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- The Federal Government invests $6.1 million into electric vehicle (EV) charging specialist JET Charge as the EV market continues to pick up steam
- The investment is part of a $25.5 million capital raise launched by JET as it targets rapid expansion ahead of an expected surge in demand for electric vehicles
- One of the major future developments for JET is set to come from its vehicle-to-grid (V2G) and vehicle-to-home (V2H) charging capabilities
- This tech could see EVs used as batteries to power homes or used to return excess power to the grid and provide some form of energy savings to owners
- Minister for Industry, Energy and Emissions Reduction Angus Taylor says the government had already invested $2.1 billion into low-emissions vehicle technologies
The Federal Government has invested $6.1 million into electric vehicle (EV) charging specialist JET Charge as the EV market continues to pick up steam.
The investment is part of a $25.5 million capital raise launched by JET as it targets rapid expansion ahead of an expected surge in demand for electric vehicles. JET plans to expand its workforce to over 100 people over the next year as it advances its EV charging tech.
The Morrison Government has taken a $6.1-million position in JET through the Clean Energy Finance Corporation (CEFC) innovation fund.
Minister for Industry, Energy and Emissions Reduction Angus Taylor said the investment was part of a government plan to continue to back low-emissions transport technology while creating new jobs.
“Building additional charging infrastructure is key to removing range anxiety and supporting consumer choice,” Minister Taylor said.
“More and more Australians are already making this choice, with plug-in EV sales tripling last year. This investment will support this number to grow even further.”
He added that the government had already invested $2.1 billion into low-emissions vehicle technologies.
JET’s EV charging tech system is able to monitor power demand in real-time and adjust the charging rate of each station accordingly.
One of the major future developments for the company, however, is set to come from its vehicle-to-grid (V2G) and vehicle-to-home (V2H) charging capabilities.
Effectively, this tech allows EVs to both send a receive power: to charge and discharge through the same system.
In this way, the EV can act as a battery to power a house, or it can send energy back into the power grid in return for a small kickback for owners — much like how home solar energy systems return excess energy to the grid.
The tech is still new and not yet widely available, but JET said it was working to bring the world’s first bi-directional DC charger to Australian homes and businesses.
“Our investment will also potentially lead to savings for drivers through vehicle-to-grid technology,” Tim Wilson, Australia’s Assistant Minister to the Minister for Industry, Energy and Emissions Reduction, said.
“Our Future Fuels strategy identified charging infrastructure as essential to boost consumer demand for electric vehicles — so Australians can be empowered through choice.”
He added that partnerships like the one between the Federal Government and JET Charge are what will help Australia reach carbon neutrality.
