Powerco buys into ChargeNet
Genesis Energy is acquiring a majority shareholding in ChargeNet, New Zealand's largest public-charging network for electric vehicles (EVs).
The strategic move positions Genesis as a key investor in the growth of the country’s EV market and energy transition.
Under the terms of the agreement, it will secure a 65 per cent stake in ChargeNet for $64 million.
This includes major investment into the business to fund its near-term growth and gives Genesis a faster pathway to a new value pool identified in the company’s Gen35 strategy.
Established in 2015, ChargeNet operates more than 400 public fast-charging points with around 90 per cent of New Zealand’s EV owners registered as customers.
With a strong development pipeline, it’s poised to drive further growth as the country shifts toward sustainable transport gains momentum.
Genesis’ investment will enable ChargeNet to accelerate that expansion with charge points expected to more than double by 2030. This supports the government’s goal of having a national network of 10,000 chargers by 2030.
Stephen England-Hall, Genesis’ chief retail officer, emphasises the importance of the deal in progressing his company’s strategy of supporting clients to electrify, and achieve a 30 per cent market share in EV customers by the 2028 financial year.
The investment will support the country’s net-zero 2050 goal while delivering value to customers.
“Decarbonising transport is crucial for New Zealand's future and public-charging infrastructure is a key element of that transition,” says England-Hall.
“This partnership combines ChargeNet’s market leadership with Genesis’ energy expertise and customer reach, enabling us to play a leading role in shaping the future of transport.
“With nearly 500,000 customers, Genesis can accelerate ChargeNet’s market leadership by utilising our energy management expertise, guiding larger customers through fleet transitions and ensuring we deliver the best network for EV drivers.
“We see strong potential in the New Zealand EV market. Rapid charging infrastructure is crucial for this transition and Genesis’ investment will accelerate a faster nationwide rollout, increase access for customers and drive value for shareholders.”
Even with road-user charges and a mix of at-home and public charging, running an EV is still more cost effective than cars with internal combustion engines, he adds.
Genesis has committed to a $1.1 billion investment in renewable electricity infrastructure. This includes the recent $150m investment in a 100MW/200MWh grid-scale battery at Huntly Power Station and delivering up to 500MW of grid-scale solar by FY28.
Danusia Wypych, ChargeNet’s chief executive officer, says the partnership with Genesis will accelerate network expansion and scale operations to benefit all consumers.
“Since our inception, we’ve been committed to reducing New Zealand’s reliance on fossil fuels in transport,” she adds. “We are proud of what we have achieved and excited about what lies ahead.
“With Genesis as a strategic partner, we intend to double the pace of installations and develop new solutions to ensure faster, more reliable charging experiences for all.”
New Zealand is still in the early adoption phase with EVs, whichaccount for around four per cent of the country’s light passenger-vehicle fleet. This is expected to ramp up to more than 25 per cent within the next eight years.
By expanding the country’s charging infrastructure and integrating advanced energy solutions, Genesis and ChargeNet aim to make EV adoption more accessible and convenient for all Kiwis.
