Funding boost will fuel Christchurch EV charging developer’s expansion across the Tasman.

EXPANSION into Australia is a go for a New Zealand maker of an electric vehicle smart charger as result of a funding boost.

Christchurch-based Evnex, which mainly makes home chargers and has partnered with a number of new car distributors here, says it is poised to expand across the Tasman and also accelerate product innovation, thanks to funding from an Australian private equity firm.

The amount from Adamantem Capital’s Environmental Opportunities Fund, which partners with high-growth organisations that deliver positive environmental impacts, is not disclosed. 

Evnex founder and chief executive Ed Harvey says the investment will unleash growth at a pivotal time for electric vehicle sales. 

Whereas new car sales in New Zealand, especially of electric cars, have been in significant decline since Christmas, with the withdrawal of the Clean Car discount and introduction of Road User Charge on electrics being a factor, EV interest in Australia is rising rapidly.

“This is a really exciting day for Evnex,” said Harvey.

“This investment will allow us to expand our footprint across Australia, increase manufacturing efficiencies, and drive innovation through new product development.

“We’re marking a decade in business this year and we’re really proud of the reputation we’ve built as we grow New Zealand’s standing as a leading developer of smart charging technology.

“Our mission is to deliver the world’s best home EV charging experience, with the lightest impact … and we’re now in a stronger position to do exactly that.”

Evnex says it has installed more than 6,000 home and business chargers across NZ and Australia, and forecasts an additional 7000 units to be sold over the next year across both countries. 

The company is the preferred charging partner for Volkswagen, Volvo, Skoda, Cupra, Subaru and LDV here. It also has a partnership with Polestar and Z Energy.

“As our grid is decarbonised with increasing amounts of variable renewable generation, smart technologies that can match demand with times when generation is plentiful become increasingly important,” Harvey says.

He says recent power shortage warnings here show just how vital Evnex’s technology is.

“Peak demand usage in New Zealand and Australia is growing as more and more households move from gas to electric and purchase electric vehicles.

“Our technology is able to respond in real-time, shifting charging to off-peak times, this helps to avoid stress on the network and also reduces the need for fossil fuels to be used in the energy generation process.”

Adamantem Capital managing director Rajiv Viswanathan said his operation was delighted to partner with Evnex.