Australian EV charging infrastructure and technology company JET Charge has raised over $25 million in a Series B funding round, driving its expansion in a rapidly growing EV market.
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The Series B 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 $4.5 million 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 is well positioned as the only Australian company that has the scale and expertise to deliver the wide-ranging suite of infrastructure that is needed to support the anticipated growth of the market.
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 over 20,000 vehicles sold in 2021. According to JET Charge’s own predictions, sales of new EVs will increase from 2 per cent of new vehicles sold in Australia in 2021 to over 50 per cent by 2030.
“With our scale and Australasian presence, JET Charge is in a unique position to ensure that Australia and New Zealand are ready for the mass adoption of EVs,” JET Charge founder Tim Washington said.
We have grown from a business that digs trenches and installs cables to become the market leader in EV charging infrastructure and technology, and a company that is shaping the industry by solving challenges for business, governments and EV owners.
“We are also proud to be creating a skilled workforce for the future and look forward to welcoming hundreds of people committed to a low emissions transport future over the coming years. 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.”
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CEFC CEO Ian Learmonth said, “JET Charge is a great Australian success story, with home grown technology and innovation making it possible for more Australians to benefit from the electric vehicle revolution. This is reflected in the success of this recent capital raise, which the CEFC is proud to support through the Clean Energy Innovation Fund. The transition towards net zero emissions can be led by innovative companies like JET Charge delivering clever solutions to complex problems such as smart charging infrastructure. This is an exciting step in accelerating towards a stronger, decarbonised future.”
