Jolt is set to supercharge Canada’s EV infrastructure with a significant $194 million loan from the Canada Infrastructure Bank, paving the way for the installation of 1,500 curbside EV chargers across urban centers. This investment marks a pivotal moment in Canada’s transition to electric vehicles, addressing the crucial need for accessible and convenient charging solutions. Jolt’s commitment to providing free, fast charging will make EV ownership more attractive and affordable for Canadians.
Jolt’s unique business model, combining EV charging with digital out-of-home advertising, sets it apart from traditional charging networks. This innovative approach allows Jolt to offer 7 kWh of free charging per vehicle per day, potentially saving EV drivers up to $1,100 USD annually. This model not only makes EV charging more accessible but also contributes to the sustainability and growth of the EV market in Canada. The Canada Infrastructure Bank recognizes Jolt’s potential to address the urban charging gap, particularly for residents of multi-unit residential buildings (MURBs).
The Canada Infrastructure Bank’s (CIB) investment in Jolt is part of its broader strategy to expand public EV charging access. To date, the CIB has invested $650 million USD, supporting the installation of approximately 5,500 public charging ports. The CIB’s Charging and Hydrogen Refuelling Infrastructure Initiative (CHRI) provides crucial financial support to private sector companies like Jolt, enabling them to develop large-scale zero-emission refueling projects. This initiative demonstrates the CIB’s commitment to fostering a robust and sustainable EV charging infrastructure across Canada.
The CIB’s loan structure is designed to mitigate risks associated with EV adoption and charger utilization. By aligning loan repayment with charger usage and incentivizing charger reliability, the CIB ensures that its investments deliver tangible benefits to Canadian consumers. The CIB’s requirement for 97 percent charger uptime underscores its commitment to reliability and customer satisfaction. With ongoing investments and strategic partnerships, Canada is poised to become a leader in EV infrastructure development, making electric vehicle ownership more convenient and accessible for all.