Charge+ Partners OCBC To Boost Roll-Out Of 10K EV Charging Points

Local electric vehicle (EV) charging operator Charge + announced yesterday (January 15) its partnership with OCBC Bank to accelerate the “greening” of Singapore’s land transport sector.

The two companies have signed a memorandum of understanding (MOU) to strengthen Charge + plans to install 10,000 electric vehicle charging points across the island by 2030.

This is in line with the government’s goal of deploying 60,000 charging points – the original target was 28,000 – by 2030.

Supporting this initiative, Charge + said it would “evolve accordingly to contribute to the new national goal”.

Involve the real estate sector

charge + and ocbc bank
(LR): Lee Shyong, Managing Director, Partnerships and Innovation, Global Corporate Banking, OCBC Bank; Elaine Lam, Head of Global Corporate Banking, OCBC Bank; Ong Tze Boon, President of Charge +; and Goh Chee Kiong, CEO of Charge +

As part of the MOU, OCBC Bank will leverage its extensive coverage of the real estate industry to encourage its property developer and owner clients to install charging stations on their premises.

In addition, the two companies plan to develop incentives to encourage OCBC Bank customers to purchase electric vehicles and charge them at Charge + charging points.

OCBC Bank will implement digital payment solutions for the recharging service and review infrastructure financing.

In light of the Bank’s ambition to build a sustainable financing portfolio of S $ 25 billion by 2025, clean transport has been identified as a sector of strategic importance given its strong growth potential for sustainable financing.

“We are delighted to be working with OCBC Bank, a partner who shares our corporate vision to green the mobility industry and catalyze the transition to electric vehicles,” said Ong Tze Boon, President of Charge +.

“By leveraging OCBC’s in-depth expertise in financing solutions, digital payments and real estate, Charge + will be able to accelerate the deployment of its electric vehicle charging infrastructure, which will be critical to boosting the adoption of electric vehicles in Singapore.

Elaine Lim, head of global corporate banking at OCBC Bank, said that for EV adoption to resume, the supporting charging infrastructure must be in place and “Charge + has very quickly become a leader in this area. .

However, infrastructure alone is not enough. There needs to be public adoption to enable a clean energy transportation system as well, she noted.

“OCBC can therefore play the role of a significant facilitator of financial services in the ecosystem of electric vehicles. This is just the first step for both of us, ”Lim said.

“We are excited to support the larger vision to bring others into the ecosystem, including real estate developers and owners, electric vehicle distributors and manufacturers, and utility companies. The collaboration with Charge + also marks our efforts to offer beyond banking solutions through partnerships and co-creation of innovative ideas with our corporate clients.

Featured Image Credit: Charge +

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Jothi Venkat

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