A $72 million investment will expand electric vehicle (EV) charging infrastructure across Australasia to support the region’s shift to sustainable transport. Awarded to JET Charge, this funding comes from Mirova’s Energy Transition Fund 6 (MET6) and is backed by the Clean Energy Finance Corporation, RACV, and Kilara Capital.
Expanding EV Charging Infrastructure
It will focus on developing scalable and accessible EV charging solutions for both Australia and New Zealand. This move aims to meet the growing demand for reliable and affordable EV charging options.
The funding will be used to support the company’s “Charging as a Service” (CaaS) model which aims to reduce the costs and complexities of operating EV charging networks. It will also support the advancement of proprietary technologies, including “CORE”, an on-site energy management system, and “Illuminate”, an asset management platform.
Reducing Costs with Technology
“This funding will enable us to build the scalable, accessible, and reliable infrastructure required to make EVs a practical choice for every Australian and New Zealander,” said JET Charge co-founder Tim Washington.
Meanwhile, JET Charge co-founder Ellen Liang said, “CaaS removes the cost and complexity of operating an EV charging network”. This eliminates upfront capital barriers by “bridging the digital and physical worlds to deliver a reliable EV charging network”.
In 2023, Australia’s electric vehicle (EV) market saw a notable increase. Nearly 98,500 new EVs sold, more than double the number from the previous year. This growth led to a rise in the share of EVs in total new car sales. The share reached 8.45 percent, up from 3.81 percent in 2022.
According to the Australian Energy Market Operator (AEMO), EVs could account for as much as 72 percent of road transport. This is part of its Green Energy Exports scenario. Experts expect the shift to occur by 2040.
Transitioning to EVs is a key element of Australia’s strategy to cut emissions and reach its net-zero target by 2050.
Starting in 2025, new regulations will require large businesses to disclose their climate-related data. This creates increasing pressure on companies to adopt electric vehicles and meet their sustainability goals.
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