Clarendon Lawyers is delighted to have advised JET Charge on its recent private capital raise, which comprised $3.5 million from the Clean Energy Finance Corporation and a total of $1 million from multiple private investors. The private capital raise completed on 5 May 2020.
JET Charge is a market leader in electric vehicle (EV) charging infrastructure in Australia. Founded in 2014, it specialises in supplying, installing and maintaining EV chargers. JET Charge’s mission is to accelerate EV adoption by reducing the barriers to EV charging. JET Charge does this by making EV charging safe, cost efficient and easy.
The investment by CEFC, in addition to other private investors, will go towards the deployment of smart charging hardware. JET Charge plans to lease charging stations that utilise wifi-connected technology to distribute power at off-peak times.
CEO and Co-Founder, Tim Washington said that JET Charge’s goal is to “facilitate compatible EVs in becoming an asset for the grid, with the future capacity to discharge electricity to homes, building and the wider grid when demand is high and financially reward EV drivers for doing so.”
CEFC is an Australian Government-managed “Green Bank” which was established to facilitate increased flows of finance into the clean energy sector. CEFC’s investment comes from the Clean Energy Innovation Fund, which was established with the aim of solving various emissions challenges in the market.
The Clarendons team was led by Director, Robert Feiner who was assisted by Lawyers Rachel Morris and Millie Clayton.
Robert Feiner congratulated JET Charge on the capital raise: “We were thrilled to assist JET Charge with its capital raise in an industry which is full of innovation and focused on sustainability. The transaction sets another platform for the strong growth of EVs in the future.”
Nash Advisory, led by Sean O’Neill and Kevin Han, advised JET Charge on the corporate advisory aspects of the transaction.
CEFC was advised by Corrs Chambers Westgarth.