The Canada Infrastructure Bank (CIB) announced a $220 million loan commitment to FLO to bring over 2,000 public fast charging ports online across Canada by 2027.
The investment by CIB is the first under its Charging and Hydrogen Refuelling Infrastructure (CHRI) initiative. That initiative aims to expand the private sector’s rollout of large-scale charging infrastructure.
“Our $220 million investment with FLO will bring approximately 2,000 fast charging ports online across Canada to accelerate EV adoption across the country,” said Ehren Cory, CEO of CIB, in a statement. “This investment will help alleviate range anxiety and significantly reduce greenhouse gas emissions.”
FLO is an electric vehicle charging station company with locations in both Canada and the United States. The company plans to collaborate with site hosts to install the chargers along certain transportation corridors, and also in urban and suburban areas with a population greater than 20,000.
“With about 2,000 universal public fast charging ports (excluding non-universal and non-networked charging ports) currently in Canada, this extraordinary partnership comes close to almost doubling the number of public DCFCs across the country,” said Louis Tremblay, President and CEO of FLO, in a statement.
The project is supposed to include a buildout of a FLO owned-and-operated network of fast chargers. The chargers are expected to be installed within four years at around 400 sites across Canada.
“We are pleased to have a lending partner like the CIB and look forward to working together to accelerate the expansion of fast and reliable EV charging, which is critical to Canadian EV adoption,” said Tremblay.
