Rapid charging startup Chargefox raises $15 million to solve electric vehicles’ “chicken or the egg” problem

Australia’s electric vehicle industry could soon have the infrastructure it needs to thrive thanks to a $15 million investment into ultra-rapid charging station startup Chargefox this week.

The investment was contributed to by multiple parties, including a $6 million grant from the federal government’s Australian Renewable Energy Agency (ARENA) and a significant contribution from Australian mobility clubs such as RACV and the NRMA.

This money will fuel a new network of open, ultra-rapid electric vehicle (EV) chargers stretching across four of the country’s biggest capitals, from Adelaide through to Brisbane, a move which Chargefox co-founder Marty Andrews says will solve the eternal “chicken or the egg” problem the industry has faced until now.

“The most difficult problem to solve for electric vehicles so far is the problem of national infrastructure. Research shows consumers value price and infrastructure the highest when buying an electric vehicle, so having a national charging network should really stimulate the industry,” he says. Read more

Dominic Powell - Smart Company - 25 Oct 2018