Genesis takes majority shareholding in ChargeNet
Today it has been announced that Genesis Energy will take a majority shareholding in ChargeNet.
Genesis will acquire a 65 per cent stake in ChargeNet for $64 million, which includes a significant investment into the business to fund its near-term growth.
Established in 2015, ChargeNet operates more than 400 public fast-charging points across the country. The company says that over 90 per cent of New Zealand’s EV owners are registered as customers.
The investment, it is claimed, will enable ChargeNet to accelerate its growth, with charge points expected to more than double by 2030.
Genesis’ Chief Retail Officer, Stephen England-Hall, said the investment will support the country’s net zero 2050 goal while delivering value to customers.
“Decarbonising transport is crucial for New Zealand’s future, and public charging infrastructure is a key element of that transition. This partnership combines ChargeNet’s market leadership with Genesis’ energy expertise and customer reach, enabling us to play a leading role in shaping the future of transport in New Zealand”.
“With nearly 500,000 customers, Genesis can accelerate ChargeNet’s market leadership by utilising our energy management expertise, guiding larger customers through fleet transitions and ensuring we deliver the best charging network for the country’s EV drivers.”
“We see strong potential in the New Zealand EV market. Rapid charging infrastructure is crucial for this transition and Genesis’ investment will accelerate a faster nationwide rollout, increase access for customers and drive value for shareholders.“
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ChargeNet CEO, Danusia Wypych, said the partnership with Genesis would accelerate network expansion and scale operations for the benefit of all consumers.
“Since our inception, we have been committed to reducing New Zealand’s reliance on fossil fuels in transport. We are proud of what we have achieved and excited about what lies ahead,” Wypych said.
“With Genesis as a strategic partner, we intend to double the pace of installations and develop new solutions to ensure faster, more reliable charging experiences for all customers.”
New Zealand is still in the early adoption phase with EVs, which currently account for around four per cent of the country’s light passenger vehicle fleet.
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By expanding the country’s charging infrastructure and integrating advanced energy solutions, Genesis and ChargeNet aim to make EV adoption more accessible and convenient for all New Zealanders.
