Genesis Energy buys controlling stake in ChargeNet for $59m
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The news: Dual-listed energy retailer Genesis Energy will acquire a 65% stake in New Zealand's largest nationwide electric vehicle (EV) public charging network, ChargeNet, in a NZD64 million ($58.4 million) deal.
The numbers: Established in 2015, ChargeNet operates over 400 public fast-charging points across New Zealand, with over 90% of the country's EV owners registered as customers.
Genesis said its investment will enable ChargeNet to accelerate growth, with charge points expected to more than double by 2030, supporting the government's goal of growing the national network to 10,000 chargers over the same period.
The investment sits outside Genesis' FY25 capital expenditure guidance, while its FY25 EBITDAF guidance remains unchanged at NZD460 million.
The context: Genesis shares lowered on the ASX last week after announcing plans for a strategic partnership and equity interest in ChargeNet.
What they said: "This partnership combines ChargeNet's market leadership with Genesis' energy expertise and customer reach, enabling us to play a leading role in shaping the future of transport in New Zealand," said Genesis' chief retail officer Stephen England-Hall.
"With nearly 500,000 customers, Genesis can accelerate ChargeNet's market leadership by utilising our energy management expertise, guiding larger customers through fleet transitions and ensuring we deliver the best charging network for the country's EV drivers," he said.
ChargeNet CEO Danusia Wypych said: "With Genesis as a strategic partner, we intend to double the pace of installations and develop new solutions to ensure faster, more reliable charging experiences for all customers."
The source: ASX announcement
