Swiss firm’s 20% stake in ChargeNet will accelerate EV charging growth

Kiwi EV charging network ChargeNet has signed a deal with global energy trading company Mercuria, which has acquired a 20% stake in ChargeNet.

Mercuria’s investment provides ChargeNet with the capital required to significantly accelerate its growth strategy, delivering a superior nationwide EV charging network ahead of growing demand from New Zealand motorists, ChargeNet chief executive and co-founder Steve West says.

“This investment is excellent news for ChargeNet and New Zealand because it allows us to rapidly scale up our existing network and fast-track the expansion of our hyper-rapid charging stations,” West says.

“Importantly, the investment by Geneva based Mercuria, a US$100b revenue company with a global presence in over 54 countries, underpins our ambition to deliver world-leading EV charging infrastructure and innovative software technology to support a substantial increase in electric vehicle use around the country.”

West says New Zealand is on the edge of exponential growth in EV adoption.

He believes ChargeNet’s next-generation 300kW hyper-rapid charging stations are a game-changer for motorists, especially alongside key Government initiatives.

Hyper-rapid charging can provide 400km range in 15 minutes and chargeup to six vehicles at a site at once.

“They go a long way to reducing the current barriers of EV ownership, including range anxiety and perceived lack of public fast charging infrastructure,” West explains.

While not disclosing the deal’s worth, West says Mercuria is one of the largest independent energy and commodity groups in the world and that their investment is not only instrumental to enabling ChargeNet to deliver a future-proofed New Zealand-based charging network but also provides ChargeNet with a pathway to extend its global reach and drive growth in other countries.

Mercuria’s strategic investment in ChargeNet is in line with its commitment to become a key player in the energy transition, Mercuria energy transition and emissions trading vice president Jean-Francois Steels says

“We strongly believe ChargeNet is uniquely positioned to support EV adoption across New-Zealand and the Asia-Pacific region,” he says.

“We see a tremendous opportunity to combine the strength of both our companies and for Mercuria to further support ChargeNet’s growth plans by contributing our experience and expertise in electricity and carbon markets and by giving ChargeNet access to Mercuria’s global network, notably in Asia and the Middle East.”

Steels says lectrification of the transport sector is a key pillar of Mercuria’s energy transition strategy.

“An investment in ChargeNet is aligned with Mercuria’s strategy to shift more than 50% of our investments towards the energy transition over the next five years.”

ChargeNet chairman Richard Dellabarca says that for a New Zealand growth company the funding process generated an extremely high level of interest from investors domestically and internationally.

“Which reflects well on the company Steve has built, along with the opportunity in front of it,” Dellabarca says in also thanking VMG Advisory which led the process and legal counsel Johnson Prichard Fee for their support.

In addition to the funding, Mercuria will appoint New Zealand-based Julian McCree as its board representative to assist in building the business and driving local and global expansion plans.

“Signing this deal is not only a major milestone for ChargeNet,” Dellabarca adds.

“It’s a significant step forward for New Zealand’s necessary transition away from fossil fuels to sustainable transportation.”