South African development finance institution, the Development Bank of South 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 was 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 was the first, and remained the only, company in South Africa that was 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 would now start building its facilities along the N3 corridor, which linked Johannesburg and Durban. Thereafter, it would repeat the process along the N1 corridor, linking Johannesburg and Cape Town. These developments would be the foundation of a renewable energy-powered EV transport infrastructure across the entire country.

Construction of the first two sites was expected to start next month, and the DBSA investment would allow the construction of five sites, as the capital expenditure required for a single site was R20-million. The bulk of this was for the technology and hardware, of which the main elements were the solar panels, the batteries and storage, the chargers, and CHARGE’s own energy management system and software, as well as its own mobile app. All the required sites and environmental approvals had been secured. By the end of next year, CHARGE hoped to have completed 60 of its planned 120 sites.