ChargeNet operates more than 400 charging stations nationwide. Photo: AFP
Power company Genesis Energy is planning to pump money into ChargeNet to speed up the growth of its nationwide electric vehicle charging network.
Genesis has taken a 65 percent stake in the network for $64 million, as it looks for new income sources.
ChargeNet operates more than 400 public fast-charging points across the country and chief executive Danusia Wypych said the new deal will help build more ports faster.
"The Genesis investment gives us core investment into our site delivery program. So. putting more chargers in the ground. If I look back on a 12 month period under our current program, I'd be putting in maybe up to 150 charge points with the Genesis investment I can put in over 270 charge points per annum.
"It will really increase that cadence which is so important when more and more drivers will be taking the opportunity to drive electric."
The companies had an existing relationship where Genesis customers get price deals when they use charging ports out on the road.
Genesis retail officer Stephen England-Hall said the new deal meant it will steer customers towards EVs and ChargeNet stations as part of its electrification strategy.
He said there was strong potential in the EV market and the investment would increase access for customers and value for shareholders.
Wypych said although there had been a slowdown in EV sales this year her company would continue to invest in charging ports.
"We've always invested ahead of demand, and we've already got utilisation rates on our sites. Some of our sites are over 20 percent utilised and on an international average that tells you that you're already due for an upgrade, so it's important for us to keep investing even during this quiet year."
She said increasing the number of public charging ports supported the switch to EVs because consumers could be confident they could power up anywhere.
