JOLT lands $214m loan deal to power Canadian expansion

The news: Australian electric vehicle charging network JOLT has secured a $214 million ($C194 million) loan agreement with the Canada Infrastructure Bank (CIB) to install 1,500 kerbside EV chargers across urban centres in Canada. This development follows JOLT's existing partnership with Canadian communications company TELUS announced in late 2023.

The numbers: JOLT's global network has grown by 92% in the past 12 months, with charging sessions increasing by 188% year-on-year. The company has recorded a 242% increase in EV charging energy provision globally from 2023 to 2024. Each charging station provides up to 7 kWh of free fast charging per user daily, equivalent to approximately 50 kilometres of driving range. Australian drivers using JOLT's free charging service could save more than $1,370 annually.

The context: The partnership represents CIB's fourth investment under its Charging and Hydrogen Refuelling Infrastructure Initiative and its third in EV charging infrastructure. JOLT, which operates in Australia, New Zealand, the UK and Canada, combines free fast charging with digital out-of-home advertising on screens integrated into its charging kiosks. The company's charging network is powered by 100% renewable energy.

What they said: "Kerbside fast charging is critical to the transition to electric vehicles, and providing fast, free charging to those who do not have access to off street charging is JOLT's goal for its expansion. JOLT's partnership with the CIB is a testament to our shared commitment to innovation and sustainability," said JOLT chief executive officer Doug McNamee.