Bank of America to More Than Double Electrify America Ultra-Fast Charging Stations at Financial Centers

Rhea-AI Summary

Bank of America announces plans to expand its partnership with Electrify America, aiming to double the number of electric vehicle (EV) charging stations at its financial centers by the end of 2023. Currently, there are 172 chargers at 46 locations, with an increase to over 350 expected. This initiative supports the company's commitment to sustainability, enhancing access to EV infrastructure across several states, including California and New York. The collaboration aligns with Bank of America's goal to promote low-carbon solutions and accelerate the transition to electric transportation.

Positive

• Expansion of EV charging stations will exceed 350 chargers at over 90 financial centers by year-end 2023.
• Currently, 172 chargers are in operation across 46 locations, showcasing growth in green infrastructure.
• The initiative showcases Bank of America's commitment to sustainability and low-carbon solutions.
• Partnership with Electrify America supports the increasing adoption of electric vehicles, providing convenient charging options.

Negative

• None.

Over 90 financial center locations will offer electric vehicle (EV) charging by the end of 2023

CHARLOTTE, N.C., May 24, 2022 /PRNewswire/ -- Bank of America and Electrify America today announced plans to more than double the number of financial centers equipped with electric-vehicle (EV) charging stations by the end of 2023.

As of the beginning of this year, 172 Electrify America individual EV chargers have been installed at 46 financial centers – totals the companies intend to grow to more than 350 chargers at over 90 financial centers by the end of 2023.    

"Electrify America is expediting the electric future by providing ultra-fast charging to customers in convenient locations," said Anthony Lambkin, senior director of operations at Electrify America. "Collaborating with companies such as Bank of America – who share our goals for a more sustainable future – helps to accelerate the transition to electric transportation and meet customers' needs."   

Through Bank of America's collaboration with Electrify America, which began in 2019:

• In the first five months of 2022, the totals have expanded to 192 EV chargers across 51 centers in California, Florida, Georgia, Illinois, Maryland, Massachusetts, New Jersey, Oregon, Virginia and Washington.
• The companies plan to expand the number of EV charging stations in existing states, as well as add charging stations in several new states including Colorado, Connecticut, Indiana, North Carolina, New York, Oklahoma and Texas.

"At Bank of America, our commitment to a more sustainable future is woven into our culture and the many ways we serve our clients and communities," said Aron Levine, President of Preferred Banking at Bank of America. "Through our collaboration with Electrify America, we're making life easier for the communities we serve and are helping lead toward a more sustainable future."

In addition to adding EV chargers to financial center locations, Bank of America is an EV100 member and also has EV charging stations available at employee offices. Currently, the company has EV chargers installed at more than 100 locations for employee use, as part of its workplace charging initiative that launched in 2017.

The acceleration of financial centers equipped with EV chargers is the latest demonstration of Bank of America's commitment to supporting low-carbon solutions and accelerating the path to net zero. Most recently, the bank announced a grant to fund electric vehicles for the Wayne Health Mobile Unit in Detroit and announced 2030 financing activity targets as part of its net zero commitment.

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 have more than 1,800 total charging stations with over 10,000 chargers in the United States and Canada by 2026. During this period, the company will be expanding to 49 states and the District of Columbia, delivering on its commitment to support increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly.

Electrify America earned the 2020 and 2021 "EV Charging Infrastructure Best-in-Test" award from umlaut, an infrastructure and benchmarking specialist, now part of Accenture, as published in Charged Electric Vehicles Magazine. 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. 

Bank of America
At Bank of America (NYSE: BAC), we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters May Contact:

Mike Moran, Electrify America, 703-872-7936
Mike.Moran@ElectrifyAmerica.com

Tara Geiger, Electrify America, 571-352-6194
Tara.Geiger@ElectrifyAmerica.com

Andy Aldridge, Bank of America, 980.387.0514
andrew.aldridge@bofa.com

Kelly Sapp, Bank of America, 980.214.3070
Kelly.E.Sapp@bofa.com

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SOURCE Bank of America Corporation

FAQ

What is Bank of America's plan for EV charging stations by the end of 2023?

Bank of America plans to double its electric vehicle charging stations to over 350 at more than 90 financial centers by the end of 2023.

How many EV chargers does Bank of America currently have installed?

As of now, Bank of America has 172 electric vehicle chargers installed at 46 financial centers.

Which states will benefit from the expansion of EV charging stations?

The expansion will occur in states like California, Florida, New York, and Texas, among others.

When did the collaboration between Bank of America and Electrify America begin?

The collaboration between Bank of America and Electrify America began in 2019.

What is the significance of Bank of America's EV charging initiative?

This initiative reflects Bank of America's commitment to sustainability and supports the transition to electric transportation.