Ford’s (F) commercial division on Tuesday announced a partnership with utility company Xcel Energy (NASDAQ:XEL) to deploy 30,000 electric vehicle (EV) charging stations throughout the United States by 2030.
The partnering companies opted not to disclose financial specifics regarding their collaboration. They emphasized their joint efforts under Xcel's comprehensive Electric Vehicle Supply Infrastructure (EVSI) initiative.
Within this program, Xcel intends to set up charging infrastructure for eligible business customers who enroll in an approved EVSI program at their service locations. Most of the initial expenses will be covered by the utility firm to facilitate adoption.
Over the following six years, the program aims to broaden its reach to additional states within Xcel's service areas, potentially encompassing Michigan, Minnesota, New Mexico, North Dakota, South Dakota, and Texas.
Shares of F and XEL are down 0.64% and 0.57% respectively in mid-day trading on Tuesday.