Mexico Gets $500 Million EV Charging Boost as Investment Rises

Article content(Bloomberg) — A pair of US companies plans to install electric-vehicle chargers in Mexico’s central region as part of a $500 million investment pact, the latest example of international investors betting on the country’s growing EV sector.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentInvisible Urban Charging Inc. and ATX Smart Mobility, LLC will oversee the $500 million investment, starting with plans to deploy 38 chargers and 140 electric buses in the country’s so-called Bajío region, located in the center of Mexico, over the coming months. Atlanta-based IUC provides funding for charger installations, as well as hardware sourcing and servicing, a software platform for site owners, and an app for drivers. Miami-based ATX provides technology to optimize routes and energy use within public transport systems using an AI-driven platform.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe deal was struck as part of a partnership with real estate company CBRE Group Inc, which will select sites for EV charging hubs in Mexico City, Mexico state, Puebla and Querétaro, as well as provide installation and maintenance services. For its part, IUC provides funding and the charging hardware and software as well as managing operations, and it receives a fixed monthly fee per charger for clients to use its services.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe Mexican market is attractive due to high public transport usage that is increasingly being electrified, said Jake Bezzant, co-founder and chief executive officer of IUC. The strategy is to build out infrastructure for commercial fleets first, which will in turn create more charging options and make it easier for individual consumers to transition to EVs, he added.Article content“If we do what we need to do on the fleet side, it will provide an environment where the everyday public user will have the infrastructure to make an easy decision to transition to electric,” Bezzant said.Article contentInternational investors have been drawn to the country’s transport and logistics sector as the Mexican government takes steps to electrify its public transport and vehicle fleets in cities. The arrival of Chinese EV brands like BYD Co. and Geely Automobile Holdings Inc is also helping to increase broader EV adoption by individual consumers.Article contentArticle contentMexico’s dearth of charging infrastructure offers an opportunity, said Eduardo Kuri, executive officer of ATX Smart Mobility. “We’re looking at a ratio of 280 cars per charger and the ratio should be 40 cars per charger,” he said. “So there is a huge opportunity to deploy chargers, not only in Mexico but Latin America globally.”Article contentThe partnership could eventually expand to other countries in the region like Costa Rica, Bezzant added. In addition to the deal with ATX, IUC aims to deploy another $3 billion in the Mexican market over the next 18 months to three years.Article contentThe transportation and logistics sectors lead real estate investment growth in the country, CBRE found in a recent survey. In addition to opportunities in electromobility, the real estate firm’s Mexico-based clients are continuing to invest, hoping that a trade pact with the United States and Canada will continue, according to Lyman Daniels, responsible for the company’s operations in Mexico, Colombia and Costa Rica. Article contentIUC received financing commitments for the deal with ATX from DLL Group, a subsidiary of Netherlands-based Rabobank and US energy financing firms Redaptive and EIG.Article contentTrending Bank of Canada governor warns of growing risks to financial stability Economy Listings crater 18% in February as sellers beat a hasty retreat: TRREB report Real Estate Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Garry Marr: Why your house is still costing you, even if you've paid it off Personal Finance Legal fight over propane terminal clouds Canada's energy export push Energy Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Bank of Canada governor warns of growing risks to financial stability Economy Listings crater 18% in February as sellers beat a hasty retreat: TRREB report Real Estate Posthaste: Canadians are paying more than lip service to Buy Canada — and now the numbers prove it News Garry Marr: Why your house is still costing you, even if you've paid it off Personal Finance Legal fight over propane terminal clouds Canada's energy export push Energy