San Francisco, CA — 3Degrees today announced that it will sell verified emissions reductions (VERs), also known as carbon offsets, from Electrify America, tapping into revenue from its voluntary carbon customers to help fund upkeep of Electrify America’s expansive, ultra-fast electric vehicle (EV) charging infrastructure across the U.S.
3Degrees is the exclusive offtaker of the first VERs from Electrify America’s national fast charging network in voluntary carbon credit markets, which is being verified under the internationally recognized Verified Carbon Standard (VCS). 3Degrees will market and sell these VERs to prospective buyers, with the first transaction expected in the second quarter of 2021. The Electrify America project was launched as the world’s first validated carbon offset project for electric vehicle chargers earlier this year.
Electrify America has more than 500 EV charging stations with over 2,200 DC fast chargers operational today across the U.S., and plans to have approximately 800 stations with about 3,500 DC fast chargers by December 2021. The 3Degrees project currently incorporates charging sites deployed up through the end of 2020, and will include additional chargers in future verifications.
As more companies establish carbon neutrality or net zero goals, an increasing number of 3Degrees customers are seeking innovative ways to address shipping and other transportation-related Scope 3 emissions.
“This project is a perfect fit for our customers seeking to reduce transportation-related emissions,” said Mark Mondik, Vice President, Carbon Markets at 3Degrees. “Transportation is the largest source of greenhouse gas (GHG) emissions in the U.S. and most of our customers don’t control the fleets used to move their goods or people around. Helping to fund the build-out of national EV charging infrastructure is an impactful way that companies can directly address this issue in the near term. We see a lot of appetite for this.”
“This project offers important benefits, including reducing the impact of fossil fuels on our environment and creating opportunities for growth in the electric vehicle industry due to more attractive investment economics,” said Wayne Killen, Director of Infrastructure Planning and Business Development at Electrify America. “We’re thrilled that the first credits from the project will now benefit customers who are exhibiting climate leadership and looking to address their transportation emissions.”
About Electrify America
Electrify America LLC, the largest open DC fast charging network in the U.S., is investing $2 billion over 10 years in Zero Emission Vehicle (ZEV) infrastructure, education and access. The investment will enable millions of Americans to discover the benefits of electric driving and support the build-out of a nationwide network of workplace, community and highway chargers that are convenient and reliable. Electrify America expects to install or have under development approximately 800 total charging stations with about 3,500 DC fast chargers by December 2021. During this period, the company will be expanding to 29 metros and 45 states, including two cross-country routes, delivering on its commitment to support increased ZEV adoption with a network that is comprehensive, technologically advanced and customer friendly. Electrify America’s Electrify Home® offers home charging solutions for consumers with flexible installation options. Electrify Commercial® provides expert solutions for businesses looking to develop electric vehicle charging programs. For more information, visit www.electrifyamerica.com and media.electrifyamerica.com.