Obama offers loans for EV charging infrastructure

US President Barack Obama has launched an initiative to promote the deployment of electric vehicle (EV) charging infrastructures across the country. He is providing up to $4.5 billion (£3.37bn) in […]

Register now!

By Jacqueline Echevarria

US President Barack Obama has launched an initiative to promote the deployment of electric vehicle (EV) charging infrastructures across the country.

He is providing up to $4.5 billion (£3.37bn) in loans to support the commercial-scale deployment of innovative EV charging facilities.

The Obama Administration has also launched a process to identify where to prioritise zero emission and alternative fuel corridors, including EV charging stations.

In the past eight years the number of plug-in EV models increased from one to more than 20, battery costs have decreased by 70% and the number of EV charging stations have risen to more than 16,000, it added.

Furthermore, the government has announced a collaboration with 50 automakers, utilities, states and EV charging firms to build more charging infrastructure. They include Tesla, BMW and General Motors.