CIB announces $194 million partnership with Jolt
The Canada Infrastructure Bank (CIB) and Jolt have announced a $194 million loan agreement to enable the expansion of Jolt's electric vehicle (EV) charging network across Canada.
The CIB investment will facilitate the installation of up to 1,500 new curbside EV chargers in urban centres, ensuring Canadians have access to convenient charging options. The goal of these EV fast chargers in urban centres, is to help reduce range anxiety and accelerate EV adoption in order to reduce carbon emissions, says Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities.
Each station will provide up to 7 kWh of free, fast charging per car per day, equivalent to approximately 50 kilometres of driving range.
The CIB and JOLT's partnership supports the goal of increasing the quantity and availability of electric vehicle charging options which will make EV ownership more accessible.
READ: Lack of public EV charging continues to worry potential EV buyers
“By investing in expanding EV charging infrastructure, we are supporting Canadians' need for accessible and convenient charging points in urban centres,” says Ehren Cory, CEO, Canada Infrastructure Bank. “Our strategic partnership with Jolt highlights a commitment to supporting the deployment of innovative technology which will create jobs and remove a potential barrier to EV adoption.”
By providing loans for the build-out of EV charging infrastructure, the CIB aims to alleviate consumer range anxiety, accelerate EV adoption and significantly reduce transportation sector emissions.
Through the Charging and Hydrogen Refuelling Infrastructure Initiative (CHRI), the CIB collaborates with leading EV charging network owners and operators to accelerate the private sector's rollout of large-scale charging infrastructure across Canada. This project marks the CIB's fourth CHRI investment and its third in EV charging infrastructure.
“Curbside fast charging is critical to the transition to electric vehicles, and providing fast, free charging to those who do not have access to off-street charging is Jolt's goal for its expansion in Canada,” says Doug McNamee, chief executive officer with Jolt. “Jolt's partnership with the CIB is a testament to our shared commitment to innovation and sustainability. By expanding our EV charging infrastructure, we are making electric vehicle ownership more accessible and convenient for all Canadians.”
To date, the CIB has invested approximately $650 million towards the deployment of approximately 5,500 public fast charging ports.
