Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) subsidiary, Datametrex Electric Vehicle Solutions (DM EVS), expanded its operations to Toronto, Ontario.
The Vancouver-based company said on Thursday that it has secured a location to install its electric vehicle (EV) charging infrastructure, and started the installation and permit process.
DM EVS has an opportunity to benefit from Toronto’s EV Station Fund, which offers refunds of up to 50 per cent of the installation cost for a maximum of 20 electric vehicle charging stations. The refund amounts are capped at $5,000 per Level 2 charger, $15,000 per DC fast charger and $50,000 per DC faster+ charger. By participating in this program, DM EVS can expand its presence in Toronto by installing EV infrastructure.
This expansion will not only increase business and profit but also help maintain stable finances thanks to the rebates provided by the program.
“This expansion to the Toronto EV market marks an important chapter in our journey towards sustainable transportation and supports our long-term growth strategy,” said Marshall Gunter, CEO of Datametrex AI.
“As the world moves toward a more sustainable future, DM EVS remains at the forefront of driving innovation and adoption of electric vehicle charging.”
According to the City of Toronto, about 32.5 per cent of greenhouse gas emissions in the city come from vehicles on the road. To achieve the goal of reaching net zero greenhouse gas emissions by 2040, it is crucial to transition from fossil fuel-powered vehicles to electric vehicles.
Currently, approximately 30 per cent of registered vehicles in Toronto are electric, and this number is steadily increasing. The city recognizes the need for more electric vehicle charging infrastructure to support its aim of creating a greener environment and is experiencing a high demand for such infrastructure.
DM EVS has made significant progress in its EV operations in Vancouver, with multiple charging locations nearing the final stages of the permit process. Although there has been a delay caused by a backlog in the City of Vancouver, DM EVS is excited to share that its sales pipeline is growing even as it awaits permits for these locations.
Climate change concerns have driven demand for electric vehicles
Concerns regarding climate change and the growing need for sustainable transportation options have driven demand for electric vehicles as a means to reduce carbon footprints. Additionally, advancements in battery technology have led to improved driving ranges and charging infrastructure, addressing previous concerns about limited range and accessibility.
Companies operating in the space include Tesla (NASDAQ: TSLA) which has established a network of supercharger stations globally, providing fast charging capabilities for Tesla vehicle owners. These charging stations are strategically located along major highways and in urban areas, allowing for convenient long-distance travel and everyday charging.
As of March, ChargePoint has significantly expanded its footprint in Canada compared to the previous year. According to data from Natural Resources Canada, ChargePoint has added 58 new DC fast-charging ports and 2,309 additional Level 2 ports across the country.