Chase Bank will begin adding fast-charging stations for electric vehicles (EVs) to 50 of its U.S. branches later this year. Their recently announced partnership with EVgo will bring charging stations to select branches, including ones in California, Indiana, Illinois, New York, Oregon, and Pennsylvania, and is expected to be ready for public use by summer 2023.
The new 100-kW and 350-kW chargers will be 100% powered by renewable energy and are expected to be able to charge vehicles up to 80% capacity in 15-45 minutes. EVgo estimates that they will be able to provide up to 9.4 million kWh per year, nearly 30 million EV miles, and can help reduce up to 12,000 mt of CO2 per year, the equivalent of planting nearly 196,000 trees each year. Here's Jerry's look at Chase's new pilot programs, the EVgo chargers, and what it means for the electric vehicle industry.
A Chase branch has already started construction for the program
Chase has yet to announce a full list of which branches will be included in the test but construction has already begun on its first location in Carmel, Indiana, which is anticipated to be open this summer.
Other confirmed locations include branches in Exton, Pennsylvania, Norridge, Illinois, Oak Brook, Illinois, and Oregon. Fifteen branches in California are also expected to be included.
To determine which branches should be included, Chase looked at the areas experiencing higher levels of customer demand. The company included locations where the charging stations would bring added convenience to EV owners in their daily lives. The installations will allow customers the opportunity to quickly charge their car while they're visiting the bank.
EVgo has made name for itself with its charging stations
According to Green Car Reports, EVgo owns and operates the largest public fast-charging network in the country by maintaining partnerships with different businesses, including grocery stores, shopping centers, and hotels.
The company focuses on fast-chargers, making it ideal for heavily-trafficked areas where EV owners run daily errands, shop, or could use a fast-charging station that fits into their everyday life.
It's unlikely that a Chase customer will be at the bank for several hours, making fast-charging a better option than level 2 charging stations, which can take 5-6 hours to charge an EV and can be better suited for offices and apartment buildings. The EVgo chargers can provide up to 350 kW, but actual charging speeds can vary depending on the vehicle's charging capability.
They will be able to charge any EV capable of fast charging, including LEAFs, BMWs, and Bolts. Drivers of Tesla Models 3/X/S/Y will also be able to utilize the public charging stations with a CHAdeMO adapter or by using the Tesla connectors available at certain EVgo locations.
How many EVgo chargers will each branch have?
Each branch will have between two and six EVgo fast-charging stations. However, most branches are anticipated to only have four installed. Construction on most of the branches is scheduled for the third and fourth quarters of 2022, and the charging stations are expected to become available for public use toward the end of the year through summer 2023. Customers will be able to use the EVgo app to see real-time availability of the fast-charging stations near them.
Why Chase is adding fast-charging stations to their branches
Despite projections that nearly 145 million EVs will be on the road by 2023, the lack of charging infrastructure continues to be a hurdle for EV adoption. The fast chargers will provide value to the growing EV industry and increase the availability of convenient public charging stations.
Chase's partnership with EVgo is just one of the changes the bank has made to promote environmental sustainability as they work towards the goal of reducing their overall carbon footprint by 40% by 2030. The installation will allow the branch to evaluate its impact and determine if they want to expand the pilot program to other branches.
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