Federal Government Invests $6.1 Million to Power EV Transition

By March 10, 2022 News

The Federal Government has invested $6.1 million into Australian electric vehicle (EV) charging company, JET Charge to support the rapidly growing EV market.

Delivered through the Clean Energy Finance Corporation (CEFC) innovation fund, the investment is part of a capital raising effort amounting to $25.5 million recently launched by the charging specialist.

In a statement, JET Charge said that the funding “used to meet the challenges and opportunities of low emissions mobility in Australia.”

According to Minister for Industry, Energy and Emissions Reduction Angus Taylor, this is part of the government’s plan to support low emissions transport technology while creating new jobs in the process.

“Building additional charging infrastructure is key to removing range anxiety and supporting consumer choice,” Minister Taylor said.

“More and more Australians are already making this choice, with plug-in EV sales tripling last year. This investment will support this number to grow even further.”

Furthermore, Assistant Minister to the Minister for Industry, Energy and Emissions Reduction, Tim Wilson, said that the investment “will also potentially lead to savings for drivers through vehicle-to-grid technology.”

Part of JET Charge’s future plans is to bring bidirectional EV charging technology to Australian homes and businesses which vehicle-to-grid (V2G) and vehicle-to-home (V2H) charging capabilities.

This way, EV owners can power their smart houses and even send energy back to the power grid in return for a fee to the owners.

To date, the government had already invested $2.1 billion into low-emissions vehicle technologies.