Adamantem Capital has invested in New Zealand fast charger company Evnex.
The undisclosed size investment from has been made from Adamantem’s Environmental Opportunities Fund.
Evnex chief executive Ed Harvey said this was a strategic investment which would support the company’s objective of “delivering the world’s best home EV charging experience with the lightest impact on earth”.
Christchurch-based Evnex was founded ten years ago and over the last five years has installed more than 6,000 home and business chargers across New Zealand and Australia.
Harvey said Evnex had developed trusted relationships with the manufacturers of electric vehicles produced under the Volkswagen, Volvo, Skoda, Cupra, Subaru, LDV and Polestar brands.
“Recent power shortage warnings in New Zealand underscore the importance of our work,” Harvey said. “This new funding will help us to accelerate the technology, partnerships and scale required to deliver meaningful impact as we shift charging to off-peak times, reducing stress on the network and minimising the use of fossil fuels.”
Evnex chargers are locally made using components sourced and assembled in New Zealand.
Adamantem is also believed to be close to completing a deal to invest in power distribution measurement systems company Edge Zero. Edge Zero sells hardware and data analytics systems that can be used to optimise input from renewable souces and monitor low voltage demands on the electricity grid in real time; that is end-user demands including EV charging.
The Environmental Opportunities Fund was set up last year. The first investment from the fund was in sustainable packaging and catering products company PAC Trading.
Sydney-based PAC Trading recently made a bolt-on acquisition of New Zealand company Ecoware.
Image: Evenex smart chargers can be programed to charge in off-peak periods.