One of Australia’s most significant problem relating to electric vehicle adoption is about to be eliminated, thanks to Black Rock and Jolt Charge.
Blackrock, which is one of the world’s largest investment companies has announced more than $ 100m investment in Australian company that specializes in Electric vehicle charging station ‘Jolt Charge’.
Where Will The $100 Mn Be Used?
An investment worth $ 100m is not a small deal! It will be used to cover the huge capital expenditure for expansion of EV charging infrastructure in Australia.
Jolt plans to launch more than 5000 public EV charging stations across the nation using BlackRock’s investment capital.
EV Charging Stations In Australia
According to the Australian Electric Vehicle Council, Australia currently has more than 3000 public EV charging stations, but only a small portion of it are fast chargers that are able to add hundreds of miles in less than an hour.
Jolt offers the first 7kWh of daily charging without any cost, which the company says is about 45km. Users then have to pay for any power used after the first free 7kWh.
Doug McNamee founder of Jolt said the investment from BlackRock was very important in improving Australia’s charging infrastructure and would help drive the trend of electric vehicles in the country and also reduce air pollution.
Why Did BlackRock Invest In Australian Company?
“Australia has a critical role to play in advancing towards a net zero emissions future. We’re excited to be leading the way forward by building the vital infrastructure needed to power our roads, address range anxiety and help get more Australians behind the wheel of an EV,” said Mr McNamee.
Charlie Reid, managing director of Blackrock Renewable Energy, said there was significant growth opportunity in electric car charging stations in Australia in the short and long term and this is why the investment firm showed interest.
“We believe that the electrification of transport will play a very important role in advancing the transformation of power in Australia and we look forward to implementing this with our investment in Jolt,” said Mr Reid.
The Electric Vehicle Trend
Sales of electric vehicles are expected to accelerate in the coming years, which could put pressure on the limited number of public charging stations currently available.
An estimated 8700 electric vehicles were purchased in the first six months of the year, nearly 2000 more than in previous years. This still applies only about 1.5 percent of all new cars sold in the first half of 2021.
Tesla’s Model 3 makes up most of these sales.
