Funding boost for electric road freight

New Energy Transport (NET), a zero-emissions freight company, has secured funding to send its first electric trucks onto the road by the end of 2026.

The company has developed a modular approach to truck electrification that’s intended to provide large transport buyers with all-electric road freight that’s reliable and cost-effective. The recent funding will enable it to invest in 20 new electric prime movers supported by six mobile ultra-fast charging units strategically placed on heavy road freight corridors throughout NSW.

NET said its mobile chargers can be operational within 16 weeks, with the 20 electric trucks capable of delivering 10,000 kilometres of fully loaded line haul freight capacity per day, saving 2.5 million litres of diesel per year.

NET’s ‘Future of Freight’ trailer.

The equity raise was backed by institutional investors Jekara Group, along with various family offices and high-net-worth investors. Facilitated by net zero advisory firm Pollination, NET has unlocked an initial $5 million in funding and is expected to attract further investment as the company scales.

“We’re excited to be announcing this investment and the rollout of our rapid deployment plan,” said Daniel Bleakley, Co-CEO of New Energy Transport.

“We’ve seen a surge in demand from some of Australia’s largest transport buyers and this backing means we can meet that demand by providing reliable electric road freight in Australia before the end of the year.”

Bleakley explained that the company’s modular and mobile charging units aren't fixed to the ground; instead, they sit on a frame, plug into the grid and are ready for commercial operation within weeks.

“This technological solution means the charging units can be redeployed to new locations in the future to enable NET to service new corridors including into regional and rural Australia,” he said.

“This is an additional, flexible capability that supports our plans to build Australia’s largest heavy electric trucking depot and connect the entire east coast road freight corridor in the next five years.”

As part of the company’s broader goal to become “Australia’s first vertically integrated electric freight platform”, NET is planning a large heavy electric trucking depot at Wilton in NSW, recently selected under the federal government’s Investor Front Door program as a project of national significance.

Artist’s render of NET’s planned Wilton depot.

Anchoring freight corridors between Sydney, Wollongong, Newcastle and Canberra, the Wilton depot is expected to be operational in late 2027 with initial capacity for 50 trucks expected to grow to 200 over time. NET is also progressing plans for a network of electric road freight depots connecting Adelaide, Melbourne, Sydney, Canberra and Brisbane by 2031.

“NET’s business model cuts through the infrastructure and cost barriers that have held back the electrification of Australian heavy road transport — and electrification means cheaper, cleaner freight,” said William Acworth, Managing Director of Pollination.

“Their Rapid Deployment Plan gets them into commercial operations while building towards the completion of their Wilton depot. This capital, together with strong government backing, reflects confidence in both the urgency of what NET is solving and their ability to execute — setting them up for success as they head into their Series A raise.”

Top image caption: Artist’s render of New Energy Transport’s planned Wilton depot. All images courtesy of New Energy Transport.