EV charging stations get $1m investment

The EV charging network is getting a boost with New Zealand Green Investment Finance’s $1 million investment in EV charger and network management company Thundergrid.

NZGIF’s $1m debt facility will enable Thundergrid to accelerate its rollout of EV charging infrastructure, and develop other services to help its customers, which includes the ability to schedule charging during off-peak times, making charging cheaper and more effectively distributing load on the national grid.

It’s an important step in encouraging more Kiwis to consider switching to EVs, says NZGIF chief investment officer Jason Patrick.

“One of the most common reservations people have about EVs is whether they’ll have problems finding a place to charge their car,” he explains.

“That’s why building an EV charging network is so critical to helping decarbonise New Zealand’s transport sector, and Thundergrid is playing an important part in this.

“It makes perfect sense to invest in the roll-out of charging stations for corporates and government agencies, given the size of their fleets.

“Offering EV charging stations is not only a valuable service for their employees, but it also helps the rest of the community by making it easier for people to make the switch away from petrol or diesel.”

Thundergrid chief executive Jonny Parker says the company’s strategy is focused primarily on these government and corporate markets, as well as looking to service public facilities and residential customers.

“There’s huge demand for reliable EV charging options at the moment,” he adds.

“Government agencies are under pressure to fully electrify their fleets by 2025, while corporates see EVs as a way of lowering transport costs and improving their long-term sustainability.

“But you need to have the charging options to sustain those fleets, as well as the back-end technology to help manage energy demand on buildings.”

Parker expects Thundergrid’s growth to accelerate during the next few years.

“That’s why the facility from NZGIF is so important – it allows us to grow significantly faster than would otherwise be the case, and, in turn, do a whole lot more to help decarbonise our economy.”