Global Partners plans to "accelerate" its plans to install electric-vehicle fast chargers through the National Electric Vehicle Infrastructure Formula Program, the company said during a call discussing third-quarter financial results.
But the company didn't specify Friday how many sites were under development.
"In our retail business, we are one of three companies selected to work alongside the Massachusetts Department of Transportation to deploy MassDOT's $63 million allocation of the National Electric Vehicle Infrastructure [Formula] Program, or NEVI, over the next five years," Chief Executive Eric Slifka told analysts.
"This is a unique opportunity for Global to accelerate our own plans to install DC fast EV charging stations at strategic retail locations across our network and to provide a safe, reliable and enjoyable charging experience to the EV customers," he said.
Global is finalizing the list of the first tranche of sites for development, he added.
Asked how many EV charging stations Global is planning, Slifka said "it's not huge scale." The company will be "financially disciplined" to limit risk, he said.
"We're partnering with government to try and build out a network in places that are desirable for our customers," he said. The EV charging business is "still in the early innings."
At the end of the third quarter, Global had 1,589 retail fuel sites, as well as 64 sites under its Spring Partners Retail joint venture with ExxonMobil.
Applegreen Electric, a subsidiary of the Applegreen Group, also has been tapped by Massachusetts to receive NEVI funds, according to an announcement earlier this year.
The Applegreen Group also operates a large network of gasoline stations and travel plazas in Ireland, the U.K. and the U.S.
Applegreen Electric's website says it provides more than 1 million fast-charging sessions per year.
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-- Reporting by Donna Harris, dharris@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
November 08, 2024 18:11 ET (23:11 GMT)
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