Chase bank announced a new partnership with fast charging network EVgo to implement a pilot program of DC fast chargers for EVs at 50 of its branch locations. As part of an expanded focus on sustainability, the commercial banking business plans to grow its on-site solar power to 400 additional branches by year’s end.
Chase bank is the US consumer and commercial banking business of JPMorgan Chase & Co. ($JPM), serving over 60 million households throughout the country. Chase currently has a footprint of nearly 4,800 branches across the US.
The company has made recent efforts to minimize the environmental impact of its operations and reduce greenhouse gas emissions from its buildings, branches, and data centers by 40% by 2030. Part of this strategy includes the installation of solar panels on its bank buildings – 350 branches to date.
The bank’s specific focus on renewable energy makes EVgo a wise new partner, as the EV fast-charging network currently sits as one of the largest in the US and the first to be powered by 100% renewable energy.
With EVgo’s help, Chase will test out DC fast chargers for its banking customers while it continues to expand solar panel integration.
Chase to offer EV chargers to replenish while customers bank
Chase shared news of its new fast charger pilot program and partnership with EVgo in a press release, alongside comments from both parties.
Beginning this summer, EVgo’s DC fast chargers will begin popping up around 50 Chase branches in states like California, Indiana, Illinois, New York, Oregon, and Pennsylvania. Jennifer Roberts, CEO of Chase Consumer Banking, spoke:
We’re always listening and taking feedback from customers when it comes to the branch experience, and we know environmental sustainability is important to them. We’re excited to work together with EVgo to bring electric vehicle charging to our branches and offer this important service to thousands of customers and their communities.
According to the release, EV drivers will be able to plug in outside of their local Chase branch and utilize fast chargers offering speeds between 100-350 kW, which can deliver as much as 80% charge in 15-45 minutes.
Once all 50 DC fast chargers are installed and functional, EVgo estimates they will deliver up to 9.4 million kWh annually and provide nearly 30 million miles of EV range. Those numbers supplant 12,000 metric tons of CO2, equivalent to planting approximately 196,000 trees each year. EVgo CEO Cathy Zo also commented:
Reducing the amount of pollution from tailpipes will have real benefits for consumers and communities, and increasing the availability of convenient public fast charging gives more drivers peace of mind to switch to electric. Having access to fast charging in everyday settings of life – the local bank being a great example as well as an important community staple – is truly key. We’re excited to partner with Chase, and together with our shared values, we look forward to working together on decarbonizing transportation and improving our communities.
Building off its 350 solar installations at branches so far, Chase shared additional plans to implement roughly 400 more, plus solar panels above 125 carports – all by the end of 2022. When the project is complete, Chase anticipates it will provide over 25 megawatts of solar capacity to the public from its banking branches alone.
Chase’s initial pilot program for the 50 EVgo chargers is scheduled to be complete by the summer of 2023.
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