Jet Charge has raised A$25 million to power the Australasian EV transition.
The Series B funding round investor group was led by RACV with participation from the Clean Energy Finance Corporation (CEFC) through the Clean Energy Innovation Fund, and Claremont Capital in addition to further support from $4.5m Series A investors Greg Roebuck, founder of Carsales.com.au, and climate tech investor Simon Monk.
The Series B funding will be used to meet the challenges and opportunities of low emissions mobility in Australia, Jet Charge says.
The Electric Vehicle Council of Australia found that sales of new EVs tripled in the past year to more than 20,000 vehicles.
Jet Charge predicts new EV sales will increase from 2% of new vehicles sold in Australia in 2021 to more than 50% by 2030.
It will expand its workforce to create an end-to-end EV charging team in Australia and, increasingly, in New Zealand which will enable Jet Charge to create and implement new technology making EV charging easier to own and use.
Jet Charge will also focus on continuing EV charging integration with the electricity grid, working with its utility partners to solve electricity generation and demand issues as EVs start to play a growing role, both as an electricity consumer and as a storage device.
The business has grown from 25 to almost 100 employees since 2020, and Jet Charge has also expanded its offering.
Starting with sales and installation of charging stations, Jet Charge is now a diversified infrastructure and technology company that solves the challenges of owning, using, operating and integrating EV charging infrastructure.
“With our scale and Australasian presence, Jet Charge is in a position to ensure that Australia and New Zealand are ready for the mass adoption of EVs,” Jet Charge founder Tim Washington says.
“This funding will allow us to realise ambitious plans immediately as well as invest in R&D to remain at the forefront of innovation in our sector. We’re just getting started.”
RACV chief executive and managing director Neil Taylor says it is delighted to be a shareholder in Jet Charge.
“Working with Jet Charge, and our other investment businesses, will allow RACV to help homeowners and commercial businesses with comprehensive charging solutions as the transition to EVs gathers pace.”
The Morrison Government, through the CEFC Innovation Fund, is investing $6.1 million in Jet Charge’s $25.5 million capital raise.
That will roll out low emissions transport technology, remove range anxiety and support consumer choice while creating jobs, industry, energy and emissions reduction minister Angus Taylor says.
“This project expands on our $250 million Future Fuels Fund, taking the Government’s investment in low emissions vehicle technologies to over $2.1 billion.”
Jet Charge’s energy management system technology uses dynamic load control to monitor power demand in real time and adjust the charging rate of each station accordingly, also allowing owners to report and monitor their charging stations, perform preventative remote maintenance and bill customers for charging sessions.
