Pacific Equity Partners (PEP) has announced a substantial $250 million strategic partnership with EVSE, a prominent Australian electric vehicle charging hardware and software provider.
The agreement entails PEP acquiring a majority shareholding in EVSE, with plans to invest significant capital to expand its presence in the burgeoning EV charging market across Australia and New Zealand.
Cameron Blanks, managing director of Pacific Equity Partners, said the strategic timing of the partnership to address the increasing demand in residential, commercial, and fleet EV charging markets. The investment is anticipated to enable EVSE to scale its growth and contribute to the rapid electrification of Australia’s transport sector.
With Australia projected to see 100,000 new EV sales in 2023 and ongoing growth, the partnership aligns with the surging demand for charging infrastructure, expected to grow by over 50 per cent in the first six months of 2023.
In New Zealand, the government’s target of 30 per cent electric light vehicle fleet by 2035 emphasised the need for a rapid rollout of smart and energy-efficient charging infrastructure.
PEP backed smart metering and energy technology provider Intellihub, and will now work closely with EVSE to provide field support and help leverage opportunities for it to grow and better manage EV charging as a behind the meter consumer energy device.
Intellihub CEO Wes Ballantine said the partnership will help support future EV demand while being aligned with Intellihub’s offering to energy retailers and their residential and commercial customers.
“We’re now installing more than 40,000 smart meters across Australia and New Zealand each month,” Ballantine said.
“And more and more we’re going beyond the meter, to support the better management of consumer energy devices like electric hot water, pools, solar and batteries – and EV charging.”
“This strategic partnership with PEP, backed by the expertise of Intellihub, is a game changer for EV charging services in Australia and New Zealand,” EVSE co-founder Sam Korkees said.
“We’re ready now and moving quickly to support the rapid uptake of EVs across the region.”
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