Flo secures $220-MIL loan commitment to deliver 2000 fast charging ports
April 26, 2023 | By Anthony Capkun
April 26, 2023 – The Canada Infrastructure Bank and Flo announced plans to bring more than 2000 public fast charging ports online across Canada by 2027.
A $220-million loan commitment from CIB represents the first investment under its Charging and Hydrogen Refuelling Infrastructure (CHRI) initiative, which is focused on expanding the private sector’s rollout of large-scale charging infrastructure.
“We look forward to building new partnerships that support the large-scale deployment of charging and hydrogen refuelling stations across Canada,” said Ehren Cory, CEO, Canada Infrastructure Bank.
CIB says the partnership is designed to mitigate risks, such as uncertainty in the rate and pace of electric vehicle adoption and charger utilization, which have “historically been barriers to private investment in charging infrastructure”.
“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 Louis Tremblay, Flo’s president & CEO.
The project will include the build-out of a Flo owned- and -operated network of fast chargers, primarily using the dual-port Flo Ultra—a 320-kW charger designed to “maximize energy delivery” and charge most EVs to 80% in 15 minutes. The chargers are intended to be installed within four years at around 400 sites across Canada.
Flo is to collaborate with site hosts to install the chargers along qualifying transportation corridors, and in urban and suburban communities with populations greater than 20,000.
This model presents “an attractive opportunity for site hosts”, says CIB, who wish to offer charging services without assuming the planning, installing, and operating responsibilities associated with charging deployment.
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