The National Reconstruction Fund Corporation (NRFC) has made its first transport-sector investment, committing $30.7 million to Melbourne-based Applied Electric Vehicles (AEV) as part of the company’s $58 million Series B funding round.
The equity investment will support the manufacture and rollout of AEV’s Blanc Robot autonomous electric vehicles, which are designed for industrial, logistics and commercial applications.
The vehicles are already operating in real-world environments, including dust suppression at mining sites and inter-factory logistics for manufacturing customers, demonstrating their suitability for broader commercial ventures
AEV, founded in 2015, develops proprietary systems that enable autonomous electric vehicles to operate safely in remote and hazardous conditions. Its current fleet numbers 20 vehicles, with a further 100 sixth-generation Blanc Robots ready for deployment.
NRFC chief executive David Gall said the company demonstrates how Australian engineering capability can be translated into a scalable commercial model.
“By focusing on autonomous electric vehicles for industrial use, it has created a sound and scalable business model,” Gall said.
“Its proprietary digital control system is made up of a combination of electronics and software that allows autonomous electric vehicles to be operated to the highest global safety standards in conditions that are remote and hazardous for human drivers.”
Moving beyond pilot projects
AEV’s Generation 6 Blanc Robots feature a cab-less design and a flat, configurable chassis, allowing the vehicles to be adapted for multiple tasks. The readiness of 100 vehicles for deployment marks a significant step in an industry where many autonomous vehicle programs remain at pilot stage.
Under AEV’s manufacturing model, vehicle chassis are supplied by Suzuki Motor Corporation, while electronic systems and software are produced and integrated in Australia. This approach supports local manufacturing capability while leveraging global automotive supply chains.
Impact for jobs and local manufacturing
The NRFC investment will support AEV’s existing workforce of 113 employees and fund the creation of up to 25 new skilled trade, technical and commercial roles in Melbourne.
AEV chief executive and co-founder Julian Broadbent said the investment reflects a long-term strategy built around Australian engineering talent.
“When traditional automotive manufacturing left Australia, we saw an opportunity, tapping into the wealth of local engineering talent and building something truly innovative from the ground up,” Broadbent said.
“Today, that vision is delivering real-world impact, placing Australian-developed technology at the forefront of the autonomous transport revolution.”
Commercial partnerships and global reach
The Series B funding round attracted Japan Post Capital, the venture arm of Japan’s postal service, with Japan Post also becoming an early customer. The partnership may support future deployment of AEV’s autonomous delivery vehicles on public roads, subject to regulatory approvals
Broadbent said AEV has operated profitably for the past three years under a lease-and-licence business model. Japan Post’s fleet of more than 80,000 vehicles provides significant scope for expansion.
“We’re looking at very low-speed urban work with them,” Broadbent said.
“They have big challenges in a lot of cities in Japan due to reductions in populations. We’re using this to solve a problem where there aren’t any drivers in the town to be able to do all of the jobs that this company needs to do.”
The NRFC contribution accounts for more than half of AEV’s Series B round. Other investors include Barrenjoey and Japan Post Capital, with earlier backing from Suzuki Motor Corporation and St Baker.
Gall said AEV’s commercial contracts and industry partnerships position the company for continue and sustained growth.
“We are proud to be investing in a company that commercialises Australian innovation, builds the country’s manufacturing capabilities, and creates highly skilled jobs,” he said.
To date, the NRFC has made 20 investments totalling $1.19 billion from the federal government’s $15 billion sovereign investment fund.
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