Connecticut Green Bank and Its EV Charging Partners Register the First Validated Multi-Partner Carbon Offset Credit Project
Project Paves Way for More EV Charging Stations and Partners Across the U.S.
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.
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.”
Legislative Liaison & Associate Director of Transportation Initiatives
Connecticut Green Bank
Gaffney Bennett Public Relations
Sr. Manager of Marketing Innovation
Connecticut Green Bank
“EV charging should be a natural, seamless experience, not a chore. Volta builds and operates free charging networks where people go to work, shop, and play. We are proud of taking part in founding this project with voluntary carbon credits which adds value to support us building more and better charging. We look forward to continuing our breakthrough work with Connecticut Green Bank.”
- Dr. Abdellah Cherkaoui, Senior VP of Government, Automotive & Utilities Volta
“Transitioning to zero-emission transportation means cleaner air and healthier communities. As fleet operators embrace electric vehicles and reduce their carbon emissions, it’s also an opportunity to create even more financial value. By offering carbon credits for the voluntary purchase market, we look forward to working with the Green Bank to enhance the value proposition for our customers.”
- Gareth Joyce, President Proterra Powered and Energy
“Blink has been a pioneer among national charging networks. With our recent acquisition of U-Go Stations, we are pleased to continue U-Go’s partnership for its charging stations with the Green Bank, and examine the expansion opportunities this opens up for the rest of our network.”
- Brendan Jones, Chief Operating Officer, Blink Charging
“Being in the business means knowing how to spot opportunities, and this innovative project is a game-changer. As a company’s that’s been among the earliest in EV charging in the US, EvStructure is proud to call itself a founding partner. We look forward to finding new ways to integrate this into our core business, and potentially into others’ businesses.”
- Todd Ritter, President The EvStructure Company
“Congratulations to Connecticut Green Bank and its partners on achieving the first-ever grouped project validation and verification in the EV arena. They have demonstrated a reduction of CO2 emissions compared to the baseline case of fueling and driving gasoline-powered vehicles under the new VM0038, Methodology for Electric Vehicle Charging Systems v1.0, and we celebrate their innovation of collaborating as a grouped project.”
- Letty B. Brown, program manager of GHG verification, SCS Global Services
“It’s great to see the successful registration of the first grouped Electric Vehicle (EV) charging station project that can generate carbon credits under the VCS Program. The transportation sector is a huge source of GHG emissions and this project is an important step towards providing climate finance for the underlying infrastructure needed to get more EVs on the road, and thus achieving emission reductions at scale.”
- David Antonioli, CEO of Verra
“Since Electrify America created the first ever project to use the Verified Carbon Standard methodology for EV charging, we couldn’t be happier to welcome the arrival of this second project. Connecticut Green Bank’s aggregation model provides a nice platform for other companies with charging assets to enjoy the financial benefits of their investments without the legwork of applying for their own projects”.
- Wayne Killen, Director of Infrastructure Planning and Business Development Electrify America
About Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com
Rudy Sturk, Sr. Manager of Marketing Innovation
About SCS Global Services
SCS Global Services is a global leader in third-party environmental and sustainability veriﬁcation, certiﬁcation, auditing, testing, and standards development. Its programs span a cross-section of industries, recognizing achievements in climate mitigation, green building, product manufacturing, food and agriculture, forestry, consumer products, and more. Headquartered in Emeryville, California, SCS has representatives and affiliate offices throughout the Americas, Asia/Pacific, Europe and Africa. Its broad network of auditors are experts in their fields, and the company is a trusted partner to companies, agencies and advocacy organizations due to its dedication to quality and professionalism. SCS is a chartered Beneﬁt Corporation, reﬂecting its commitment to socially and environmentally responsible business practices. For more information visit www.scsglobalservices.com and learn more about carbon offset verification at https://www.scsglobalservices.com/services/carbon-offset-verification.
Nikki Helms, Marketing Project Manager
+1 (510) 295-0667
Verra is a global leader helping to tackle the world’s most intractable environmental and social challenges by developing and managing standards that help the private sector, countries, and civil society achieve ambitious sustainable development and climate action goals. Verra develops and manages standards that help the private sector, countries, and civil society achieve ambitious sustainable development and climate action goals. Verra’s global standards frameworks serve as linchpins for channeling finance towards high-impact activities that tackle some of the most pressing environmental issues of our day.
For more information about Verra visit www.verra.org and for more information about the Verified Carbon Standard Program go to https://verra.org/project/vcs-program/
Anne Thiel, Communications Manager
+1 (202) 470-5664
For over a decade, Volta has been building a nationwide electric vehicle charging network to drive the world forward. Named after Alessandro Volta, the inventor of the electric battery, Volta’s award-winning charging stations benefit brands, consumers, and real-estate locations by providing valuable advertising space to businesses and free charging to drivers. Strategically located in places where consumers already spend their time and money, Volta is creating the sustainable fueling network of the 21st century. Headquartered in San Francisco, Volta chargers are currently the most utilized electric vehicle charging stations in the United States. To learn more, visit voltacharging.com.
About Ugo Stations / Blink Charging
On November 20, 2020 U-Go Stations announced its acquisition by Blink Charging and the transition of their EV charging assets into the Blink portfolio and network. Blink Charging Co. (Nasdaq: BLNK) is a leader in electric vehicle (EV) charging equipment and has deployed more than 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink Charging’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services.
Rebecca Gutierrez, Blink Charging VP of Marketing
(305) 521-0200 x209
Proterra is a leader in the design and manufacture of zero-emission electric transit vehicles and Proterra Powered electric vehicle technology solutions for heavy-duty applications. Since 2004, Proterra technology has been proven through more than 14 million miles on the road in purpose-built electric transit buses. As major cities are converting to 100% electric fleets, Proterra vehicles have become the most popular electric buses on the road in North America. Proterra has sold more than 1,000 electric buses to 125 communities across 43 U.S. states and Canadian provinces, with more than 10 years of deliveries.
Shane Levy, Corporate Communications
About the Ev Structure Company
EvStructure was among the earliest integrated service companies to install the very first public fleet level 2 non-networked EV charging stations, in 1998, for the cities of Pasadena and Santa Monica for the Toyota RAV4 electric city fleet pilot program. In 2008, EvStructure installed charging for Los Angeles Police Department – the largest to use EVs. Most recently EvStructure introduced the first charging network to the largest Harley-Davison dealership in Utah.
About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
About Electrify America
Electrify America LLC, the largest open DC fast charging network in the U.S., is investing $2 billion over 10 years in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will enable millions of Americans to discover the benefits of electric driving and support the build-out of a nationwide network of workplace, community and highway chargers that are convenient and reliable. Electrify America expects to install or have under development approximately 800 total charging stations with about 3,500 DC fast chargers by December 2021. During this period, the company will be expanding to 29 metros and 45 states, including two cross-country routes, delivering on its commitment to support increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly. Electrify America’s Electrify Home® offers home charging solutions for consumers with flexible installation options. Electrify Commercial® provides expert solutions for businesses looking to develop electric vehicle charging programs. For more information, visit www.electrifyamerica.com and media.electrifyamerica.com.
Forth is a nonprofit organization advancing electric, shared and smart transportation through innovation, demonstration, advocacy, and engagement. For more information, visit www.forthmobility.org.
The Center for Climate and Energy Solutions (C2ES) is an independent, nonpartisan, nonprofit organization working to forge practical solutions to climate change. Its mission is to advance strong policy and action to reduce greenhouse gas emissions, promote clean energy, and strengthen resilience to climate impacts. Learn more at www.c2es.org.