Singapore’s largest green electricity retailer iSwitch Energy announced today (April 19) that it is acquiring up to 12 existing charging stations from Finnish tech firm PlugIT, marking its entry into the local EV charging market.
Earlier in 2018, another local electricity retailer Red Dot Power invested S$500,000 to install at least 50 EV charging stations in Singapore in partnership with PlugIT.
Following the acquisition, iSwitch will be offering EV charger installation services to its existing portfolio of over 50 MCSTs (which refers to the managing body of a strata-titled property such as a condominium), 10 shopping centres, 600 car parks and 8,000 landed residential properties.
In a media statement, iSwitch expressed its commitment to offset 100 per cent of all electricity used for charging by purchasing United Nations Verified Carbon Units as part of its green ambition.
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 which is used to charge the electric vehicle.
The company plans to offer the use of these charging stations to both iSwitch and non-iSwitch customers.
However, iSwitch customers will receive bonus loyalty points, redeemable against their monthly electricity bill, resulting in a lower charging cost. According to iSwitch, its existing customer base has over 100,000 households and 6,000 businesses.
“Inspired by the Singapore government’s recently announced sustainability targets, we have decided that the timing is right for us to enter a new and exciting phase,” said Andrew Koscharsky, Chief Commercial Officer of iSwitch.
“To complement our existing green energy products, we will now offer new sustainability products to our 100,000 existing customers and across the entire Singapore energy market.”
The company said that it aims to become a “one-stop green shop” across solar, battery storage and EV charging points.
In particular, the EV charging initiative will broaden iSwitch’s existing suite of sustainable solutions such as carbon neutral green electricity, home batteries and solar panel installation.
With 60,000 charging points expected to be installed nationwide by 2030, iSwitch is well-placed to contribute to the government’s EV ambition by deploying thousands of units across its existing electricity retail portfolio of condominiums and commercial sites.
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Featured Image Credit: Richard Vogel via AP Photo