$76 million funding package to finance EV loans, freight and infrastructure

The Albanese Government is charging up electric vehicles and associated infrastructure with a $76 million funding package for electric vehicle projects to get more Australians into cleaner, cheaper to run cars.

The Clean Energy Finance Corporation will invest $50 million in finance with Angle Auto Finance (AAF), Australia’s largest independent retail auto financier, to get 20,000 new EVs onto Australia’s roads over the next two years.

AAF will provide short term loans to car dealerships to purchase vehicles from manufacturers, with dealerships to repay the loan when the vehicle is sold. This type of inventory financing has a shorter turnaround time than traditional auto finance, which can be between 3-7 years.

More than $4 million from the Australian Renewable Energy Agency will help Europcar add 3,100 new, electric passenger vehicles to its Australian fleet over three years, in a $110.6 million transition project to spur uptake of EVs. The rental car giant is also teaming up with Ampol to install 256 chargers across 41 hire car sites in airports, cities and towns to ensure cars are fully charged before pickup. Europcar will operate the EVs for up to two years before selling them on to grow the second-hand EV market.

Twenty-two million dollars will also be invested in backing three projects to electrify logistics fleets and local government vehicles in Western Australia:

• Freight and logistics provider Centurion will deploy 30 electric trucks at its Hazelmere depot. The new Centurion trucks will service industrial customers across Perth and support Centurion’s wider decarbonisation.
• The Western Australian Local Government Association will lead the switch to EVs on behalf of WA councils purchasing 129 light EVs and associated charging infrastructure to help 22 local governments replace their diesel vehicles. Involving new charging sites across the state, the $12.3 million roll-out will help councils overcome the initial upfront cost and operational challenges.
• In an Australian first for 24/7 terminal operations, Patrick Terminals at the Port of Fremantle will deploy 9 battery electric vehicle terminal trucks and fast charging infrastructure to replace 8 diesel models.

Minister for Climate Change and Energy Chris Bowen announced the funding in a speech to the Smart Energy 2024 Conference, saying the funding will help Australian households and businesses make the transition to cleaner, cheaper to run vehicles.

“The Albanese Government is committed to increasing the availability and accessibility of cheaper to run cars,” he said.

“Today’s announcement is a massive boost for motorists, local governments and businesses as well as charging infrastructure.”