Evie Networks, Australia’s largest electric vehicle (EV) fast-charging network, has secured a $50 million senior debt facility in what it says is a landmark deal that signals the next stage of expansion in the industry.
The $50 million facility, secured through specialist fund manager Infradebt, will support the continued growth of Evie, which is soon to ’ commission its 1,000th fast charging point sometime this month.
It is also an important milestone for public EV charging in Australia, as it marks the first non-recourse senior debt facility secured for public DC fast charging in the country.
“This funding is more than a milestone for Evie – it signals that public EV charging is now recognised as main-stream national infrastructure,” said Chris Mills, the CEO of Evie Networks.
“The support of superannuation funds shows that investors are moving beyond traditional assets and backing this new infrastructure that will shape Australia’s energy and transport future. Only a small number of companies globally have achieved this.”
Non-recourse debt financing is typically used to finance long lead-time projects such as commercial real estate and public infrastructure, where the promise of repayment has a long lead time and is based on the success of the financed project.
These debt facilities are an important source of financing for infrastructure businesses, and the elevation of public EV charging to the ranks of asset classes to secure debt financing highlights the growing investor confidence in the long-term viability of EV charging.
It also heralds a shift for public EV charging network operators from venture-backed growth capital to a more sustainable and traditional infrastructure debt financing structure.
This begins to position Australia alongside its global peers where infrastructure debt is increasingly being used to fund EV charging networks.
“Infradebt is pleased to partner with Evie Networks – which has established a market leading position in the Australian public EV charging market,” said Alexander Austin, Infradebt co-founder and CEO.
“Decarbonisation of the transport sector is a critical part of the transition to net zero and we see battery electric vehicles and the infrastructure to support them as a critical part of this transition.”
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.