Melbourne-based electric vehicle (EV) charging company Jet Charge has successfully secured $72 million in funding, marking the end of a year-long search for investors. The capital raise was led by Mirova, an affiliate of the global asset manager Natixis, which has become the company’s largest investor through its Mirova Energy Transition Fund 6 (MET6). Alongside Mirova, existing backers, including the Clean Energy Finance Corporation (CEFC), RACV (Royal Automobile Club of Victoria), and Kilara Capital, also reaffirmed their support.
The funds will be used to further develop Jet Charge’s proprietary EV charging technologies and enhance its innovative “Charging as a Service” (CaaS) offering. This service allows customers to access EV chargers for a monthly fee, streamlining the process and helping to overcome the upfront cost barriers typically associated with setting up an EV charging network.
Jet Charge, founded in 2012 by Tim Washington and Ellen Liang, has seen significant growth over the years. In 2022, the company was selected for LaunchVic’s 30×30 program, a prestigious leadership development course aimed at founders and executives of scale-up businesses with the potential to achieve a $1 billion valuation by 2030.
To date, the company has installed over 20,000 charging stations across both metropolitan and regional areas in Australia, with recent expansion into New Zealand. Its product range includes PayMate, a convenient credit card payment system that can be used at EV charging stations. A notable installation was in Adelaide, where Jet Charge rolled out 46 charging stations, 22 of which are equipped with PayMate’s contactless payment system.
With annual revenues exceeding $40 million and a workforce of approximately 170 employees, Jet Charge has become a key player in the growing EV charging sector. The company sources its hardware from Finnish manufacturer Kempower, ensuring high-quality charging solutions for its customers.
This latest round of funding comes at a time of rapid growth for the business, as it continues to expand its infrastructure and refine its technology offerings. As part of the investment, Jet Charge will accelerate the deployment of its Charging as a Service model, alongside the continued development of its advanced energy management systems. These include CORE, an on-site energy management system, and Illuminate, a flagship platform designed to manage and optimise assets.
Ellen Liang, Jet Charge’s co-founder, explained, “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.”
Liang went on to describe how CaaS removes the financial and operational complexities typically associated with running an EV charging network, “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.”
Ben Gust, from Virescent Ventures, which manages the CEFC’s investments, highlighted Jet Charge’s leadership role in the sector, “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.”
With the backing of this new investment, Jet Charge is poised to further its mission of transforming Australia’s EV charging landscape and supporting the transition to a cleaner, more sustainable future.
