New Zealand’s electric vehicle charging network is getting a boost with New Zealand Green Investment Finance’s $1m investment in EV charger and network management company Thundergrid.
Thundergrid specialises in supplying EV charging stations and managing charging networks for major corporates and government organisations. By installing smart EV charging technology that adjusts power use around existing loads, Thundergrid can ease the load on the energy grid and enable vehicles to run on electricity instead of fossil fuels.
NZGIF’s $1m debt facility will enable Thundergrid to accelerate its rollout of EV charging infrastructure, and develop other services to help its customers. This includes the ability to schedule charging to take place during off-peak times, making charging cheaper and more effectively distributing load on the national grid.
NZGIF Chief Investment Officer Jason Patrick says the investment is an important step in encouraging more Kiwis to consider switching to EVs.
"One of the most common reservations people have about EVs is whether they’ll have problems finding a place to charge their car.
"That’s why building an EV charging network is so critical to helping decarbonise New Zealand’s transport sector, and Thundergrid is playing an important part in this.
"It makes perfect sense to invest in the roll-out of charging stations for corporates and government agencies, given the size of their fleets. Offering EV charging stations is not only a valuable service for their employees, but it also helps the rest of the community by making it easier for people to make the switch away from petrol or diesel."
Thundergrid CEO Jonny Parker says the company’s strategy is focused primarily on these government and corporate markets, as well as looking to service public facilities and residential customers.
"There’s huge demand for reliable EV charging options at the moment. Government agencies are under pressure to fully electrify their fleets by 2025, while corporates see EVs as a way of lowering transport costs and improving their long-term sustainability.
"But you need to have the charging options to sustain those fleets, as well as the back-end technology to help manage energy demand on buildings. That’s where Thundergrid comes in. Our aim is to support clients on their electrification journey by doing as much of the heavy lifting as possible.
"We’ve been growing rapidly and that growth is only going to accelerate over the next few years as we look to meet this demand.
"That’s why the facility from NZGIF is so important - it allows us to grow significantly faster than would otherwise be the case, and, in turn, do a whole lot more to help decarbonise our economy."
ENDS
About Thundergrid
Thundergrid is your smart electric vehicle charging platform and partner. As experts in electric vehicle charging systems, we offer a flexible and configurable end-to-end solution and service for government organisations and corporates. Thundergrid supports customers to plan, install and manage EV charging infrastructure built with the future in mind. We provide planning advice, project management, and end to end charge station management services.
For more, see www.thundergrid.net
About New Zealand Green Investment Finance (NZGIF)
NZGIF is a green investment bank which was established in 2019 to facilitate and accelerate investment that can help to reduce greenhouse gas emissions in New Zealand. We are a long-term, mission-driven investor, providing innovative, flexible and tailored capital solutions to support decarbonisation initiatives across a broad range of sectors. As a limited liability company independent of government, we make independent investment decisions. NZGIF invests on a commercial basis; we do not offer concessionary finance. We invest in scalable companies, technologies and products that are commercial-ready and offer low carbon benefits for New Zealand.
NZGIF is not a registered bank. For more, see www.nzgif.co.nz