ChargeNet reports revenue boom
ChargeNet has pushed back against New Zealand’s economic headwinds, reporting a 29 per cent increase in year-on-year revenue growth in 2024’s second half.
Despite a changeable market with increased competition in the sector, the use of the company’s EV charging network outpaced an 11 per cent increase in EV registrations over the same period.
Over the July to December period, ChargeNet saw a 20 per cent increase in energy delivered compared to the same time in 2023.
It says the continued growth highlights how the ongoing expansion and upgrade of its network has risen to accommodate unmet demand for high-speed charging infrastructure across.
Danusia Wypych, pictured, chief executive officer, says the traditional summer peak in December saw record-breaking utilisation with charging sessions exceeding 3,000 on several days.
“EV adoption in New Zealand continues to grow and our latest data shows that drivers are actively using our network to explore the country,” she says.
“We’re seeing a positive shift towards greater utilisation of our high-powered 150kW and 300kW chargers, which make long-distance EV travel easier and more efficient.”
As expected, en-route charging – hyper-rapid charging points located on motorways, expressways and highways – recorded an uplift in activity over the summer.
Destination chargers, such as those installed at Foodstuffs supermarkets, have also proven their value with new facilities meeting customer needs and showing strong early usage.
In 2024, ChargeNet added or upgraded more than 150 new fast-charging points across the country to expanding its network by more than 50 per cent.
It adds this ongoing investment aligns with the company’s commitment to doubling the number of chargers in its network within three years, a target that was announced in 2023.
The acquisition of a majority stake in ChargeNet by Genesis Energy last year will enable the company to maintain its investment in the country’s EV charging infrastructure.
Wypych acknowledges the increasing pressure of rising energy costs and the need for continued innovation within the sector to manage these and ensure the long-term sustainability of the EV sector.
ChargeNet is partnering with Vector to conduct a distributed energy resource management systems pilot programme this quarter, an initiative aimed reducing costs through optimising charging efficiency.
“Scaling a charging network in the face of rising costs and evolving market dynamics requires constant innovation, but we’re in it for the long game,” says Wypych.
“If we look to established EV markets such as Norway and China, the sale of new EVs has now overtaken ICE vehicles.
“In Norway, nine out of every 10 cars sold in 2024 was fully electric. In some markets, EVs could reach price parity with their petrol counterparts as early as 2026, which will put some real juice behind the uptake of EVs in New Zealand.”
