The company announced plans to double its EV charging exposure and intends to have 350 electric vehicle chargers at 90 branch locations.
May 24, 2022
Bank of America and Electrify America announced the two have reached an agreement in which the financial institution will double the number of its financial centers that will be equipped with electric vehicle (EV) charging stations.
Beginning this year, Bank of America had 172 Electrify America chargers across 46 financial centers, and it now plans to increase that investment to 350 chargers across 90 locations by the end of 2023.
Bank of America is an EV100 member and has additional EV charging stations at its employee offices at more than 100 locations. It launched a workplace EV charging initiative in 2017. EV100 is a global initiative of corporations committed to switching their owned and contracted fleets to electric vehicles by 2030. Other EV100 members include ABB, AstraZeneca, Goldman Sachs, GlaxoSmithKline, Lyft, National Grid, PG&E, and many others. The full list of corporations and their stated commitments can be found here.
Electrify America is among the largest installers of DC fast charging networks in the US and is investing $2 billion over ten years in EV infrastructure, education, and access. The company expects to have more than 1,800 charging stations with over 10,000 chargers in the US and Canada by 2026.
“Electrify America is expediting the electric future by providing ultra-fast charging to customers in convenient locations,” said Anthony Lambkin, senior director of operations at Electrify America. “Collaborating with companies such as Bank of America – who share our goals for a more sustainable future – helps to accelerate the transition to electric transportation and meet customers’ needs.”
Earlier this month, Electrify America announced its chargers are now 100% backed by renewable energy. It signed on for a 75 MW solar project in San Bernardino County, Calif., which is expected to reach operations in mid-2023. In the meantime, the company has purchased renewable energy credits to support its charging operations with clean power.
The 75 MW solar project will significantly expand the company’s exposure to PV, which it currently owns in a distributed fashion in solar canopies installed at many of its charging sites. It has invested $2 million in 30 Level 2 charging stations in rural California that are fully off-grid. Each station includes a sun-tracking solar array that can charge two vehicles at a time, with a maximum rate of 3.5 kW. It can charge during any weather condition or time of day thanks to the attached energy storage on the off-grid system.
Electrify America also installs on-grid solar on canopies at many of its EV charging stations. Its Baker, California station has DC fast chargers on-site. The company said a Level 2, 7.2kW AC charger can take one hour to deliver about 27 miles of EV range. A 50 kW DC fast charger can deliver the same 27 miles of range in about ten minutes.
