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Highlights
- JET Charge secures significant funding to expand EV charging infrastructure.
- Equity funding led by sustainable investment firm Mirova with multiple partners.
- Growth of Australia's EV market sets the stage for advanced energy solutions.
Melbourne-based electric vehicle charging company JET Charge (Private) has announced a substantial $72 million equity funding round, with the investment led by sustainable investment firm Mirova. Existing shareholders, including Clean Energy Finance Corporation (CEFC), RACV, and Kilara Capital, also contributed to this major development.
This funding arrives at a pivotal moment for Australia's EV market, which has seen significant growth. In 2023, the market recorded the sale of 98,436 new electric vehicles, marking a remarkable increase compared to the previous year. These EV sales now represent over 8% of all new vehicle sales in the country, a substantial rise from less than 4% in 2022.
JET Charge plans to utilize the funding to enhance its proprietary technologies and infrastructure. Among these innovations are the CORE energy management system and the Illuminate asset management platform, which are designed to optimize energy use and improve infrastructure reliability. The company also aims to expand its "charging as a service" offering, a model that supports both residential and commercial users in transitioning to EVs.
The Australian Energy Market Operator has projected that EVs could account for the majority of road transport, reaching nearly three-quarters of the market by 2040 under the Green Energy Exports scenario. This shift underscores the urgent need for scalable and accessible charging infrastructure.
JET Charge, founded in 2012 by Tim Washington and Ellen Liang, has been instrumental in Australasia's transition to electric mobility. The company’s latest funding aligns with Australia's broader push for sustainability, especially as businesses prepare for mandatory climate-related financial disclosures set to begin in 2025.
The new investment not only positions JET Charge to scale up operations but also reinforces its commitment to making EV adoption practical and seamless across Australia and New Zealand. Washington, reflecting on this milestone, emphasized the role of electrified transport in securing a sustainable future.
With this funding, JET Charge is poised to advance its mission of creating a robust EV ecosystem, empowering the region to meet its climate goals while fostering innovation in energy management.
