Rising fuel prices and the increasing environmental cost of owning combustible engine vehicles have been driving consumers in Canada to switch to electric vehicles.
However, despite the appeal, major roadblocks are preventing the mass adoption of electric vehicles in Canada, the most significant of which is limited charging infrastructure.
While there has been a discernible increase in EV charging stations, availability has failed to keep up with demand. According to a recent KPMG survey, 50% of Canadian consumers in the market for a new vehicle were hesitant to commit to an electric vehicle due to the lack of charging infrastructure, while 24% of respondents were concerned about EV recharging speeds.
Right now, Canadians have access to approximately 6,000 public charging stations. That’s roughly half the number of available gas stations and not nearly enough to support the full transition to electric vehicles.
However, a recently re-elected Liberal government is looking to make good on campaign promises to support mass EV adoption, with plans that include $700 million in spending to add 50,000 new EV and hydrogen charging stations.
Not to be left behind, large corporations are also looking to get in on electric vehicle charging infrastructure in Canada. Automaker General Motors has promised to install 4,000 new EV charging stations as part of company plans to increase its investment in the electric vehicle segment. At the same time, retail giant Canadian recently announced plans to install EV charging stations at outlets across the country.
Consumers want change. Despite some hesitancy, EV sales are up nearly 90% year-over-year, accounting for nearly 5% of all new vehicle registrations in Canada. And businesses of all sizes recognize the commercial opportunity that EV charging infrastructure can offer. The demand for EV charging ports is there; now, we need the infrastructure to catch up.
Increased affordability and choice have been major contributing factors to the recent acceleration of electric vehicle demand in Canada. However, experts fear that a lack of charging infrastructure could impede the market’s continued growth.
In a new EV market insight published by McKinsey & Company, Frank Mühlon, president of the e-mobility division of ABB, and Giovanni Palazzo, president and CEO of Electrify America, highlight charging station infrastructure challenges as one of the top barriers to EV adoption.
To support mounting EV demand, the pair believes that an investment in a vast network of publicly accessible chargers is crucial – and it needs to happen sooner rather than later. Without a robust charging infrastructure, surging demand for electric vehicles could lose momentum, jeopardizing Canada’s ability to meet net-zero emissions targets.
When asked for their opinion on where priorities should lie regarding the expansion of EV infrastructure, Palazzo and Mühlon point to local government support, public-private partnerships, and location as crucial factors.
According to Mühlon, “overcoming obstacles to expanding EV infrastructure will involve offering financial incentives and regulatory support to drive the transition from internal combustion engine (ICE) vehicles to EVs.”
Increasing charging infrastructure setup along major arteries, and large urban centers will play a vital role in encouraging EV adoption; however, there are other equally important factors to consider.
“Public charging has a significant real-estate component.” said Palazzo, “a location could be great from a utilization perspective, but if there is no electrical-grid capacity, installation could be challenging.”
Extreme Vehicle Battery Technologies Corp (CSE: ACDC) (OTCMKTS: CRYBF) is doing its part to help rev up the country’s green energy sector. The burgeoning blockchain and battery technology company has developed a revolutionary, patented AI-based Battery Management System, which it has leveraged into smart solutions for the rapidly growing EV and ESS (energy storage solution) markets.
The company’s versatile lineup includes energy-saving solutions for use both at home and on the go, including a state-of-the-art energy storage system, EV chargers, an EV prototype, and a cutting-edge smartphone app.
With options for both residential and commercial use, the versatile IONiX Pro EV Smart Charger offers performance features not available on any other EV charging.
Most charging stations draw power on demand from an electrical grid. However, the IONiX Pro EV Smart Charger, thanks to EV Battery Tech’s ESS and BMS technology, can draw power from the grid or renewable sources during off-peak hours, store it, and distribute it during peak periods.
Peak shaving arbitrage, an AI-driven Battery Management System, and the ability to draw and store power from renewable sources like wind and solar could make the IONiX Pro EV Smart Charger a game-changer for the company as investment in EV charging infrastructure revs up.
The SmartWall is an at-home energy-storage solution made better by the inclusion of EV Battery Tech’s BMS. The system features remote monitoring, maintenance, and repair functions, which together make the SmartWall safer, more stable, and longer-lasting than its top competitors. Individual unity capacity for the SmartWall is 15kW, however, up to 10 units can be stacked for a potential output of 150 kW.
On September 7, 2021, less than a year after the SmartWall concept was formally announced, the first IONiX Pro SmartWall was successfully delivered to a customer in Vancouver. EV Battery Tech is now accepting limited SmartWall pre-orders for 2022 delivery.
Smart Wall buyers will also have access to the Smart Command System and App. This blockchain-based app works with the company’s Battery Management System to deliver remote monitoring and maintenance features, along with machine learning capabilities that will help maximize efficiency. Smart Command will allow users to manage power and grid communications, creating a cost-cutting power arbitrage opportunity between peak and off-peak power hours.
“Smart homeowners will recognize that charging their systems at the cheapest times and selling into the grid at peaks will allow for passive income opportunities. What’s more, our machine learning actually learns the best times to perform this function, ensuring that income is maximized, if that is the ultimate goal of the user,” said EV Battery Tech President and CEO Bryson Goodwin.
In October, EV Battery Tech announced that they had entered into an agreement to acquire crypto app developer CryptoPlug Technologies Inc. The company is now working to combine the crypto-compatible solutions with its existing Smart Command smartphone app.
The new app will give EV and ESS customers the ability to optimize their power usage both at home and on the go, pay seamlessly with cryptocurrency, and even sell excess power to the grid.
After entering into an agreement in February with electric vehicle maker Daymak to act as the company’s exclusive battery supplier, EV Battery Tech recently announced the first fully functional prototype of the Daymak Avvenire Spiritus has hit the road.
The ground-break Avvenire EV lineup will include six models, including the fastest-in-class Spiritus EV, which also will be the first EV on the market with crypto mining capabilities. Pre-orders for the three-wheeler have now exceeded $1.1 billion.
Together, EV Battery Tech, wholly-owned subsidiary IONiX Pro and Daymak have also been collaborating on another EV project – the IONiX Pro Trilogy Vision. The first prototype of this high-performance EV is expected to be delivered in the first half of 2022.
Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.
