Flo Services secures $220M loan to expand EV charging network
The Canadian PressGeneral Automotive
Loan is the first from Infrastructure Bank's $500M fund designed to increase alternative refuelling options.
TORONTO – Electric vehicle drivers can expect more charging options ahead as the Canada Infrastructure Bank is loaning $220 million to Flo Services Inc. to expand its network.
The Infrastructure Bank says the loan will allow Quebec City-based Flo to install more than 2,000 charging ports, nearly doubling the number of universal public fast charging ports available in Canada.
The loan is the first from the Infrastructure Bank’s $500 million fund designed specifically to increase EV charging and hydrogen refuelling options.
Flo will own and operate the network that will mostly use its own dual-port, 320 kilowatt chargers designed to bring most EV batteries to an 80 per cent charge in 15 minutes.
The chargers are expected to be installed within four years at about 400 sites across Canada.
Investments in charging networks come as the government is also mandating that at least 60 per cent of vehicle sales be electric by 2030 and 100 per cent by 2035.