Ford Pro & Xcel Energy Rev Up For Massive EV Charging Network Expansion In US By 2030

Ford Motor Company (NYSE: F) said its commercial arm, Ford Pro, has inked a pact with Xcel Energy Inc. (NASDAQ: XEL) to support the deployment of 30,000 electric vehicle (EV) charging ports in Xcel Energy service territories across the U.S. by 2030.

The companies are launching the 30x30 initiative within Xcel Energy's broader Electric Vehicle Supply Infrastructure (EVSI) program to scale EV adoption and increase access to charging infrastructure for business fleets.

Through the program, Xcel Energy will offset most upfront costs for EV charging equipment and installation for businesses. 

Ford Pro will offer its end-to-end charging solutions to Xcel Energy business customers as part of the effort. 

Starting in 2024, 30x30 will be available through Xcel Energy's EVSI program in Colorado and Wisconsin. 

The program will seek opportunities for expansion in future states over the next six years within Xcel Energy's service territories, pending regulatory approvals, including Michigan, Minnesota, New Mexico, North Dakota, South Dakota and Texas.

"We know electrification can be complex for businesses," said Ted Cannis, Ford Pro CEO. 

Ford Pro and Xcel Energy also intend to analyze telematics data from vehicles participating in the initiative to promote commercial charging during off-peak times, helping reduce electric grid emissions4 and potentially saving customers money.

"We're focused on helping them make that transition at the right time in the right way that's' best for their business," Cannis added. 

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Price Action: F shares are trading lower by 1.12% to $10.58 on the last check Tuesday. 

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