BlackRock Real Assets invests in EV charging provider JOLT
BlackRock Real Assets has acquired an equity stake in JOLT Charge, an Australian electric vehicle charging provider. The investment will support JOLT’s business expansion plans to build out essential infrastructure to enable the transition to electric vehicles (EVs) in Australia, with BlackRock Real Assets set to provide over $100 million of capital through business milestones to fund the construction of JOLT’s charging infrastructure — including the rollout of over 5000 charging stations across Australia.
JOLT is a leading end-to-end owner and operator of battery electric vehicle chargers in Australia, allowing users to enjoy free, fast charging. The company aims to solve the major barriers to EV ownership in Australia, including access to charging and cost as well as range anxiety.
JOLT currently has operational charging stations in Adelaide and announced earlier this year its partnership with Ausgrid in an initiative to transform existing street-side kiosks into state-of-the-art EV charging stations. EV owners and users will soon be able to enjoy free, fast charging across Sydney, with the first stations to be installed in the Hornsby and Northern Beaches council areas.
“Institutional capital will play a critical role in developing the infrastructure that will galvanise and accelerate EV uptake in Australia,” said Doug McNamee, CEO and founder of JOLT. “We’re thrilled to have secured support from BlackRock Real Assets, who recognises our vision to help transform the future of transport through electrification.
“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.”
Andrew Landman, Head of Australasia for BlackRock, added, “This is a great demonstration of BlackRock’s commitment to accelerating climate innovation in Australia. We look forward to supporting JOLT in the build-out of this essential infrastructure that aims to make EVs more accessible to the broader Australian community.”
This is the first investment in the EV charging sector made by BlackRock Real Assets in APAC as part of the deployment of its latest Global Renewable Power strategy, which raised US$4.8 billion at its final close earlier this year. The strategy seeks to invest across the spectrum of climate infrastructure assets, with a focus on renewable power generation, energy storage and electric vehicle infrastructure throughout the Americas, Europe and APAC. This transaction marks the strategy’s 10th investment globally.
“The EV charging industry in APAC has tremendous near and long-term growth potential, which creates exciting investment opportunities for BlackRock’s clients,” said Charlie Reid, Managing Director of BlackRock Renewable Power. “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.”
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