BlackRock invests over $72Mn in Australia’s Jolt network
BlackRock is investing over 100 million Australian dollars in the charging infrastructure company Jolt. The company wants to build 5,000 charging stations for electric cars at sites across Australia by 2030.
BlackRock bound its commitment to supporting Jolt’s target. The Australian company is an EV charging provider which combines charging offers with billboard advertising. For Black Rock, the deal marks the first investment in the e-mobility sector through its Global Renewable Power Fund.
As part of the agreement, it will provide $100Mn AUS ($72MN or €62Mn) through business milestones, including 5,000 charging stations. The BlackRock investment will reportedly be used to install 1,000 stations within the next three years.
Still, Jolt has a long way to go. To date, it provides just a few dozen public charging stations across Adelaide and Sydney, utilising existing power infrastructures like substations and streetside electricity kiosks. Interestingly enough, the business model offers the first 7KwH of power free of charge. Enough for about 45km of driving range, Jolt says, and refinanced through advertising.
The partners both stress missed business opportunities on the continent. Australia has been slow in EV uptake, not the least due to unfavourable policies. There has been change across Australia though, and BlackRock expects to issue further investment in Jolt in the years to come.
dealstreetasia.com, businessinsider.com, jolt.com.au (company website)
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