EV charger JOLT to expand into Canada

The electric vehicle company will install up to 5,000 street side fast chargers across Canada, all of which will run on the TELUS network.

JOLT Charge, the electric vehicle company backed by BlackRock – the world’s biggest asset manager – is expanding into Canada after striking a deal with telco giant TELUS.

The deal marks the latest round of expansion for JOLT, which has seen rapid growth in Australia through its innovative business model of offering customers a free charge of up to 7kWh – equivalent to about 45km over a 24-hour period.

Customers then pay if they exceed the 7kWh, and the charging station displays advertisements during the process – adding a lucrative revenue stream for JOLT.

JOLT has sought to install these roadside chargers in convenient locations, allowing customers to charge while they undertake activities such as getting a coffee. The model is in contrast to others, which has largely seen fast chargers installed at traditional petrol stations, less convenient for EV drivers.

In the latest expansion, JOLT will install up to 5,000 street side fast chargers across Canada, all of which will run on the TELUS network.

JOLT chief executive Doug McNamee said expanding into Canada was the perfect launch pad into the North American market.

“Canadian cities have some of the highest EV uptake in North America and free public charging will make it even easier for Canadians to own an electric vehicle,” said Mr McNamee.

Canada expects there will be 13 million electric vehicles on the road by 2030, which it said will need more than 200,000 public chargers.

Canada has also legislated exceptionally strong requirements on future car sales. By 2035, automakers will be legally required to sell only zero-emission vehicles in Canada, with interim regulated sales targets of 20 per cent by 2026 and 60 per cent by 2030.

While Australia has not gone that far, Mr McNamee said the market in Canada is perfect for it to replicate its model.

“Canada is also so similar to Australia and the business models match. It is pretty different in the US, which is a very localised market. What is happening in Los Angeles is not the same as what is happening in San Diego. Canada is far more of a humungous market,” Mr McNamee told The Australian.

The deal with TELUS, Mr McNamee said, will also aid the expansion. TELUS is one of Canada’s largest telecommunications companies, with some 18 million customers.

Mr McNamee said TELUS will bring its understanding of the Canadian market, but the telco giant also has several additional benefits.

“They have a huge data component to their business, a big advertising component and bringing all that together just makes sense,” he said.

The Canadian expansion will ignite the next wave of growth for JOLT, which has emerged quickly in a crowded field after BlackRock in 2021 acquired a minority stake in the charging company in a deal that saw the world’s largest asset manager contribute more than $100 million of capital to expand charging stations.

JOLT has seen an increase of 84 per cent in the number of chargers operational around Sydney, Melbourne, Brisbane and Adelaide. It has also launched in New Zealand.