Boosting the country’s backing of low emissions vehicle technologies to more than $2.1 billion, Australia’s Clean Energy Finance Corporation (CEFC) is investing $6.1 million in charging station infrastructure company JET Charge.
The CEFC investment is part of JET Charge’s $22.5 million capital-raising effort. The company installs EV chargers in dealerships, public charging networks, and at private homes.
According to Minister for Industry, Energy and Emissions Reduction (IEER) Angus Taylor, the financing supports Australian businesses rolling out low-emissions transport technologies while creating new jobs. The backing will enable JET Charge to expand its workforce to more than 100 people in the coming year and will advance its EV charging technologies.
“Building additional charging infrastructure is key to removing range anxiety and supporting consumer choice,” Taylor pointed out. “More and more Australians are already making this choice, with plug-in EV sales tripling last year.”
“Australia will get to carbon neutrality by working in partnership with businesses, like JET Charge, and our funding will build EV charging options, and the flow on effects for the grid, said Tim Wilson, IEER assistant minister. “Our investment will also potentially lead to savings for drivers through vehicle-to-grid technology.”
JET Charge’s plans include bringing bidirectional EV charging technology to Australian homes and businesses with vehicle-to-grid (V2G) and vehicle-to-home (V2H) charging capabilities. The company’s Energy Management System technology uses dynamic load control to monitor power within real time and adjust the charging rate of each station accordingly.