EV Charging Company Secures $250 Million Investment

An electric vehicle being charged is seen in a file photo. CHUTTERSNAP/Unsplash.com

An electric vehicle (EV) charging company has secured a major private investment to expand in Australia and New Zealand.

The new deal will help support the “rapid uptake” of EVs in both countries amid the push towards net zero.

EVSE Australia, which describes itself as the number one supplier and installer of universal EV chargers, has received backing from Pacific Equity Partners (PEP).

Pacific Equity will receive a majority shareholding in EVSE as part of the $250 million (US$160 million) deal to invest in the EV charging market.

The funding will be used to invest “significant capital” to expand presence in the EV charging market in both Australia and New Zealand.

Cameron Blanks, managing director at PEP, described the partnership as “well timed” noting it will capture the growing residential, commercial and fleet EV charging markets.

“Australia is on track for 100,000 new EV sales in 2023, with continued growth year on year over the coming decade. Companies such as EVSE will be instrumental in supporting this rapid uptake,” he said.

“PEP’s strategic investment will enable EVSE to grow at scale as it continues to lead the way in the rapid electrification of Australia’s transport sector over the coming decade.”

Meanwhile, EVSE co-founder and national sales manager Sam Korkees said the partnership would help the company meet the needs of more EV motorists around the country.

“Our hardware and software solutions are at the forefront of the EV charging market,” he said.

“This strategic partnership with PEP, backed by the expertise of Intellihub, is a game changer for EV charging services in Australia and New Zealand. We’re ready now and moving quickly to support the rapid uptake of EVs across the region.”

Smart Meters Part of the Deal

Smart metering company Intellihub will work closely with EVSE as part of the plan to look at ways to “grow and better manage EV charging” with a metered consumer energy device.

Intellihub CEO Wes Ballantine said, “We’re now installing more than 40,000 smart meters across Australia and New Zealand each month.”

“And more and more we’re going beyond the meter, to support the better management of consumer energy devices like electric hot water, pools, solar, and batteries—and EV charging. Our technology and people power will be a great asset for EVSE.”

On Dec. 18, the Australian government announced that Intellihub would receive a $9.75 million (US$6.55 million) grant for a smart energy trial.

Intellihub will launch a “demand flexibility platform” that will target “510 megawatts of aggregated load under control.”

Electric vehicles (EV) line up outside a Tesla dealership in Melbourne on April 19, 2023. William West/AFP via Getty Images

The company will leverage its network of two million smart metres to provide an connection between electricity retailers and 140,000 customer-owned devices. These devices will be enrolled voluntarily in the scheme, the federal government said on Dec. 18.

The project, worth $22 million (US$14.8 million), will target the integration of hot water systems, solar PV, batteries, electric vehicle chargers, and pool pumps onto the platform.