ChargeNet to use Genesis major stake to boost EV infrastructure

Genesis Energy will acquire a 65% stake in ChargeNet for $64 million, the move allowing EV charging growth.

ChargeNet operates more than 400 public fast-charging points across the country, with at least 90% of New Zealand’s EV owners registered as customers.

Genesis’ investment will enable ChargeNet to accelerate EV charging growth with charge points expected to more than double by 2030, supporting the government’s goal of having a national network of 10,000 chargers by 2030.

The partnership will accelerate network expansion and scale operations for the benefit of all consumers, says ChargeNet chief executive Danusia Wypych.

“Since our inception (in 2015), 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,” she says.

“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.”

Wypych says it lays the groundwork for EV charging not just for the next few years but for the next decade and beyond.

“We will match our investment over the last decade in just the next three years,” she says.

“The partnership means we can continue to rapidly grow our network – we will bring over 150 new charging points online this year and have delivered 60 in the last six months alone. We are planning to add another 270 charging points to our network in the next financial year.”

EV drivers can expect to see more high-power stations, including 200kW and 400kW chargers, starting from early 2025, says Wypych, adding that for the past two years, ChargeNet has focused on enhancing the strength and density of its network to ensure Kiwis can charge their vehicles when and where they need.

“Our customers are already reaping the rewards of our hubs, like Tauranga Crossing, which provides up to 300kW charging for up to 10 vehicles simultaneously,” she says.

“Additionally, locations like Albany (Pak’nSave) are setting the standard with 150kW charging. Since early June, we’ve welcomed over 3000 new customers.”

EVs account for about 4% of the country’s light passenger vehicle fleet, expected to reach more than 25% within the next eight years. 

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 Kiwis.

The investment in associate sits outside Genesis’ FY25 capital expenditure guidance with its FY25 EBITDAF guidance remaining unchanged at $460 million.

Genesis chief retail officer Stephen England-Hall says the deal helps support customers to electrify their lives, and to achieve a 30% market share in EV customers by FY28.

“Decarbonising transport is crucial for New Zealand’s future, and public charging infrastructure is a key element of that transition,” he says.

“This partnership combines ChargeNet’s market leadership (it has nearly 500,000 customers) with Genesis’ energy expertise and customer reach, enabling us to play a leading role in shaping the future of transport in New Zealand.”

England-Hall reckons rapid charging infrastructure is crucial for the transition and that Genesis’ investment will accelerate a faster nationwide rollout, increase access for customers and drive value for shareholders.

Even with road user charges and a mix of at home and public charging, running an EV is still more cost effective than an internal combustion engine (ICE) car, say Wypych and
England-Hall, the latter adding Genesis has committed to a $1.1 billion investment in renewable electricity infrastructure.

This includes the recent $150 million investment in a 100MW/200MWh grid-scale battery at Huntly Power Station and delivering up to 500MW of grid-scale solar by FY28.

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