General Motors (GM) - Get Report and Bechtel, the country's largest construction company, have teamed up to build a network of thousands of electric vehicle fast-charging stations after agreeing to create a new company to build the network, CNN reported.
The agreement will augment GM's previously announced plan to introduce 20 new electric vehicle models by 2023, though the network of charging stations can also be used by non-GM electric vehicles.
GM will provide the data and expertise to properly position the charging stations across the country, while Bechtel will be responsible for engineering, building and obtaining permits for the stations.
"Charging infrastructure is a significant need and we believe that this market is really going to grow," said Keith Hennessey, president of Bechtel Enterprises, according to CNN. "We think that, with the involvement of two companies like General Motors and Bechtel, that this is going to be attractive to outside investors."