report, the stocks of companies related to EVs have consistently outperformed general stock markets and major traditional carmakers since 2019. Now, however, the gears have begun to shift. EV sales continue to grow, but at a decreasing rate—global deliveries rose by 22% in the first half of 2024 compared to 35% in the first half of 2023. Supply chain disruptions, price wars, and yo-yoing government policies—combined with consumer reluctance and general economic uncertainty—have resulted in a crisis in confidence. Even Volvo, once a forerunner in EVs, has stepped back from its promise to sell only electric cars by 2030. Investors are closely monitoring these changes, and in 2023, the combined market capitalization of pure play EV carmakers fell by nearly 20% relative to 2022. BUT THE FUTURE OF EVS REMAINS BRIGHT That said, the long-term industry outlook still looks strong. While the once-unstoppable growth trajectory may have slowed, EVs aren’t going anywhere—and the winners of the future will be the businesses that can secure the financing they need today. THE QUESTION IS, HOW? For our most recent Energy Voices conversation, we spoke to marketing and corporate communications leaders from across the sector to learn how companies are navigating this market dynamic and earning the confidence of investors. And if one thing is clear, it’s that effectively leveraging brand is critical to success.

Will Bosanko Managing Partner, Brand Brandpie

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ENERGY VOICES: BUILDING INVESTOR CONFIDENCE IN EVS

35% rise in global deliveries of EVs in the first half of 2023

22% rise in global deliveries of EVs in the first half of 2024

1 IN A CHALLENGING MARKET, INVEST IN BRAND

2 BE PREPARED TO EVOLVE

3 CRAFT A VISION TO PROVIDE STRATEGIC CLARITY Responding and reacting to shifting dynamics without a clear long-term vision can confuse the market about your business’s direction. Crafting and communicating a clear vision for the future is essential. Originally focused on building its charging infrastructure, Blink has since expanded its operations to include a wide range of charging solutions for residential, commercial, and public use. Though mission is to “make EV charging more accessible to everyone”. Meanwhile, Irina Davydenko, CMO at L-Charge, notes the power a clear brand vision can wield when it comes to investment. The business, which focuses on mobile ultra-fast chargers powered by alternative fuels, recently secured $8 million of Series A funding. As L-Charge prepared for investment rounds, it leveraged its identity to present a clear, unified vision to investors. Ensuring that all stakeholders were aligned around its core mission was vital in building trust. She adds: “Our mission was always clear: make all cars in the world electric. It sounds idealistic, but when you have a clear mission like that, investors see that your story has purpose—and that’s what gives them confidence.” it has been quick to adapt to changing circumstances, Coe stresses the importance of having a North Star to guide decisions and build investor confidence in its ability to navigate challenges. Blink’s overarching

When growth slows and businesses cut back, brand is often one of the first budgets to face the chop. But for those hoping to win over investors, neglecting brand is a mistake. Sultana Rahman, Head of Marketing at Sevadis, one of the UK’s leading EV charging solution providers, says charging infrastructure is a hyper- competitive space, and for investors, it can be difficult to separate the wheat from the chaff. Investing in a strong, differentiated brand is crucial. “If we stopped investing in Sevadis as a brand, we’d just become another name on a spreadsheet. There are so many competitors out there, and without our brand, we’d struggle. Brand keeps us visible and trusted,” she says. Even through strategic adaptation in recent years, Rahman advocated for Sevadis to continue building its brand. Giovanni Rossi, Director of Global Marketing Communications at Electra Vehicles, agrees. Founded in 2015, Electra Vehicles is an industry leader in AI software for improved battery lifetime, range, and safety. While marketing campaigns can yield short-term results, brand trust secures investor confidence over time. Electra invests heavily in positioning itself as a credible leader in electrification, while focusing on the reliability of its technology. “Brand building is a long-term endeavor,” he says. “It’s about positioning yourself as a trustworthy company. Just like a friend’s recommendation, brand trust takes time to build, but once established, it helps to secure business and investor confidence.”

The EV landscape is constantly evolving—whether it’s due to emerging technologies, government policies, or customer demands. Investors want to see that your business can remain agile and responsive. Sevadis had to pivot several times in response to market fluctuations, from adjusting pricing models to adapting its messaging. For instance, the

delay of the UK’s petrol and diesel ban to 2035 affected demand, so the business shifted its focus towards educating customers about the long-term benefits of installing EV infrastructure now. In an uncertain market, this proactive approach helps maintain confidence

20 % decrease in combined market capitalization of pure play EV carmakers, relative to 2022.

among all stakeholders, Rahman explains. Staying on top of rapid change is easier said than done. Sevadis conducts regular customer interviews to understand what clients need and continually adjusts its communication strategies to ensure the brand remains relevant. US-based Blink Charging takes a similar approach. Founded in 2009, the brand uses the framework of ‘Listen, Learn, Lead’ as its guiding principle when engaging with stakeholders, says Head of Public Relations and Corporate Communications, Nipunika Coe. “Our strategy is simple: listen to our customers, learn from what they tell us, and lead with action,” she explains. “It’s how we stay agile and ensure our brand is always aligned with market demands.”

