TELUS (TU) & JOLT Team Up to Install EV Charging Stations
TELUS Corporation TU is collaborating with JOLT to set up 5,000 public DC fast chargers across Canada for electric vehicles (EVs), powered by TELUS wi-fi network. JOLT is an Australia-based company that provides charging network (with recent footprint expansion in New Zealand as well) and counts Endeavour Energy, Transport for NSW, Ausgrid and many other local government councils across Australia as partners.
TELUS and JOLT will begin installing EV charging stations across the country in the latter half of 2023. TU noted that all electric vehicle drivers will be able to use their JOLT app to access 7 kWh of free charging per day across the JOLT EV charging network. This is equal to nearly 15-20 minutes of charging time and 40-50 kilometers of range depending on the type of EV, added TELUS.
Amid increasing numbers of EVs, this collaboration will provide drivers with easily accessible and cost-effective EV charging service across Canada. It is estimated that there will be a requirement of about 200,000 public charging stations across Canada to meet the rising numbers of EVs, noted TELUS citing a government of Canada report. EVs have seen increasing proliferation in recent times as the world strives to cut down on green house gas emissions and tackle climate-change crisis.
The collaboration with JOLT further provides impetus to TELUS’ sustainability endeavors. The company is striving toward powering its entire operations by renewable energy by 2025 and become a carbon-neutral company with zero wastage by 2030. TELUS highlighted that it is 90% on its way to achieve its goal of running entire operations on renewable energy owing to its investments in Power Purchase agreements.
TELUS Corporation Price and Consensus
TELUS Corporation price-consensus-chart | TELUS Corporation Quote
TELUS is one of the largest telecom carriers in Canada (the largest in western Canada), covering 95% of the country’s population. TU provides wireless, wireline, and Internet communications services for voice and data to businesses and consumers. The company operates as the incumbent local exchange carrier in British Columbia, Alberta and parts of Quebec.
At present, TELUS carries a Zacks Rank #3 (Hold). The stock has lost 11.7% compared with the sub-industry’s decline of 8% in the past year.
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