Flo to double EV charging points in Canada
The firm has accessed loans from a state-owned infrastructure bank to part-fund ambitious expansion
North American EV charging operator Flo will install 1,900 public fast charging ports at 400 sites in Canada over the next four years.
Flo will install the chargers along transportation corridors and in urban and suburban communities with populations greater than 20,000.
The roll out will double the number of public charging spots available in Canada from under 2,000 currently.
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“This will really help Canadians feel more comfortable when driving around the country using electric mobility,” says Flo CEO Louis Tremblay.
Flo is currently in discussions with potential equity partners to participate in further funding of its initiatives.
The plan will be supported by a C$220mn ($161mn) loan commitment from Canada Infrastructure Bank as part of its Charging and Hydrogen Refuelling Infrastructure (CHRI) initiative.
The CIB launched the C$500mn CHRI initiative in September 2022 with the goal of accelerating the private sector’s rollout of EV chargers and hydrogen refuelling stations and kick-starting the market for private investment.
“Ultimately, faster rollout of EV charging networks leads to faster adoption of EV vehicles, which leads to faster greenhouse gas emissions reductions,” says Ehren Cory, CEO of the CIB.
Canada’s federal government has an objective of adding 50,000 new EV chargers across the country by 2027.
In 2019 it committed C$280mn from the federal budget to a Zero Emission Vehicle Infrastructure Program (ZEVIP) over five years. The budget for 2022 provided an additional C$400mn to ZEVIP and extended the program to 2027.
The ZEVIP scheme has three funding streams — for owner-operators of zero emissions vehicle infrastructure, for third party delivery organisations and for indigenous organisations.
Larger EV charging projects above C$20mn are encouraged to apply for funding through the CIB’s CHRI scheme, while smaller projects are encouraged to apply through the ZEVIP scheme.