This morning, the Canada Infrastructure Bank (CIB) announced its first investment from a dedicated EV charging fund.
FLO Chargers will receive $220 million from the CIB to build over 2,000 “ultra-fast” chargers in public places.
Per the Toronto Star, the Greater Toronto Area will be a potentially key point of expansion. No one would be surprised to see FLO focus on Ontario as BC and Quebec are further ahead in electrification.
However, FLO has not confirmed the exact locations they are considering, but they did confirm it is based on numerous factors and will be national in scope.
As a crown corporation, the CIB invests in infrastructure projects that align with public priorities. CEO of the CIB, Ehren Cory, had this to say about the announcement:
If we want to accelerate adoption of EV vehicles in our country and decarbonize our transportation fleets, there’s got to be wide access to reliable charging. So range anxiety stops being a concern for people.
As one of the federal budget priorities last year, the CIB was provided $500 million for EV charging and hydrogen refuelling investments. This is the first investment out of this fund. Although the fund was announced at $500 million, per the bank, it is a target, not a cap. So hopefully, this is the first of many investments over the coming months.
