JOLT partners with CIB for $214m Canadian EV network

JOLT has announced a significant partnership with the Canada Infrastructure Bank (CIB) to facilitate the expansion of its electric vehicle (EV) charging network across Canada with a loan agreement valued at $214 million.

The partnership aims to install up to 1,500 new kerbside EV chargers in urban centres across Canada. This initiative is intended to enhance accessibility and affordability of EV charging for Canadians, supporting the transition towards electric vehicle ownership.

JOLT, which was founded in Australia, offers a unique charging solution by combining free, fast charging technology with digital out-of-home advertising. Each of JOLT's charging stations provides up to 7 kWh of free fast charging per user per day, sufficient for approximately 50 kilometres of vehicle travel, achieved within 15 to 20 minutes of charging, dependent on the vehicle.

Doug McNamee, CEO of JOLT, highlighted the significance of the partnership with the CIB, describing it as a notable recognition of JOLT's EV charger and advertising network. "Kerbside fast charging is critical to the transition to electric vehicles, and providing fast, free charging to those who do not have access to off street charging is JOLT's goal for its expansion. JOLT's partnership with the CIB is a testament to our shared commitment to innovation and sustainability. By expanding our EV charging infrastructure, we are making electric vehicle ownership more accessible and convenient," McNamee stated.

The partnership aligns with the CIB's Charging and Hydrogen Refuelling Infrastructure Initiative (CHRI), which aims to collaborate with key EV charging network operators to expand charging facilities across Canada. Ehren Cory, CEO of CIB, commented on the partnership: "By investing in expanding EV charging infrastructure, we are supporting Canadians' need for accessible and convenient charging points in urban centres. Our strategic partnership with JOLT highlights a commitment to supporting the deployment of innovative technology which will create jobs and remove a potential barrier to EV adoption."

By 2029, the Canadian Government aims to deploy 84,500 EV chargers to support a nationwide transition towards electric vehicles. Additionally, the government has set a goal to achieve 100% zero-emission vehicle sales by 2035 for all new light-duty vehicles.

The demand on the infrastructure is underlined by forecasts which predict the presence of over 13 million electric vehicles on Canadian roads by 2030, necessitating more than 200,000 public chargers. The JOLT-CIB partnership is a strategic step towards meeting this demand and supporting the reduction of greenhouse gas emissions.

JOLT's business has expanded significantly on both domestic and international fronts over the past year. Globally, JOLT's network has increased by 92%, with operations now spanning New Zealand, the UK, and Canada. This growth has seen a 242% increase in EV charging energy provision and a 188% rise in charging sessions year-on-year globally.

The company's existing strategic partnership with TELUS, a major Canadian communications technology company, underscores its commitment to expanding its kerbside fast chargers throughout Canada.

McNamee expressed enthusiasm about JOLT's global expansion plans: "JOLT is in a unique position to have both a positive and sustainable impact on cities and EV drivers and the ability to offer drivers free and fast charging through its digital out-of-home advertising offer. Our ambitious plan is to build tens of thousands of sites over the next decade in major cities globally," he said.