EVSE to expand in Australia and NZ

Australian private markets fund manager Pacific Equity Partners (PEP) has a $250 million stake in Australian EV charging hardware and software provider EVSE.

PEP says the deal will give it a majority shareholding in EVSE with plans to invest significant capital to expand its presence in the EV charging market across Australia and New Zealand.

The PEP backed smart metering and energy technology provider Intellihub will now work closely with EVSE to provide field support and help leverage opportunities for it to grow and better manage EV charging as a behind the meter consumer energy device.

EVSE has an end-to-end solution that bundles hardware, software and installation services via the Exploren platform and is established in Australia’s EV charging hardware market across residential, fleet and EV manufacturers segments.

The partnership is well timed to capture the growing residential, commercial and fleet EV charging markets, says PEP managing director Cameron Blanks.

“PEP’s strategic investment will enable EVSE to grow at scale as it continues to lead the way in the rapid electrification of Australia’s transport sector over the coming decade,” he says.

“Australia is on track for 100,000 new EV sales in 2023, with continued growth year-on-year over the coming decade.

‘Companies such as EVSE will be instrumental in supporting this rapid uptake.”

Charging infrastructure will continue to grow with new EV sales in Australia increasing by more than 50% during the first six months in 2023.

In New Zealand, the government has set a target for 30% of the country’s light vehicle fleet to become electric by 2035, requiring a rapid and large scale roll out of smart and energy efficient charging infrastructure, says PEP.

Intellihub chief executive Wes Ballantine says the partnership will help support future EV demand while being aligned with Intellihub’s offering to energy retailers and their residential and commercial customers.

“We’re now installing more than 40,000 smart meters across Australia and New Zealand each month,” he says.

“And more and more we’re going beyond the meter, to support the better management of consumer energy devices like electric hot water, pools, solar and batteries – and EV charging.”

EVSE co-founder Sam Korkees says the Intellihub and PEP partnership allows EVSE to expand and meet the needs of more EV motorists.

“This strategic partnership with PEP, backed by the expertise of Intellihub, is a game changer for EV charging services in Australia and New Zealand.”

EVSE was inspired by a trip to Europe in 2014 by founders Korkees and Brendan Wheeler where they were amazed by Amsterdam’s EVs and EV chargers.

In under a decade it has grown from start-up to one of Australia’s leading EV charging solutions providers, recently announcing an agreement to provide EV charging solution for Uber’s ride sharing partners across Australia.

EVSE was also the inaugural winner of Deloitte’s Tech Fast 50 Climate award, recognising its leadership in the climate tech space, and featured on the AFR Fast 100 List for the past three years.

PEP’s renewables portfolio includes energy technology company GreenSync and digital pool monitoring business Pooled.