Foreign firm buys into Kiwi EV company as green momentum builds
New Zealand charging network firm ChargeNet has inked a deal with international firm Mercuria, seeing the latter take over a 20 per cent stake in the company.
The undisclosed added investment will see ChargeNet fast-track its 300kW hyper-rapid charging station plans. 36 of these stations are set to be built around the country over the next three years.
“The newest generation of EVs can charge at these stations six times faster than on the standard 50kw charging stations, adding 400km of range in 15 minutes. They’re also capable of charging up to six vehicles at a site,” says ChargeNet CEO Steve West.
“This deal is not only a major milestone for ChargeNet, it’s a significant step forward for New Zealand’s necessary transition away from fossil fuels to sustainable transportation. We’re really proud to be at the forefront of this shift.
“Mercuria is one of the world’s largest integrated independent energy and commodities trading companies. Their investment is not only instrumental to enabling us to deliver a future-proofed NZ-based charging network, it also provides us a pathway to extend our global reach and drive growth in other countries.”
The investment comes during something of a boom period in interest levels around plug-in vehicles in New Zealand. The Government’s Clean Car Discount scheme was just introduced in July, and already appears to be reaping benefits in EV uptake.
In a statement, Mercura Vice President of energy transition and emissions trading, Jean-Francois Steels, says the relationship will also involve the firm leveraging its overseas relationships for ChargeNet’s benefit.
“Mercuria’s investment in ChargeNet is a tremendous opportunity for both companies. ChargeNet’s current management are best placed to deliver on the business plan,” says Steels.
“But at the same time, we will seek to support the company with its growth plans by leveraging Mercuria’s global network in Asia and the Middle East, assisting ChargeNet with its electricity sourcing and optimization and working with ChargeNet to offer customers a carbon neutral EV charging experience.”
