Connecticut Green Bank and its EV Charging Partners Register the First Validated Multi-Partner Carbon Offset Credit Project

Rhea-AI Summary

Connecticut Green Bank has launched a pioneering carbon offset credit project for electric vehicle (EV) charging systems, marking the first of its kind registered under Verra's new methodology. Collaborating with partners including Blink Charging and Proterra, the initiative involves 725 EV charging stations across the U.S. The project aims to attract private investment from carbon capital markets, enhancing EV infrastructure deployment. It emphasizes performance-based funding, allowing EV chargers to earn credits based on electricity dispensed, thereby contributing to climate change mitigation.

Positive

• First multi-partner carbon offset credit project for EV charging systems.
• Collaboration with reputable partners like Blink Charging and Proterra.
• 725 EV charging stations already enrolled, indicating strong participation.
• Expected to bring in investment from carbon capital markets.

Negative

• None.

HARTFORD, Conn., Dec. 9, 2020 /PRNewswire/ -- Connecticut Green Bank ("Green Bank") and its partners are proud to announce a unique collaboration that is the first joinable, grouped carbon offset credit project registered under the new methodology for electric vehicle (EV) charging systems. The project design has been successfully validated under Verra's internationally recognized Verified Carbon Standard (VCS) Program by third-party verification firm, SCS Global Services. 

Project addresses a key challenge in mitigating climate change

CT Green Bank's expanding roster of project partners, which currently includes EV pioneers Volta, U-Go Stations which was recently acquired by Blink Charging, Proterra, and the Ev Structure Company – with Dominion Energy joining – already have 725 EV charging stations across the United States enrolled with the project. With registered carbon credits, this validated project, once verified in mid-2021, is expected to bring in new funding from the carbon capital markets, which will increase the value proposition and accelerate the deployment of EV charging infrastructure in communities across the U.S.

"This is a partnership between innovators who are each working to secure a safer and healthier future for the communities they serve by addressing a key challenge in mitigating climate change – deploying charging infrastructure for electric vehicles," said Bert Hunter, CT Green Bank Executive Vice President and Chief Investment Officer. "We're proud to debut this project as a scalable climate finance solution that – like the Green Bank itself – sources investment capital from private markets."

These partners span sectors from electricity-powered transit buses to public destination charging stations and infrastructure, providing reliability for EV drivers.

• Volta designs, builds and operates extensive networks of free charging, located in the most convenient, most utilized, high traffic locations.
• Blink Charging (Nasdaq: BLNK) is a leading owner and operator of EV charging solutions. Blink recently acquired U-Go Stations who pioneered early high-speed EV charger deployments.
• Proterra is a leading U.S. manufacturer of electric buses and technology provider for commercial electric vehicles.
• EvStructure was among the earliest integrated services companies to install EV charging, and most recently introduced the first charging network to the largest Harley-Davison outlet in Utah.

Additional sites will be added over time throughout the project, and diverse new partners are already seeking to join the project to secure access to the carbon capital markets for their EV charging systems and take advantage of the Green Bank's unique value proposition as a way for projects to scale up over time and reduce transaction costs.

Jeff Allen of Forth, a non-profit dedicated to accelerating e-mobility, said, "We congratulate the Connecticut Green Bank and its partners and look forward to working with them to help other businesses and organizations take advantage of this innovative financing strategy." 

"In addition to reducing our own emissions, Dominion Energy is committed to helping accelerate greenhouse gas reductions in other industries like transportation," said Mark Webb, Chief Innovation Officer, Dominion Energy. "As we continue to invest in the electrification of transportation through programs like workplace charging, our electric school bus program, a greener fleet, and other EV incentives, this partnership will allow us to take concrete steps to quantify those carbon reductions."

In this first example of an EV charger carbon offset credit multi-partner project, Green Bank partners may enroll their selected EV chargers to create carbon credits from their EV charger datasets, which opens private carbon capital as a new source of investment for EV charging. The result is a performance-based system where EV chargers earn funds based upon the amount of electricity dispensed to vehicles, factoring in the carbon intensity of the electricity used.

The Green Bank was among a coalition of companies collectively awarded an Innovative Partnership Certificate for methodology development at the 2019 Climate Leadership Conference, hosted by C2ES and The Carbon Registry. "We welcome this innovative new partnership and the first-of-its-kind electric vehicle carbon emissions offset program," says Bob Perciasepe, President of C2ES. "Expanding charging infrastructure and incentivizing increased uptake of electric vehicles is essential for decarbonizing our economy by 2050. We look forward to seeing new private capital through this program and hope this partnership will inspire others to join the collaborative project in the future."

Program Contact:

Matt Macunas
Legislative Liaison & Associate Director of Transportation Initiatives
Connecticut Green Bank
Matt.Macunas@ctgreenbank.com 
(860) 257-2889

Media Contacts:

Justin May
Gaffney Bennett Public Relations
jmay@gbpr.com 
(860) 839-1538

Rudy Sturk, Sr. Manager of Marketing Innovation
Connecticut Green Bank
Rudy.Sturk@ctgreenbank.com 
(860) 259-1154

 

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SOURCE Connecticut Green Bank

FAQ

What is the Connecticut Green Bank's new carbon offset project related to BLNK?

The project is the first validated multi-partner carbon offset credit initiative for electric vehicle charging systems, involving multiple partners including Blink Charging.

How many EV charging stations are involved in the Connecticut Green Bank's project?

There are currently 725 EV charging stations enrolled in the project.

What benefits does the carbon offset project offer to Blink Charging (BLNK)?

The carbon offset project aims to enhance funding opportunities for deploying EV charging infrastructure, potentially increasing Blink Charging's revenue.

When is the verification of the carbon credits expected for the project by Connecticut Green Bank?

The verification of the carbon credits for the project is expected in mid-2021.

How will the project impact climate change mitigation efforts?

The project aims to facilitate the deployment of EV charging infrastructure, which is essential for reducing greenhouse gas emissions and addressing climate change.