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4 BUILD TRUST THROUGH EDUCATION AND TRANSPARENCY EV technology can be highly complex. Not all investors have deep technical expertise, and when they fail to fully understand the capabilities and potential of a product, businesses can face resistance. Education is therefore a must. “We had to spend a lot of time explaining to the market and investors what we do, why it works, and how it solves real problems,” says Davydenko. “That educational effort was critical to gaining their confidence.” Simplification is key here. In a field as complex as electrification, breaking down technical concepts into digestible stories can help businesses connect with a wider audience, including investors who may not have deep technical expertise. For this reason, Electra Vehicles uses simple communication to explain the value of its battery management and AI technology, Rossi says. Like L-Charge, it focuses on how it addresses real-world challenges. Authenticity and transparency are also paramount, Rossi adds. “Investors can easily spot greenwashing. So, we verify every claim we make with data, making sure everything is accurate and transparent. In a world where information is accessible, transparency helps build trust.”

5 TELL A BIGGER STORY

IN CONCLUSION

It’s rare in a market as competitive as EVs that an investor is sold on a company’s product or service alone. To differentiate themselves, brands need to develop a narrative that is more emotional, more purposeful, and more impactful. For example, Coe believes Blink’s humanistic approach is what sets its brand apart. The business focuses on elevating the personal stories of thought leaders within the company,

As the EV market continues to evolve, industry leaders in this Energy Voices conversation emphasize the importance of investing in brand, remaining adaptable, and crafting a clear vision to secure investor confidence. By building trust through transparency and education, and telling a purposeful, impactful story, EV businesses can continue to build momentum—positioning themselves for long-term success in this competitive sector. > Contact will.bosanko@brandpie.com if interested in joining a future Energy Voices conversation.

humanizing the brand to create an emotional connection with stakeholders. “At Blink, we’re elevating the passionate people behind our technology. By showcasing the thought leaders who drive our

innovation, we make our brand more relatable—and that’s what builds trust,” she explains. Meanwhile, Rossi emphasizes the importance of communicating how a company’s technology can deliver social and environmental impact. Presenting this narrative alongside Electra Vehicles’ cutting-edge technology made the business a compelling investment opportunity. “Investors now are not just looking for business ideas that make money— they want to see how your solution creates social and environmental impact,” Rossi explains. “It’s that combination that gives you the edge when securing funding.”

Issue 2 - Brandpie Energy 25

PORTFOLIO OPTIMIZATION TO MAXIMIZE IMPACT

How to optimize portfolio your energy brand

26 Brandpie Energy - Issue 2

Energy organizations are adapting their portfolios to meet the rapidly evolving needs of nations and consumers—but doing so is easier said than done.

W ith the energy transition in full swing, the industry is undergoing a profound transformation—one that requires balanced solutions and expansion into new territories. From innovative technologies to the growing emphasis on sustainability, energy companies face the challenge of navigating a fast-changing market and are racing to pivot accordingly. Last year, we uncovered that 98% of industry leaders are preparing to evolve their brand to maintain relevance and future-proof their offer in a changing energy world. As part of this evolution, we’re seeing established players diversify their portfolios and scale clean verticals and technologies— whether in renewable power generation, battery storage, carbon capture technology, or the charging infrastructure for electric vehicles (EVs). Shell, for example, has expanded into on-street EV charging with its acquisition of ubitricity (now Shell Recharge). Meanwhile, BP took full ownership of Europe’s largest solar developer, Lightsource bp, late last year. And, as recently reported in the Financial Times, multiple oil and gas giants are exploring opportunities to break into lithium, the essential metal in EV batteries. It’s the right move. According to McKinsey, building smart, diversified portfolios can improve an energy company’s risk and return profile by 50-80%—a significant market advantage. As global energy consumption begins to transition— with oil and gas consumption falling, and >

Will Bosanko Managing Partner, Brand Brandpie

Issue 2 - Brandpie Energy 27

PORTFOLIO OPTIMIZATION TO MAXIMIZE IMPACT

1 How does your business strategy lead or inform your brand portfolio?

2 What is the relationship between the different brands and entities?

If in doubt, know that any portfolio program needs to start by asking these four questions:

