Genesis Energy to Acquire Majority Stake in ChargeNet
ChargeNet, the largest electric vehicle charging network in New Zealand, is set to welcome a new majority owner as Genesis Energy plans to purchase a 65% stake in the company. This acquisition aims to support the expansion of ChargeNet’s network.
In a press statement, Genesis Energy announced its intention to invest NZD 64 million (approximately EUR 36 million) in ChargeNet. Currently, ChargeNet operates 250 public charging locations with a total of 430 charging points across the country and aims to more than double this number by 2030.
Stephen England-Hall, Chief Retail Officer at Genesis Energy, emphasized the importance of decarbonizing transportation for New Zealand’s future and highlighted public charging infrastructure as essential for this transition. He stated, “This partnership merges ChargeNet’s industry leadership with Genesis’ energy expertise and extensive customer base, allowing us to significantly influence the future of transportation in New Zealand.”
He further noted that with nearly 500,000 customers, Genesis Energy can enhance ChargeNet’s market presence by leveraging its energy management knowledge to assist larger clients in transitioning their fleets and ensuring optimal charging solutions for EV users in the country.
Danusia Wypych, CEO of ChargeNet, expressed enthusiasm for the investment, stating it would facilitate a faster adoption of electric vehicles in New Zealand. “In the past three years, EV ownership has surged by 200%. Although there has been a slowdown this year due to policy changes, the fundamentals for electrification remain strong, with at least 30% of Auckland residents considering purchasing an EV in the next three years, and EV prices continue to decline.”
Original News Website:
electrive.com,charge.net.nz, genesisenergy.co.nz
#charging infrastructure
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