Nothing ventured, plenty gained: EV charging startup Jolt borrows $214 million for Canada roll out

Sydney advertising and electric vehicle charging startup Jolt has eschewed VC funding for its latest global expansion, instead striking a $214 million (C$194m) loan agreement with the Canada Infrastructure Bank (CIB) to fast track its charging network across the top of North America. 

The funds will see Jolt install 1,500 fast and free kerbside chargers in Canada.

CIB has a specific focus on backing EV charging network owners and operators through its $500 million Charging and Hydrogen Refuelling Infrastructure Initiative. The Jolt deal is CIB’s fourth CHRI investment and its third in EV charging infrastructure.

Jolt’s EV charging stations provide up to 7 kWh of free fast charging daily per user in 15-20 minutes, delivering around 50km of driving range. Digital Out-of-Home advertising is integrated into the charging kiosks to generate revenue and offset the cost.

The startup claims that Australian users could save more than A$1,370 annually by charging via Jolt outlets. They use renewable energy, and the startup has developed a range of local partnerships with the likes of Transport for NSW, Ausgrid, Endeavour Energy and councils across Australia to install its chargers.

The five-year-old startup’s global network has nearly doubled in the past 12 months, with operations in New Zealand, the UK and Canada. The global number of charging sessions has jumped 188% year-on-year.

Jolt already has a partnership with Canadian communications technology company, Telus, struck in 2023, for chargers across the country. The federal government there wants  84,500 EV chargers in place by 2029.

The startup was founded in  May 2018 by CEO Doug McNamee and its only equity funding came three years later in August 2021 when BlackRock Real Assets tipped in $100 million as part of a plan to build more than 5,000 charging stations across Australia. 

McNamee, said the partnership with the CIB is a testament to their shared commitment to innovation and sustainability.

“Kerbside fast charging is critical to the transition to electric vehicles, and providing fast, free charging to those who do not have access to off street charging is Jolt’s goal for its expansion,” he said.

“Our ambitious plan is to build tens of thousands of sites over the next decade in major cities globally.”