New Energy Transport secures funding to accelerate electric road freight
New Energy Transport (NET) has announced it has closed an initial $5 million equity raise to fast-track the electrification of Australian road freight. The round was backed by institutional investor Jekara Group, alongside leading family offices and high-net-worth investors, and facilitated by net-zero advisory firm Pollination.
The funding will support NET’s first major commercial operation, the Rapid Deployment Project, which will put 20 electric prime movers and six mobile ultra-fast charging units to work on NSW freight corridors before the end of the year. In March the company demonstrated its first all-electric freight delivery from Sydney to Canberra.
The funding accelerates NET’s broader vision: Australia’s largest planned heavy electric trucking depot at Wilton in NSW, recently named a project of national significance under the federal government’s Investor Front Door program, and a network of depots connecting Adelaide, Melbourne, Sydney, Canberra and Brisbane by 2031. Establishing commercial operations will give NET the performance data to inform that expansion, and the momentum to scale, according to the company.
The RDP will enable heavy electric freight operations across the Sydney, Newcastle, Wollongong and Canberra corridors — among the most heavily trafficked freight routes in the country. By covering this network from day one, NET can demonstrate reliable, repeatable all-electric line-haul at commercial scale, rather than isolated pilot runs. These routes link the country’s largest port and population centres, making them an ideal proving ground for electric line-haul, according to NET.
Proving the model on these corridors gives transport buyers the confidence to commit volume, and gives NET an operating dataset, utilisation, energy throughput and uptime, that underpins the business case for a far wider rollout.
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