Carbon credit project co-development and generation firm DevvStream has teamed up with electric vehicle charging company Go-Station to leverage Go-Station’s EV charging network into carbon credits.
The two entered into a definitive agreement that will establish a new revenue stream for Go-Station, which offers a variety of charging stations to a range of clientele, including multi-family developments, workplaces, retail centers, fueling stations, ports of entry, and fleet operators. The stations have the potential to produce high volumes of carbon credits while displacing gasoline-fueled vehicles on roadways.
Carbon credits, also known as carbon offsets, can be sold and purchased and allow the owner to emit a certain amount of carbon emissions. Carbon credits generated in the United States are sold on the voluntary carbon credit market.
Go-Station's Level 2 EV charger generates approximately 40 credits per year with medium use, and a Level 3 EV charger generates approximately 500 credits annually. The news comes as EVs are expected to increase their market size in the coming years thanks to numerous new models coming to market and a recent push on EV infrastructure.
As part of the deal, DevvStream will retain a portion of the carbon credits generated for developing and monetizing Go-Station’s EV charging stations. In addition, Go-Station will collaborate with DevvStream to install charging stations in Canada.
“Deploying a first-class charging solution is an expensive proposition with a long payback cycle,” Andrew Hisey, president and CEO of Go-Station, said in a statement. “Go-Station and DevvStream are committed to finding creative financing solutions to deploy charging stations at scale and enhance the EV charging experience for everyone. We are excited to leverage both companies’ groundbreaking innovations and collective expertise to tackle the challenges of expanding EV charging access.”
In Canada, EV charging stations can generate credits under the Canadian Compliance Clean Fuel Regulations (CFR) program and the British Columbia (BC) Low Carbon Fuel Standard (LCFS) program. The price of CFR credits is between $220 and $258 per credit, while the BC LCFS credit price averaged around $364 in October 2023, according to DevvStream.
