One of Australia's biggest electric vehicle charging firms has secured a $250 million investment that will enable the company to power up its roll-out in public and in households.
EVSE and private market fund manager Pacific Equity Partners announced the deal on Monday, revealing the group would take a majority stake in the company that started in a western Sydney garage.
EVSE is the second largest electric vehicle charging company in Australia, behind Jet Charge, and provides residential, commercial and public vehicle charging equipment and services.
The deal comes just one week before Australia's car-charging network is expected to experience its highest usage of the year as tens of thousands of new electric car owners embark on road trips.
EVSE co-founder Sam Korkees said the investment would help the firm, based in the Sydney suburb of Silverwater, expand its residential and fleet offerings, as well as accelerate the roll-out of public chargers.
EVSE is also expected to establish an office in New Zealand as part of the deal.
"This strategic partnership ... is a game-changer for EV charging services in Australia and New Zealand," he said.
"We're ready now and moving quickly to support the rapid uptake of EVs across the region."
EVSE, which was founded by Mr Korkees and Brendan Wheeler in 2015, provides vehicle-charging equipment and services for public charging stations and heavy vehicles, as well as equipment and installation in private homes.
Pacific Equity Partners managing director Cameron Blanks said investing in electric transport infrastructure made sense in Australia, which was set to undergo a "rapid electrification" over the next decade.
"Australia is on track for 100,000 new EV sales in 2023 with continued growth year on year over the coming decade," he said.
"Companies such as EVSE will be instrumental in supporting this rapid uptake."
EVSE will collaborate with Intellihub under the deal, also backed by Pacific Equity Partners, that provides smart-metering technology.
The company is one of four Australian electric vehicle charging firms seeking investments to fund their expansion, including Jet Charge, Evie Networks and Jolt Charge.
EV drivers have access to DC fast-chargers in almost 800 locations, according to the Electric Vehicle Council, up from 363 fast and ultra-fast charging locations in October 2022.
Figures from the Federal Chamber of Automotive Industries also showed more than 80,000 new electric vehicles had been sold in the year to November – up 184 per cent on 2022.
The rising number of electric vehicles on Australian roads could put pressure on charging infrastructure this holiday season, however, with NRMA chief executive Carly Irving-Dolan advising drivers to think of other drivers and only recharge in public for as long as necessary.
“We are urging drivers not to use charging bays as parking and applying some basic charging etiquette these holidays so that people aren’t left waiting to charge,” she said.