BlackRock-backed EV charging firm seeks fresh funds

afr.com:

Aussie EV charging station business, JOLT Charge which snagged global giant BlackRock’s backing two years ago, is preparing to hit up investors once again to help fund an ambitious global expansion plan.

BlackRock Renewable Power MD Charlie Reid and BlackRock’s Victoria Volkova and Ross Mackey. 

Street Talk understands JOLT has mandated RBC Capital to find backers for a sizeable capital raising, in a deal expected to launch in the new year. Investor sources said JOLT and its bankers were seeking a capital partner willing to tip in about $150 million, although sale documents and process letters were yet to hit inboxes.

JOLT was founded by Doug McNamee, who had spent more than a decade in media and marketing roles. Its business is built on two revenue streams – one from EV charging using existing urban infrastructure and the second from outdoor advertising displayed on the screens at its chargers – which BlackRock has previously termed as unique. Drivers can charge for free (up to a limit), with advertising supplementing JOLT’s revenue.

The global investing giant, via its BlackRock Renewable Power, tipped in $100 million in lieu of an equity stake, to help JOLT roll out its power stations, The Australian Financial Review reported in August 2021.

At the time, JOLT had charging stations in Sydney and Adelaide and was targeting a 5000-strong network in Australia in the coming five to ten years, of which BlackRock’s millions were to help with the first 1000.

The company was recently reported to have 100 chargers up-and-running, with a pipeline of about 7500 chargers. It said it would install 5000 chargers in Britain over the next three to five years, and had signed a partnership with Canadian telco Telusfor a further 5000.

It