Monday, July 15, 2024

Jolt, Backed by BlackRock, Expands EV Charging Network in UK

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Jolt, an Australian charging company supported by U.S. fund manager BlackRock, has initiated the deployment of on-street EV chargers in the London borough of Barnet. The company, which aims to install 5,000 chargers across Britain over the next three to five years, revealed plans to extend its charging network to other boroughs.

CEO Doug McNamee highlighted the unique features of Jolt’s chargers, distinguishing them from conventional on-street public chargers. Operating at 25 kilowatts (kW), these chargers are designed for short stops on high streets in densely populated urban areas, offering a higher power output compared to the typical 7 kW chargers used for overnight charging. The London borough of Barnet secured a £2.1 million ($2.6 million) government grant for EV charging infrastructure, supporting Jolt’s expansion efforts.

An innovative aspect of Jolt’s charging stations is the incorporation of advertising, a feature contributing to seven kilowatt-hours of free charging for consumers. This translates to approximately 30 miles (48.3 km) of EV range, enhancing the appeal of the charging network.

Jolt has garnered substantial financial backing, with BlackRock’s climate infrastructure fund investing over A$100 million ($63.7 million) in the company. Currently operating in Australia and New Zealand, Jolt recently announced a partnership with Canadian telecoms company Telus to deploy 5,000 chargers across Canada.

While Jolt presently has around 100 chargers in service, CEO Doug McNamee disclosed a global pipeline of approximately 7,500 chargers. The company is not only focusing on the UK and Canada but has also set its sights on the United States. Establishing U.S. offices, Jolt is navigating the complex regulatory landscape that varies across states. With the backing of BlackRock, McNamee expressed optimism about potential expansion into additional markets.

“We’ve got a great partner in BlackRock, so we might be springing up somewhere else before you know it,” remarked McNamee, hinting at Jolt’s ambitions for further international growth.

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