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JET Charge completes Series A capital raise
Clarendon Lawyers has advised on a $4.5 million Series A capital round for JET Charge.
Tony Zhang
Firms: Clarendon Lawyers (JET Charge); Corrs Chambers Westgarth (CEFC)
JET Charge is a market leader in electric vehicle charging infrastructure in Australia.
The lead investor was the Australian government’s Clean Energy Finance Corporation (CEFC).
Value: $4.5 million.
Area: Capital raise.
Key players: The Clarendons team was led by director, Robert Feiner who was assisted by lawyers Rachel Morris and Millie Clayton.
Nash Advisory, led by Sean O’Neill and Kevin Han, advised JET Charge on the corporate advisory aspects of the transaction.
Deal significance: JET Charge’s mission is to accelerate EV adoption by reducing the barriers to EV charging. JET Charge does this by making EV charging safe, cost-efficient and easy.
The investment by CEFC, in addition to other private investors, will go towards the deployment of smart charging hardware.
JET Charge plans to lease charging stations that utilise Wi-Fi-connected technology to distribute power at off-peak times.
CEO and co-founder, Tim Washington said that JET Charge’s goal is to “facilitate compatible EVs in becoming an asset for the grid, with the future capacity to discharge electricity to homes, buildings and the wider grid when demand is high and financially reward EV drivers for doing so.”
CEFC is an Australian government-managed “Green Bank” which was established to facilitate increased flows of finance into the clean energy sector.
“We were thrilled to assist JET Charge with its capital raise in an industry which is full of innovation and focused on sustainability,” Mr Feiner said on transaction.
“The transaction sets another platform for the strong growth of EVs in the future.”
