With the government prioritizing a cleaner and greener growth approach across most sectors in Canada, the shift towards electric vehicles (EVs) is gaining momentum.
In 2021, transportation emissions accounted for nearly 28% of Canada’s total greenhouse gas (GHG) emissions.
The Canada Infrastructure Bank (CIB) is making significant strides to support the country’s transition to electric vehicles. In its latest move, the CIB has committed up to $210 million in loans to facilitate the expansion of fast-charging options, specifically for Parkland Corp. This funding initiative aims to add over 2000 fast-charging ports at approximately 400 locations, contributing to the federal government’s ambitious target of achieving full EV sales by 2035.
Accelerating EV Adoption: The CIB’s Charging Network Expansion
Under the CIB’s charging and hydrogen refueling infrastructure initiative, this funding follows a $220 million loan provided to Flo Inc. in April, propelling the development of more than 2000 fast-charging ports nationwide by 2027. The CEO of CIB, Ehren Cory, emphasizes the urgency to address range anxiety and accelerate EV adoption by rapidly deploying high-speed chargers.
“The whole goal here is rapid deployment,” Ehren Cory, CEO of CIB.
Companies such as Parkland are already investing in expanding charging options, but additional funding is crucial to meet the demand and pace required for widespread EV adoption.
With road transportation emissions playing a substantial role in climate change, the commitment to expanding EV charging infrastructure aligns with broader sustainability goals. Parkland reports that the company’s initial investments in electric vehicle charging have been positive, citing strong customer interest.
Empowering Your EV Initiatives: Explore Government Funding Today
In a concerted effort to support businesses navigating the evolving landscape of clean technology, our Cleantech Funding Directory is a valuable resource. To align your projects with the latest funding opportunities, explore our directory and stay informed.
The Ontario government understands the importance of supporting the EV industry to ensure a talented workforce, state-of-the-art research facilities, and impressive manufacturing facilities. As part of efforts to boost the automotive sector, the Ontario government will begin accepting applications for the Ontario Automotive Modernization Program (O-AMP) in March 2024. O-AMP is a competitive program offering nearly $150K to successful applications – we encourage all businesses to contact us as soon as possible to prepare for upcoming deadlines.
Drive change with the support of Canada’s leading government grant writing service. Our free downloadable guide on Navigating the Funding Process also provides insight on preparing for your funding applications. Join our newsletter today to stay updated on upcoming OAMP information and other automotive funding opportunities.