Clifford Chance

Clifford Chance advises electric vehicle charging network business JOLT

Leading international law firm Clifford Chance recently advised JOLT Charge Holding Pty Ltd, an electric vehicle (EV) charging network provider in Australia, on a fundraising transaction by BlackRock Real Assets, the real assets arm of global investment firm BlackRock.

Following completion of the transaction, BlackRock Real Assets will hold a significant minority stake in JOLT, its first investment in the EV sector in the Asia Pacific Region.  

JOLT's business involves contracting with councils and electricity network providers to install and operate EV chargers on urban infrastructure (such as substations). This year JOLT announced a long-term contract with Ausgrid to transform existing street-side kiosks into EV charging stations, which Clifford Chance also advised on.  

The funding from BlackRock Real Assets will assist JOLT to fund the rollout of 1000 EV charging stations across Adelaide and Sydney and targeting major cities including Brisbane, Melbourne and Perth. Following this roll-out, JOLT will become the largest EV charging network provider in Australia and has plans to build 5,000 EV charging stations across Australia by 2030.

The Clifford Chance team was led by partner Reuben van Werkum who was supported by senior associates Jenny Han and Ivo Basoski and associate Alexander Duffy. 

Commenting on the transaction Reuben said, “This is a landmark transaction for JOLT and the electric vehicle sector in Australia.  We are delighted to have assisted the JOLT team to secure funding from a high-quality global investor like BlackRock Real Assets. As a firm, we are seeing a major trend in ESG, sustainability, and impact investments by financial investors.  Sustainable infrastructure is a key focus area for us and we are glad to be part of the journey in Asia Pacific as private capital meets public demand for a transition to clean energy.”