JET Charge secures $72 million for EV infrastructure
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The news: Melbourne-based electric vehicle charging company JET Charge has secured $72 million in equity funding led by sustainable investment firm Mirova, with participation from existing shareholders including the Clean Energy Finance Corporation, RACV and Kilara Capital.
The numbers: The funding follows a year of significant growth in Australia's electric vehicle market, with 98,436 new EVs sold in 2023, representing 8.45% of all new car sales, up from 3.81% in 2022.
The Australian Energy Market Operator projects EVs could represent 72% of road transport by 2040 under its Green Energy Exports scenario.
The context: The funding will accelerate the company's charging as a service offering and development of proprietary technologies, including its CORE energy management system and Illuminate asset management platform.
The investment comes as Australian businesses prepare for mandatory climate-related financial disclosures from 2025.
The company was founded in 2012 by Tim Washington and Ellen Liang to support Australasia's transition from EV charging pilots to infrastructure at scale.
What they said: "JET Charge was founded on the belief that electrifying transport is key to achieving a sustainable future," Washington said.
"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."
The source: JET Charge media release
