JET Charge receives $25 million funding boost for EV infrastructure development

Electric vehicle charging firm JET Charge has raised more than $25 million in funding to grow Australia’s developing infrastructure network.

The pot of cash comes from the company’s Series B funding round, which was led by the RACV with help from the Clean Energy Finance Corporation (CEFC) and growth investors, Claremont Capital.

It follows a further $4.5m already raised in the Series A round during 2020, which came from Greg Roebuck, non-executive Chairman at fellow EV infrastructure firm Chargefox, and climate tech investor Simon Monk.

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According to JET Charge, the latest funding will be used, in part, to expand the business’s workforce in Australia and New Zealand, working with its utility partners to solve grid issues, and to create and implement new technology to make EV charging easier to own and use.

JET Charge is a leader in EV charging infrastructure. The company installs EV chargers in dealerships, for public charging networks, and at home. Since 2020, JET Charge has grown from 25 to almost 100 employees, starting with sales and installation of charging stations before becoming a more diverse infrastructure and technology company.

“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,” said Tim Washington, Founder of 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,” added Neil Taylor MD and CEO of RACV.

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Recent data from the Electric Vehicle Council of Australia found that sales of new plug-in and hybrid electric vehicles (PHEV) tripled in the past 12 months to more than 20,000 vehicles sold in 2021.

According to JET Charge’s own predictions, sales of new EVs will increase from two per cent of new vehicles sold in Australia in 2021 to over 50 per cent by 2030.

“Building additional charging infrastructure is key to removing range anxiety and supporting consumer choice,” Minister for Industry, Energy and Emissions Reduction Angus Taylor said of the announcement.

“More and more Australians are already making this choice, with plug-in EV sales tripling last year. This investment will support this number to grow even further.

“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.”