A CA$220m 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.
The CIB and Flo partnership is designed to mitigate risks such as uncertainty in the rate and pace of EV adoption and charger utilisation which have historically been barriers to private investment in charging infrastructure.
The project will include the buildout of a Flo owned-and-operated network of fast chargers primarily using the recently launched dual-port Flo Ultra, a 320 kW ultra-fast charger. The unit is designed to maximise energy delivery and charge most EVs to 80% in 15 minutes.
The chargers are intended to be installed within four years at approximately 400 sites across Canada. Flo will 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 who wish to offer charging services without assuming the planning, installing, and operating responsibilities associated with charging deployment.