> renewable energy power increasing— the big players are offsetting commercial risks and ensuring resilience for the future. But changing the shape of an organization’s portfolio isn’t a simple task. There are myriad challenges and considerations to take into account, from securing internal stakeholder buy-in to ensuring coherence and consistency in market. As a brand’s services and products become increasingly complex within a business, the process of optimization is key. In the simplest, most straightforward terms, portfolio optimization means organizing your portfolio in a way that makes it easy to navigate and buy from—maximizing its market impact and value. To diversify successfully and optimize their portfolio, the critical connection between business ambition and brand strategy must be made. Energy companies have to think carefully about how they organize around the long-term goals of the business and the evolving needs of their customers. So, what are the considerations needed to get there? CLARIFY YOUR LONG-TERM VISION Any portfolio optimization program must begin with a clear understanding of the business’s long-term vision. Leaders within the organization need to be aligned around its strategic ambitions and crucially, have a shared understanding on how the company will respond to emerging market opportunities or customer needs. Is it through acquisitions? Divestment? Internal innovation? To define that vision, a thorough analysis of the business’s role in the wider landscape is needed. Any vision must be suited to the market as it is today and as it is likely to evolve in future, and it must act as a guide for the business as new market opportunities arise. UK-based energy supplier Octopus Energy’s vision is to ‘make energy fair,

clean, and simple for all using technology’, for example. NextEra Energy’s is to ‘help lead the decarbonization of the US economy’. Both examples are clear, precise, and can underpin any portfolio- related decision—providing a lens through which to connect all services, solutions and new ventures. In conducting that analysis, you might find that your company’s vision is no longer fit for purpose. This was the case for Norwegian energy company Statkraft, Europe’s largest producer of renewables. Its former vision—’providing pure energy’— didn’t reflect the business’s considerable ambitions as it expands its footprint, nor the passion, drive and expertise of its people. Deciding it was time to clarify its role in the world and set a clear forward direction, Statkraft enlisted Brandpie to engage over 180 stakeholders across the organization and help align the Executive Team around a new future. Together, we landed on a vision to ‘renew the way the world is powered’. As a shared direction for the entire organization, it reflects Statkraft’s unique expertise and capabilities—but also the long-term value and positive impact their solutions create. The response was overwhelmingly positive and led to the business’s highest- ever operating result post-launch. Clarity of vision also has a crucial role to play in uniting the different brands and teams within sprawling energy firms, breaking down silos and ensuring every employee is pulling in the same direction. In two recent Brandpie Energy Voices webinars, industry leaders identified a siloed mentality as one of the most prominent challenges they face today. In short: beginning the strategic process of portfolio management and optimization must begin with alignment around long-term objectives. Leaders need to identify a future-fit structure that gives every product, service and offering a clear, contributing role in the wider portfolio.

Any portfolio optimization program must

begin with a clear understanding of the business’s long- term vision.

28 Brandpie Energy - Issue 2

3 How can you organize for the customer and simplify the experience?

4 How can you ensure the timing and sequencing of activities will deliver maximum value?

between your product and service brands and your masterbrand, as we did with SLB. Elsewhere, Shell recently rebranded ubitricity to Shell Recharge, bringing its new portfolio offering firmly within its corporate brand universe. Ubitricity benefits from Shell’s existing brand equity, while Shell benefits from the association with electric energy. A mutually beneficial relationship in line with Shell’s business objectives. Alternatively, your business may need to undergo a process of rationalization. Just as there are opportunities to bring brands closer in proximity, there will be times when it is necessary to phase brands out or consolidate them. Brands within the portfolio may need repositioning to meet shifting customer needs, or they may have become redundant in light of the business’s long-term growth ambitions. Or perhaps your portfolio analysis uncovers innovation and growth opportunities— areas where your brand lacks market credibility, and the creation of a new sub-brand or independent brand would make strategic sense. Again, think through the lens of the customer and their perception of the business. Over time, there will be opportunities to evolve or deepen your relationship with them. SETTING COURSE FOR THE FUTURE The next few years offer a pivotal moment for the global energy industry—not a time of upheaval, but of unprecedented opportunity. Portfolio diversification and rationalization is going to play a critical role for businesses hoping to navigate highly complex sector shifts and set themselves up effectively for the future. At Brandpie, we work with organizations to build brands and optimize portfolios at these pivotal business moments. The defining moments where every choice becomes a cornerstone of your brand and business success.

BUILD FOR THE CUSTOMER Once the long-term vision is clear, the next step is to analyze and consider how to get there for your customers. How far from the desired end point are you today? Where are there anomalies or inconsistencies within your portfolio, that might represent opportunities to streamline or expand and ultimately drive value? How clear is it for customers to understand your expanding focus? It’s vital that you conduct this analysis with the present and future objectives of your customer in mind. Optimizing your portfolio often starts with clear segmentation of the market, or clarity around different customer needs. Think: how Asking these questions informed our work reimagining SLB’s portfolio architecture, as the business rebranded to become a global technology leader in the energy transition. With the customer front of mind, we helped to transform a complex group of disparate sub-brands into a simplified portfolio organized around four Strategic Fields of Play—clearly and effectively communicating the business’s capability to drive energy innovation for a balanced planet. CREATE A ROADMAP TO OPTIMIZE With a defined strategy and an understanding of portfolio performance today, the next imperative is to create a roadmap for the brand portfolio— identifying how it should migrate over time to reach a desired end state. That might include considering how close of a connection you should build do they interact with you, and which of your brands has the most equity with them today? Identify the drivers of value for your business—whether it’s brand trust, economies of scale, integrated offers, or skilled staff— and organize accordingly.

50-80 % improvement to an energy company’s risk and return profile through diversification.

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