Canadian Government Invests in 12 EV Charging Stations in BC

On Monday (June 24), Natural Resources Canada announced that it is developing 12 new electric vehicle (EV) charging stations in the province of British Columbia worth C$600,000.

The investment will go through FortisBC (TSX:FTS). The government body’s goal is to create a network of stations that are built along the national highway system to promote clean energy initiatives.

A quarter of all greenhouse gas emissions in Canada are derived from transportation, which means that investing in EV infrastructure is important for lowering emissions.

“Putting charging stations where they are needed most helps drive electric vehicle adoption and is part of our Clean Growth Pathway, our action plan to help the province meet its clean energy goals,” said Doug Stout, vice president of market development and external relations at FortisBC.

The British Columbia government is contributing an additional C$300,000 to the cause.

“Electric vehicles are an important part of Canada’s clean energy future, and we are committed to supporting initiatives that encourage widespread adoption of zero emission vehicles,” said Stephen Fuhr, member of parliament for Kelowna–Lake Country. “That is why we continue to invest in infrastructure needed for easy charging where we live, work and play, as well as travelling from coast-to-coast.”

The announcement was made at the Kelowna International Airport, where two of the 12 charging stations have been built. The initiative is geared at connecting clean technology and a prospering economy while encouraging job creation and economic growth.

“Canada is committed to a clean energy future that guarantees good middle-class jobs and a strong economy and ensures that our country remains a destination of choice for international investment,” Monday’s release states.

These 12 stations are part of an C$180 billion overarching infrastructure plan set forth by the Canadian government.

The EV charging market is growing at a notable pace. According to Report Buyer, the global EV charging infrastructure market reached US$6.45 billion in 2018. It projects that between 2019 and 2027, the industry will grow at a compound annual growth rate of 36.5 percent to reach US$95.98 billion.

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Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article.