At Ausdroid we’re fans of green technology which is why we’re covering electric cars more these days. The thing with electric vehicles (EV’s) is that if Australians are going to use them across the country in large numbers, they need lots of places to charge their batteries.
So we were excited to hear today that BlackRock Real Assets has acquired an equity stake in Australian electric vehicle charging provider, JOLT Charge (JOLT). The investment will support JOLT’s business expansion plans to build out essential infrastructure to enable the transition to electric vehicles (EVs) in Australia.
As part of the agreement, BlackRock Real Assets will also provide over AUD$100 million of capital through business milestones to fund the construction of JOLT’s charging infrastructure, including the rollout of over 5,000 charging stations fully powered bt renewable energy across Australia.
JOLT aims to solve the major barriers to EV ownership in Australia including access to charging and cost, as well as range anxiety. It currently has operational charging stations in Adelaide and announced earlier this year its partnership with Ausgrid in a world-first initiative to transform existing street side kiosks into state-of-the-art EV charging stations.
You can top up your EV (using CSS2 or CHAdeMO connectors) at a JOLT charger for free up to 7kWh (around 45km) in any 24 hour period.
After you have charged your free 7 kWh, you will need to end charging from your vehicle or you will be charged at the specified in app advertised rate per kWh for the remaining charge.
EV owners and users will soon be able to enjoy this first 7kW free, fast charging across Sydney with the first JOLT stations to be installed in the Hornsby and Northern Beaches council areas. I’m sure Chris will try them out as soon as he can.
Charlie Reid, Managing Director of BlackRock Renewable Power, said:
“The EV charging industry in APAC has tremendous near and long-term growth potential, which creates exciting investment opportunities for BlackRock’s clients. We believe the electrification of transport plays a pivotal role in advancing Australia’s energy transition and we look forward to harnessing this through our investment in JOLT.”
Doug McNamee, CEO and Founder of JOLT, commented,
“Institutional capital will play a critical role in developing the infrastructure that will galvanise and accelerate EV uptake in Australia. We’re thrilled to have secured support from BlackRock Real Assets who recognises our vision to help transform the future of transport through electrification.”
“Australia has a critical role to play in advancing towards a net zero emissions future. We’re excited to be leading the way forward by building the vital infrastructure needed to power our roads, address range anxiety and help get more Australians behind the wheel of an EV.”