South African development finance institution, the Development Bank of Southern Africa (DBSA), announced on Wednesday that all due diligence and final agreements have been completed, and all conditions precedent satisfied, for its R100-million investment into South African off-grid electric vehicle (EV) recharging station company Zero Carbon Charge (CHARGE). The initial investment decision was announced in April, and the two entities have now signed the definitive agreements for the deal, which is now ready for immediate execution.

“At the DBSA, we are committed to backing catalytic projects that stimulate both economic growth and societal benefit,” affirmed DBSA divisional executive Spiwe Sibanda. “CHARGE’s off-grid charging model is a future-proof solution that supports the expansion of South Africa’s [EV] market while strengthening consumer trust in green energy and mobility.”

CHARGE is the first, and remains the only, company in South Africa that is developing a national network of ultra-fast EV charging stations that used solar power and were entirely off-grid. Each site was designed so that it would provide reliable renewable energy, increase consumer confidence in the use of EVs, and provide inclusive economic opportunities for local communities and rural landowners.

During CHARGE’s two-year progress to bankability and investment readiness, the company received essential support from ABSA Corporate and Investment Banking (ABSA CIB). The finalisation of the financial close of the transaction was also supported by ABSA CIB.

“We are grateful to both the DBSA and ABSA for their unwavering support in helping us reach this milestone,” highlighted CHARGE co-founder Joubert Roux. “Our first station was built as a self-funded proof-of-concept to showcase our dream to all, and today, this investment validates our business model as the future of South Africa’s green transport infrastructure.”

With the DBSA investment secured, CHARGE will now start building its facilities along the N3 corridor, which links Johannesburg and Durban. Thereafter, it will repeat the process along the N1 corridor, linking Johannesburg and Cape Town. These developments will be the foundation of a renewable energy-powered EV transport infrastructure across the entire country.