Parkland Corp. (PKI) said it will double the size of its electric vehicle charging network in western Canada.
The Calgary-based energy company said it now plans to install 50 ultra-fast charging stations in locations spanning from Vancouver Island to Calgary, double the previously announced 25.
The charging stations will be capable of powering most electric vehicle models within 20 to 30 minutes and will be located across the company's existing Chevron and On The Run retail gas stations in British Columbia and Alberta.
As of September this year, electric vehicles accounted for 17.5% of new light-duty passenger vehicles sold in British Columbia, making the province Canada’s leading market for EVs.
Parkland Corp. said that it expects to complete installation of the first 25 charging stations by year’s end, with the following 25 locations to be installed in 2024.
The company is taking $6.8 million in funding from Natural Resources Canada and the Government of British Columbia to support its electric vehicle charging network expansion.
Electric vehicle charging is becoming competitive for traditional gasoline retailers as they seek to attract a growing number of drivers who have made the switch to an electric car, truck or SUV.
Parkland Corp.’s stock is down 18% this year and currently trading at $28.94 per share.
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