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    CTC.A   CA1366812024

CANADIAN TIRE CORPORATION, LIMITED

(CTC.A)
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Delayed Toronto Stock Exchange  -  05/20 04:00:00 pm EDT
161.80 CAD   -3.10%
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Hydro One Inc. - Ivy, ONroute and Canadian Tire put a big charge into road trips, Electric vehicle fast-charging to be available at ONroute locations on Highways 401 and 400

12/02/2021 | 09:04am EDT

TORONTO - Electric vehicle (EV) drivers will soon be able to charge at all ONroute locations along the province's busiest highways, thanks to an agreement between Ivy Charging Network and ONroute and its partners, Canadian Tire Corporation (CTC) and the Ministry of Transportation (MTO).

Ivy's Charge & Go level 3 fast-charger locations will be open at 17 ONroute locations along Highways 401 and 400 in time for summer 2022, with another three ONroute locations opening before the end of 2022. Each of Ivy's Charge & Go level 3 fast-chargers at ONroute locations will support the charging of all current models of electric vehicles including charging ports for Tesla drivers.

Natural Resources Canada, through its Electric Vehicle and Alternative Fuel Infrastructure Deployment Initiative, invested $8-million to help build the Ivy Charging Network.

Quick Facts

Ivy Charging Network is installing 69 level 3 fast-chargers across all ONroute locations, with the possibility of further expansion. Each location will have between two and four chargers to serve EV drivers.

Ivy's fast-chargers will be operational at 20 ONroute stations by the end of 2022. Fast-chargers at the remaining three ONroute stations will be operational in 2023/2025.

Ivy's ONroute Charge & Go locations will offer charging speeds of up-to 150 kWs.

Ivy's Charge & Go fast-charger network will be Ontario's largest and most connected, offering level 3 fast-chargers, delivering up to 100 km charge in 20 minutes or less.

Ivy's Charge & Go network currently has 28 locations and expects to have over 60 locations with 160 fast-chargers by the end of 2022.

The company also operates Ivy Park & Charge level 2 charging network in partnership with municipalities and businesses, offering destination-based charging for drivers not in a rush.

This partnership is part of CTC's ongoing expansion of EV charging infrastructure across Canada.

Quotes

'Partnering with ONroute, Canadian Tire and the Ontario Ministry of Transportation allows us to provide EV drivers an easy and reliable fast-charger experience they expect at even more convenient and accessible locations. Ivy Charging Network is committed to unlocking endless travel possibilities for EV drivers by introducing innovative solutions to support all of their charging needs - today and in the future,' said Theresa Dekker, Ivy Charging Network.

'Our partnership demonstrates the confidence Ivy Charging Network continues to build with EV drivers travelling throughout Ontario. Our new Ivy ONroute locations will end range anxiety for EV drivers traveling on Ontario's busiest routes with a trusted and reliable charging network that will get them where they need to go,' said Matt Vines, Ivy Charging Network.

'ONroute is proud to take this step towards sustainability, as we partner with Ivy and Canadian Tire to bring charging stations to our plazas. With a customer-obsessed focus, we want ONroute to be the recharge destination along every journey. That is why we are focused on supporting the growth of electric cars, and bringing new services to our customers,' said Melanie Teed-Murch, Chief Executive Officer of ONroute.

'Together with our partners, CTC operates one of the largest retail networks of EV fast charging stations in Canada, and by the end of 2022, will see a total of 140 sites enabled across the country. We are excited to make life in Canada better for our EV customers travelling along the 400-series highway, adding to our commitment to provide convenient locations to serve the growing number of EVs in Canada,' said Micheline Davies, SVP, Automotive, Canadian Tire Corporation.

'Ontario is putting shovels in the ground to build critical infrastructure including highways,' said Todd Smith, Minister of Energy.' Our agreement with Ivy, ONroute and Canadian Tire to construct EV chargers at all of the province's 23 ONroute stations is an important step forward, allowing EV owners to travel our great province with more freedom and confidence. This deployment will reduce barriers to EV ownership, supporting Ontario's growing EV manufacturing market, critical minerals sector and help achieve Ontario's goal of building at least 400,000 electric and hybrid vehicles by 2030.'

'With more electric vehicles coming onto our roads each year, it's vital that drivers have the ability to conveniently charge their vehicles along the province's busiest highways,' said Caroline Mulroney, Minister of Transportation. 'In addition to building new highways that will alleviate congestion in Ontario, the installation of Ivy Charging Networks at all ONroute locations is a big step forward to support EV owners.'

'We're making it easier for people in Ontario and across Canada to drive electric. This is a critical part of lowering emissions in the transportation sector and achieving our climate targets,' said the Honourable Jonathan Wilkinson, Minister of Natural Resources.

About Ivy Charging Network

Ivy Charging Network is building one of Ontario's largest and most connected electric vehicle charging networks through its Charge & Go level 3 and Park & Charge level 2 networks. The company opened its first Charge & Go location in 2019 and once complete, will connect Ontario from north to south and east to west. Each Charge & Go and Park & Charge location have multiple chargers all designed to make charging easy, reliable and seamless. Ivy Charging Network is a joint venture between Hydro One and Ontario Power Generation with additional funding provided by Natural Resources Canada.

About ONroute

ONroute is the proud operator of 23 convenient plazas located along Highways 400 and 401 in Ontario. Our locations are designed to provide travellers with fresh and exciting food and beverage options, gas, and other amenities that improve your travel experience. Each of our locations offers world-class franchise food brands, 24-hour washroom facilities, and convenient 24-hour food market, free Wifi and great customer service.

About Canadian Tire Corporation

Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or 'CTC', is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark's, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands. The more than 1,700 retail and gasoline outlets are supported and strengthened by CTC's Financial Services division and the tens of thousands of people employed across Canada and around the world by CTC and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway.

Contact:

Tel: 1-877-506-7584

Email: diana.macleod@onroute.ca

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
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Financials
Sales 2022 17 329 M 13 566 M 13 566 M
Net income 2022 1 118 M 875 M 875 M
Net Debt 2022 6 984 M 5 467 M 5 467 M
P/E ratio 2022 9,05x
Yield 2022 3,82%
Capitalization 10 440 M 8 173 M 8 173 M
EV / Sales 2022 1,01x
EV / Sales 2023 0,97x
Nbr of Employees 23 664
Free-Float 94,0%
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Last Close Price 161,80 CAD
Average target price 228,60 CAD
Spread / Average Target 41,3%
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Managers and Directors
Greg Hicks President, Chief Executive Officer & Director
Gregory Craig Chief Financial Officer & Executive Vice President
J. Michael Owens Chairman
Rex William Lee Chief Information Officer & Senior Vice President
Martha Gardiner-Billes Independent Director
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