Melbourne’s Jet Charge, an EV charging services provider founded nearly a decade ago, is ready to head out with its biggest funding round yet.

Street Talk understands Jet Charge has mandated UBS to drum up about $70 million from investors to bankroll growth spending. The Swiss bank began reaching out to prospective backers last week butis expected to wait until the new year to officially pull the trigger on the process.

The early sell-side pitch has focused on making sure Jet Charge stands out from two other EV players – Evie Networks and JOLT Charge – which are concurrently vying for private capital dollars.

Investors are being told Jet Charge has historically focused on private EV charging locations – homes, depots, office buildings and the like – which is a much bigger market than public EV charging – petrol station and supermarkets – where most of its competitors play. There were 558 EV chargers in public locations across Australia at June 30 but nearly 130,000 EVs on the Australian roads as of June 30, according to a report from the Electric Vehicle Council published in July.

Against this backdrop, Jet Charge makes its revenue from installing and maintaining EV chargers for clients, telling suitors its decision to not own the chargers itself has allowed it to run an asset-light business.

The business employs about 170 people and is understood to be making about $46 million in annual revenue. It has earned a spot on The Australian Financial Review’s Fast 100 list twice, and has said it wants to have 5000 new chargers by 2025 in addition to the 10,000 odd installations that it has already done.

Founders Tim Washington and Ellen Liang set up Jet Charge in 2017, installing chargers at homes of Tesla owners. They are backed by the government’s Clean Energy Finance Corporation (CEFC), the Royal Automobile Club of Victoria (RACV) and Claremont Capital.

It last raised $25 million for its Series B in February 2022. It used to own a stake in EV charging infrastructure company Chargefox but divested it last year.

Jet Charge’s heading out at a time when EC charging businesses stock up on capital in hopes of accommodative government policy on EV adoption. BlackRock-backed JOLT Charge has hired RBC Capital Markets to raise $150 million odd to go global, while Evie Networks has had UBS on the tools.

 

Extracted in full from:  https://www.afr.com/street-talk/jet-charge-joins-the-rush-hour-in-ev-dealmaking-hires-bankers-20231127-p5en3v

SHARE THIS ARTICLE: