Singapore’s largest green electricity retailer, iSwitch Energy, announced today (April 19th) that it is acquiring up to 12 existing charging stations from Finnish technology company PlugIT, marking its entry into the local EV charger market.
At the beginning of 2018, another local electricity trader, Red Dot Power, invested S $ 500,000 in the installation of at least 50 EV charging stations in Singapore in cooperation with PlugIT.
Following the acquisition, iSwitch provides EV charger installation services for its existing portfolio of 50+ MCSTs (which refers to the governing body of a shift-titled property such as a condominium), 10 shopping malls, 600 parking lots and 8,000 lots of properties.
In a media statement, iSwitch expressed its commitment to offsetting 100 percent of all electricity used for charging by purchasing verified carbon units from the United Nations as part of its green goal.
This would result in a carbon neutral charge for “Scope 2” emissions, which refers to carbon emissions released into the atmosphere as a result of the electricity generated that is used to charge the electric vehicle.
Photo credit: iSwitch
The company plans to offer use of these charging stations to both iSwitch and non-iSwitch customers.
However, ISwitch customers receive bonus loyalty points that can be redeemed against their monthly electricity bill, resulting in lower charging costs. According to iSwitch, the existing customer base has over 100,000 households and 6,000 businesses.
“Inspired by the Singapore government’s recently announced sustainability goals, we have decided that the time is right for us to enter a new and exciting phase,” said Andrew Koscharsky, iSwitch’s chief commercial officer.
“To complement our existing green energy products, we will now offer new sustainability products to our 100,000 existing customers and across the Singapore energy market.”
The company has set itself the goal of becoming a “one-stop green shop” for solar, battery storage and EV charging stations.
In particular, the initiative to charge electric vehicles will expand iSwitch’s existing suite of sustainable solutions such as climate-neutral green electricity, home batteries and the installation of solar modules.
With 60,000 charging stations expected to be installed nationwide by 2030, iSwitch is well positioned to add to the government’s electric vehicle ambition by adding thousands of units to its existing condominium and commercial power retail portfolio.
Photo credit: Vulcan Post
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Selected image source: Richard Vogel via AP Photo