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BlackRock makes 1st APAC electric vehicle investment in Australia

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BlackRock Real Assets has announced it has acquired an equity stake in Australian electric vehicle charging provider, JOLT Charge (JOLT).

The investment – the fund manager’s first in the EV charging sector in APAC – will provide over $100 million of capital through business milestones to fund the construction of JOLT’s charging infrastructure. 

This will include the roll-out of 5,000 charging stations across the country, ensuring that JOLT becomes Australia’s largest EV charge point operator.

The first stations are set to be installed in the Hornsby and Northern Beaches Council areas in Sydney. 

“This is a great demonstration of BlackRock’s commitment to accelerating climate innovation in Australia,” BlackRock’s head of Australasia, Andrew Landman, said.

“We look forward to supporting JOLT in the build-out of this essential infrastructure that aims to make EVs more accessible to the broader Australian community.”

Doug McNamee, chief executive and founder of JOLT, added: “Institutional capital will play a critical role in developing the infrastructure that will galvanise and accelerate EV uptake in Australia.

"We’re thrilled to have secured support from BlackRock Real Assets who recognises our vision to help transform the future of transport through electrification.

“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.”

Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. 

Neil is also the host of the ifa show podcast.