ChargeNet welcomes EV infrastructure co-funding

ChargeNet has welcomed the Government’s co-funding commitment to begin to address what ChargeNet says is the significant infrastructure deficit in the country’s public EV charging network.

The Government has confirmed $68 million in co-funding for public EV chargers, based on a concessionary debt model, says ChargeNet, adding co-funding terms include 0% interest, with principal paid back over 13 years.

ChargeNet says it has led investment in the country’s public EV infrastructure for the past decade, operating more than 268 public charging sites and 510 charging points nationally.

The introduction of the new co-funding model is timely, says ChargeNet chief executive Danusia Wypych who welcomes the scheme’s commercial foundations, including that it be overseen by the government’s new national infrastructure funding and financing body.

“When you look past short-term market fluctuations it is clear that New Zealand’s passenger transport future is electric,” she says.

“There is more and more choice, EV prices continue to come down, and the economics of EV ownership are compelling and constantly improving.

“A significant barrier to the uptake in EV ownership is now the state of the country’s public charging infrastructure,” says Wypych.

“New Zealand has the lowest ratio of public EV chargers per EV in the OECD and we must turn that around if we are to realise the massive economic benefits of electrification.”

Wypych says the concessionary debt co-funding model, the zero interest funding, and investment in EV infrastructure plus the new governance structure ensures financial discipline in commercial partnerin and the opportunity to submit portfolio bids could support investment in different charging locations and speeds.

For company fleets looking to significantly cut operating costs, EVs make economic sense right now, and the expansion of public charging infrastructure would further support the practicality of large-scale fleet electrification, says Wypych.

“The public EV charging network is core strategic national infrastructure and we welcome the government’s acknowledgement of the need to increase investment ahead of rising EV demand,” she says.

“This co-funding is an important and timely step towards building the EV network that the country needs.

“ChargeNet looks forward to an opportunity to continue partnering with the government and co-investing in the infrastructure New Zealand needs in order to electrify our economy.”

Drive Electric chair Kirsten Corson says the loan is an “exciting first step”.