Chase Bank (NYSE: JPM) recently announced they are collaborating with EVgo on electric vehicle charging stations at select locations across America. This decision was part of Chase's plan to encourage sustainability and to decrease their carbon footprint.
Chase said that they intend to have electric vehicle chargers implemented at around 50 branches throughout America by summer 2023. Their very first location, which will open in Carmel, Indiana, has started, and will debut this coming summer.
Chase bank, which has over 4,800 branches throughout the United States, is now taking great strides to decrease the level of greenhouse gas emissions from their buildings and other centers by about 40% by the year 2030. One technique that will be brought about in order to do so will be to implement solar panels on their buildings (which will amount to around 350 branches).
Since Chase is now choosing to focus on renewable energy, their decision to have EVgo as a partner seems to be beneficial on both parts, given that EVgo is one of the biggest renewable energy networks in the United States. It is also one of the first to be fully run by renewable energy. So, with the assistance of EVgo, Chase will test DC fast chargers for its banking consumers, along with their implementation of solar panels.
According to Becky Griffin, chief administrative officer of consumer banking at JPMorgan Chase, they will continue to take note of usage rates in order to determine if the pilot program should be expanded.
"We haven't done an installation like this before," Griffin said in an interview, quoted by CNBC. "To the extent that we see success ... we'll evaluate and decide if we want to expand further."
Some of the states that will be focused on are where consumer demand is the highest, which include California, Illinois, Indiana, New York, Oregon, and Pennsylvania. As soon as the project is finished, Chase determines that they will offer over 25 megawatts of solar energy to the public sphere, solely from their banking branches.