Melbourne-based electric vehicle charging company Jet Charge has raised more than $25 million in a new funding round, including $6 million tipped in by the federal government’s green bank, that it will use to meet the “challenges and opportunities” of growing EV uptake in Australia.
The Series B funding round was led by RACV with backing from the Clean Energy Finance Corporation (CEFC) via the Clean Energy Innovation Fund, and Claremont Capital, in addition to further support from $4.5 million Series A investors Greg Roebuck, founder of Carsales.com.au, and climate tech investor Simon Monk.
In a statement on Tuesday, Jet Charge said the $25 million would be used to drive the company’s expansion, including growing its workforce in Australia and New Zealand, along with the development of new charging technologies.
The money would also “help meet the challenges and opportunities of low emissions mobility in Australia,” the statement said.
This included the grid integration of EV charging, which Jet Charge said required collaboration with energy utility partners to establish the role of EVs in the power mix as both electricity consumers and storage devices.
“With our scale and Australasian presence, JET Charge is in a unique position to ensure that Australia and New Zealand are ready for the mass adoption of EVs,” said Jet Charge CEO and founder Tim Washington.
“We have grown from a business that digs trenches and installs cables, to become the market leader in EV charging infrastructure and technology, and a company that is shaping the industry by solving challenges for business, governments and EV owners.
“We are also proud to be creating a skilled workforce for the future and look forward to welcoming hundreds of people committed to a low emissions transport future over the coming years. This funding will allow us to realise ambitious plans immediately as well as invest in R&D to remain at the forefront of innovation in our sector. We’re just getting started.”
Founded in 2013, Jet Charge supplies and installs EV chargers and has grown to become one of Australia’s EV charger market leaders, along with a growing presence in New Zealand.
Selling both personal and commercial EV chargers, Jet Charge is also the installation partner for Australia’s largest EV charging network, Chargefox, thanks to the relationship created by Washington, who is also the founder and CEO of Chargefox.
The $25.5 million raised includes $6.1 million from the federal Morrison government through the Clean Energy Finance Corporation (CEFC) Innovation Fund.
“Building additional charging infrastructure is key to removing range anxiety and supporting consumer choice,” said Angus Taylor, minister for industry, energy and emissions reduction.
“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.”
“This project expands on our $250 million Future Fuels Fund, taking the government’s investment in low emissions vehicle technologies to over $2.1 billion.”
Extracted in full from: Jet Charge raises $25m to drive EV charging expansion, grid integration (thedriven.io)federal