Melbourne-based JET Charge has raised $72 million of capital as it steps up its mission to take Australasia from EV charging pilots to infrastructure at scale.
The equity investment was led by Mirova, an affiliate of Natixis Investment Managers, through its Mirova Energy Transition Fund 6 (MET6), along with backing from the Clean Energy Finance Corporation, RACV and Kilara Capital.
The $72 million investment will propel JET Charge’s ‘Charging as a Service’ (CaaS) offering and the continued build of its proprietary technologies aimed at the operation of EV charging infrastructure at scale.
Founded in 2012 by Tim Washington and Ellen Liang, JET Charge provides charging infrastructure at every level, from individual households to the longest highways in the nation.
It has delivered more than 20,000 chargers and accessories delivered, combining hardware and software tailored to market needs with operational expertise across regional and metropolitan areas.
More recently, JET Charge has expanded its services into New Zealand.
“JET Charge was founded on the belief that electrifying transport is key to achieving a sustainable future,” said Washington.
“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.”
“This strategic capital will accelerate the rapid deployment of Charging as a Service, bolstered by the continued development of our in-house technologies, including CORE, our advanced on-site energy management system, and Illuminate, our flagship asset management platform.” said Liang.
“CaaS removes the cost and complexity of operating an EV charging network, eliminating many of the upfront capital barriers by seamlessly bridging the digital and physical worlds to deliver a reliable EV charging network,” she says.
In 2023, Australia’s electric vehicle (EV) market experienced significant growth, with approximately 98,436 new EVs sold, more than doubling the previous year’s figures.
This surge increased EVs’ share to 8.45% of all new car sales, up from 3.81% in 2022.
The Australian Energy Market Operator (AEMO) projects that by 2040, EVs could comprise up to 72% of road transport under its Green Energy Exports scenario.
Transitioning to electric vehicles is a critical component of Australia’s strategy to reduce emissions and achieve its net-zero targets by 2050.
Businesses are required to adopt EVs to align with their sustainability goals and address emissions reporting mandates, in line with the introduction of mandatory climate-related financial disclosures for large businesses and financial institutions from 2025.
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