Canada Infrastructure Bank Boosts Electric Vehicle Charging Network with New Funding

The Canada Infrastructure Bank (CIB) has announced its commitment to expanding the fast-charging network for electric vehicles (EVs) with a second funding deal. In a move to support the government’s vision of achieving full EV sales by 2035, the CIB plans to provide up to $210 million in loans to Parkland Corp. This funding will facilitate the expansion of Parkland’s charging network by more than 2,000 fast-charging ports across approximately 400 sites.

This latest funding announcement follows the CIB’s previous loan of $220 million to Flo Inc. in April. The loan aimed to help Flo Inc. establish over 2,000 fast-charging ports throughout Canada by 2027.

By investing in charging infrastructure, the CIB aims to alleviate concerns around “range anxiety” and promote widespread EV adoption. Ehren Cory, CEO of the CIB, emphasizes the need for accelerated deployment of high-speed chargers. While companies have already been expanding charging options, Cory believes that a faster pace is necessary to drive widespread EV adoption successfully.

The funding for these initiatives derives from the CIB’s charging and hydrogen refueling infrastructure initiative, which has a target of $500 million. However, the CIB aims to surpass this amount, highlighting the importance of investing in charging infrastructure to support the transition to clean transportation.

Parkland Corp., one of the beneficiaries of the CIB funding, has expressed enthusiasm for expanding its charging network. Darren Smart, Senior Vice President of Energy Transition at Parkland, has reported positive results and strong customer interest from the company’s initial investments in electric vehicle charging.

The investment by the CIB signifies a significant step towards establishing a robust and accessible charging network in Canada. As EV ownership continues to rise, the expansion of charging infrastructure is vital to address the needs of electric vehicle owners and encourage the wider adoption of sustainable transportation.

FAQs

1. What is the Canada Infrastructure Bank?

The Canada Infrastructure Bank is a federal Crown corporation that aims to attract and invest private sector capital into infrastructure projects that benefit Canadians.

2. What is the goal of the CIB’s funding for charging stations?

The CIB’s funding for charging stations aims to accelerate the deployment of fast-charging options for electric vehicles to promote widespread EV adoption and reduce range anxiety.

3. How will the funding be used?

The loans provided by the CIB will support the expansion of the charging networks of companies such as Parkland Corp. and Flo Inc., enabling them to install thousands of fast-charging ports at various locations across Canada.

4. Why is investing in charging infrastructure important?

Investing in charging infrastructure is crucial to support the growing number of electric vehicles on the road and alleviate concerns about range anxiety. It provides convenient and accessible charging options, encouraging more people to switch to electric vehicles and reduce greenhouse gas emissions from transportation.

5. What is the government’s vision for electric vehicle sales?

The Canadian government aims to achieve full electric vehicle sales by 2035 as part of its efforts to reduce road transportation emissions, which currently account for approximately 18% of the country’s total greenhouse gas emissions.