Bay Area Air District Guarantees Financial Support for Irvine’s Company for Electric Vehicle Program
FAIRFIELD – A $ 2.5 million loan guarantee has been provided to Irvine-based EvGateway to advance the use of electric vehicles in the Bay Area.
The loan guarantee supports EvGateway’s installations of DC and AC electric vehicle chargers to be installed at hotels and commercial sites in the Bay Area in San Diego.
EvGateway estimates that the project will reduce carbon dioxide equivalent emissions by 7,000 metric tonnes each year, according to a press release from the Bay Area Air Quality Management District.
Tamara Kohne, project manager for the air district, said around 350 chargers will be installed over five years, 40% of which will be in the bay area. Until specific projects were identified, it was not known whether Solano County would receive loaders.
“Transportation is the biggest source of greenhouse gas emissions in the Bay Area and accelerating the adoption of electric vehicles is a key strategy to reduce these emissions,” said Jack Broadbent, director General of the Air District, in a press release announcing the loan. “This project will encourage greater ownership of electric vehicles by streamlining pricing for both the consumer and the operator while helping to advance the region’s climate protection goals.”
The loan guarantee is a promise made by the Air District to assume EvGateway’s debt if it cannot pay the obligation, in this case a line of credit guaranteed by Farmers & Merchants Bank. Essentially, the collateral was used to help secure this line of credit.
According to the Air District statement, EvGateway has developed “a software portfolio that enables operators of electric vehicle chargers to manage and operate their chargers.” The software also allows consumers to locate and reserve available chargers, view equipment available on chargers, view charging rates, and pay for recharging their vehicle.
“The core value of Climate Tech Finance is to support innovative climate projects and the Air District greenhouse gas analysis ensures that new technologies will reduce greenhouse gas emissions in the short and long term,” indicates the district press release.
This is the third project in the Air District’s Climate Tech Finance program, a team of which worked through the California Infrastructure and Economic Development Bank and the Northern California Financial Development Corporation to secure funding.
âIBank, which is part of the Governor’s Office for Trade and Economic Development, is proud to help companies like EvGateway accelerate the adoption and use of electric vehicles,â said Scott Wu, executive director of IBank, in the Air District press release. âWe look forward to offering more climate finance opportunities. . . to businesses across the state working to help California meet its greenhouse gas reduction and environmental goals.
The Aerial District covers all or part of the nine counties in the Bay Area, including the Fairfield and Vallejo areas of Solano County.
The district administration board has taken action despite the fact that much of the project is not specifically located in the Bay Area.
âAs we all know, air travel,â said Tamara Kohne, project manager for the Air District Climate Tech Finance program. âAs long as we have advantages in the Bay Area… It meets our requirements.
Kohne also noted that Bay Area residents travel, so they would receive additional benefits in those areas.