CEFC congratulates JET Charge on $72 million raise
The CEFC congratulates JET Charge on their successful $72 million raise led by Mirova. The CEFC was an early-stage investor and has committed $3 million to this latest raise as JET Charge continues to lead in the exciting electric vehicle and infrastructure sector to grow EV charging at scale, taking the total CEFC commitment to JET Charge to $12.5 million. The CEFC investment is managed by specialist climate tech venture capital manager, Virescent Ventures.
JET Charge media release:
19 December 2024
- Equity investment led by Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, through its Mirova Energy.
- Transition Fund 6 (MET6),1 along with backing from existing shareholders the Clean Energy Finance Corporation, RACV and Kilara Capital.
- The capital raised will support Melbourne-based JET Charge as it steps up its mission of taking the Australasian region from EV charging pilots to infrastructure at scale.
Equity investment to propel JET Charge’s ‘Charging as a Service’ (CaaS) offering and the continued buildout of its proprietary technologies aimed at the operation of EV charging infrastructure at scale.
Founded in 2012 by Tim Washington and Ellen Liang, JET Charge is leading Australia through every phase of the country’s transition to electric vehicles by providing charging infrastructure at every level, from individual households to the longest highways in the nation. With over 20,000 chargers and accessories delivered, JET Charge combines hardware and software tailored to market needs with on-the-ground operational expertise across both regional and metropolitan areas. This extensive experience enables the company to mitigate risks for Australian businesses transitioning to EVs. More recently, JET Charge has expanded its services into New Zealand.
In 2023, Australia's electric vehicle (EV) market experienced significant growth, with approximately 98,436 new EVs sold, more than doubling the previous year's figures. This surge increased EVs' share to 8.45% of all new car sales, up from 3.81% in 2022. The Australian Energy Market Operator (AEMO) projects that by 2040, EVs could comprise up to 72% of road transport under its Green Energy Exports scenario. Transitioning to electric vehicles is a critical component of Australia's strategy to reduce emissions and achieve its net-zero targets by 2050. Businesses are required to adopt EVs to align with their sustainability goals and address emissions reporting mandates, in line with the introduction of mandatory climate-related financial disclosures for large businesses and financial institutions from 2025. A well-prepared EV infrastructure will play a pivotal role in supporting this transformation, both for individual users and corporate fleets.
JET Charge will use its latest funding round to support the next stage of the region’s transition to electric vehicles and accelerate the deployment of EV infrastructure at scale.
Mirova’s substantial investment into JET Charge aligns with MET6’s goal of financing resilient infrastructure critical for the decarbonisation of energy production and consumption in OECD countries. This investment underscores Mirova’s dedication to advancing electrification in transport and enhancing EV charging infrastructure.
JET Charge continues to be backed by its existing shareholders the Clean Energy Finance Corporation (investment managed by Virescent Ventures), RACV and Kilara Capital, all of whom contributed to this latest fundraising round.
"JET Charge was founded on the belief that electrifying transport is key to achieving a sustainable future," said Tim Washington, Co-Founder and CEO of JET Charge. "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."
“This strategic capital will accelerate the rapid deployment of Charging as a Service, bolstered by the continued development of our in-house technologies, including CORE, our advanced on-site energy management system, and Illuminate, our flagship asset management platform." said Ellen Liang, Co-Founder of JET Charge. "CaaS removes the cost and complexity of operating an EV charging network, eliminating many of the upfront capital barriers by seamlessly bridging the digital and physical worlds to deliver a reliable EV charging network".
Nicolas Hayon, Investment Director, Head of Mirova Singapore Division, added: “EV infrastructure is key to the decarbonisation of transportation and net zero pathway. We are proud to support companies like JET Charge, playing an instrumental role in developing and accelerating essential charging infrastructure across Australia and New Zealand."
The CEFC manager for their investment, Virescent Ventures’ Ben Gust said: “This capital raise is an endorsement of the JET Charge team and the critical role that electric vehicles have in Australia’s clean energy transition. It’s great to see JET Charge maintain their leadership in the EV charging and infrastructure sectors as those markets continue to grow.”
Partner of Kilara Capital, Emma Jenkin concluded: “Mirova’s investment is an endorsement of the founders and JET Charge’s business model and their position as the leading EV infrastructure business in Australia. Mirova is a leading global climate impact investor, and this funding will provide JET Charge with the capital to expedite the build out Australia’s EV charging infrastructure. This is one of the key barriers to EV uptake and a critical element in Australia’s decarbonisation journey.”
UBS Securities Australia Limited and King & Wood Mallesons acted respectively as Financial and Legal Advisors of JET Charge. Azure Capital and Gilbert + Tobin advised Mirova.
1 MIROVA ENERGY TRANSITION 6 (MET6) is a French limited partnership (Société de Libre Partenariat), open to new subscription. Mirova is the management company. The supervisory authority approval is not required for this fund. The fund is exposed to capital loss risk, market risks, industrial and public counterparty risk, credit risk, liquidity risk, project risk, operational risk, compliance risk, legal and regulatory risk, financial risk, electricity transmission and distribution network risk, valuation risk, deal flow risk, sustainability risk.
The non-sourced figures mentioned in this communication are provided by JET Charge and may be subject to change without notice. The information reflects the views of the stakeholders and/or the situation as of the date of this document and may be updated without prior notice.
