JOLT Raises $214M to Propel Canada’s EV Charger Growth
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Quick Overview
- Australian EV charging leader, JOLT, obtains a $214 million loan from the Canada Infrastructure Bank (CIB).
- The funding will aid in installing 1,500 curbside EV chargers in urban centers across Canada.
- JOLT’s stations provide complimentary daily charging (up to 7 kWh), utilizing 100% renewable energy.
- This endeavor supports Canada’s target of 100% sales of zero-emission vehicles by 2035.
- JOLT’s business structure employs digital Out-of-Home (OOH) advertising to finance free charging.
- The company has also teamed up with TELUS to bolster its EV charging infrastructure throughout Canada.
- JOLT’s international network has increased by 92% over the last year, expanding operations into New Zealand, the UK, and Canada.
JOLT Enhances Free EV Charging Network in Canada
JOLT, an Australian pioneer in EV charging, has secured a significant $214 million loan from the Canada Infrastructure Bank (CIB) to expedite the growth of its complimentary and speedy EV charging network throughout Canadian cities. This investment will facilitate the installation of 1,500 new curbside chargers, enhancing access for urban electric vehicle drivers.
Implications for Canadian EV Owners
This agreement signifies increased quick, complimentary, and easily accessible charging options for Canadian EV users. JOLT’s charging stations grant users up to 7 kWh of free daily charging, translating to approximately 50 km of driving range. This service is powered by 100% renewable energy, providing a cost-effective and environmentally friendly solution.
In Australia, where JOLT has established a formidable presence, drivers utilizing its complimentary charging services save over $1,370 each year. Now, Canadian drivers can experience similar advantages.
Confronting Range Anxiety and Supporting Canada’s EV Aspirations
JOLT’s expansion is pivotal in alleviating range anxiety, a significant challenge to EV adoption. The initiative aligns with Canada’s ambitious objective of achieving 100% zero-emission vehicle sales by 2035 and its goal of installing 84,500 chargers by 2029.
With an anticipated 13 million EVs expected on Canadian roads by 2030 and a necessity for over 200,000 public chargers, this investment is a vital step towards fulfilling future demand.
The Canada Infrastructure Bank’s Role
This funding is part of the Charging and Hydrogen Refuelling Infrastructure Initiative (CHRI), the CIB’s program aimed at promoting sustainable transit solutions. This marks the CIB’s fourth investment within the program and the third focusing on EV charging.
JOLT’s collaboration with Canadian telecom giant TELUS, announced in late 2023, further enhances its capability to establish a comprehensive EV charging network from coast to coast.
The Business Model: Free Charging Backed by Advertising
JOLT distinguishes itself from other EV charging providers through its innovative digital Out-of-Home (OOH) advertising model. Every charging station is outfitted with high-resolution digital displays that showcase advertisements, effectively financing the complimentary charging services.
This strategy has already demonstrated success in Australia, where JOLT manages the largest free and fast EV charging network. By merging advertising with sustainable infrastructure, JOLT guarantees long-lasting sustainability while offering essential services to EV drivers.
JOLT’s Global Growth
JOLT’s expansion extends beyond Canada. Over the past year, the company has experienced a 92% increase in its international network, with energy provision surging 242% and charging sessions rising 188%.
In addition to Australia, JOLT has made inroads into New Zealand and the UK, with intentions to deploy tens of thousands of chargers globally over the next decade.
Conclusion
JOLT’s $214 million investment from the CIB represents a significant advancement for Canada’s EV infrastructure, introducing complimentary, fast, and renewable-powered charging to urban hubs. This initiative is critical for achieving Canada’s zero-emission vehicle objectives, mitigating range anxiety, and enhancing EV ownership accessibility.
Through an advertising-funded model, JOLT has developed a sustainable and scalable framework that benefits both drivers and advertisers alike. With its swift global expansion, JOLT is solidifying its position as a key contributor to the future of EV infrastructure worldwide.
Questions & Answers
Q: How does JOLT’s complimentary EV charging function?
A:
JOLT offers up to 7 kWh of free charging daily per user, funded through revenue generated from digital advertising displayed on its charging kiosks.
Q: Where will the new JOLT chargers be located in Canada?
A:
JOLT’s expansion will emphasize urban centers across Canada, focusing on areas where curbside charging infrastructure is essential to promote EV adoption.
Q: What makes this investment crucial for EV adoption in Canada?
A:
Canada’s goal of 100% zero-emission vehicle sales by 2035 necessitates the expansion of EV charging infrastructure to accommodate the increasing number of EVs and to alleviate range anxiety.
Q: How does JOLT’s business approach differ from other EV charging networks?
A:
In contrast to the majority of charging networks that impose fees per kWh, JOLT provides a free charging model financed by digital Out-of-Home advertising, making EV ownership more financially feasible.
Q: What are JOLT’s future global expansion intentions?
A:
JOLT is actively expanding into New Zealand, the UK, and Canada with the long-term ambition of establishing tens of thousands of chargers worldwide within the next decade.
Q: Who are JOLT’s primary partners?
A:
JOLT has teamed with TELUS in Canada and collaborates with notable Australian organizations such as Transport for NSW, Ausgrid, and Endeavour Energy to enhance its charging network.
Q: How does JOLT’s growth benefit the environment?
A:
By offering 100% renewable-powered charging and encouraging EV adoption, JOLT contributes to reduced carbon emissions and facilitates the transition to sustainable transportation.
