National Reconstruction Fund’s first transport investment supports energy transition with $30.7 million equity stake in Applied Electric Vehicles

The National Reconstruction Fund Corporation (NRFC) has made its first investment in the Transport priority area by investing $30.7 million of equity in freight and delivery vehicle manufacturer Applied Electric Vehicles (AEV).

AEV is a Melbourne-based vehicle manufacturer that has developed proprietary technology that allows for the safe deployment of autonomous electric vehicles. Its electric vehicles are used in dust suppression for mining customers and inter-factory logistics for manufacturing customers.
NRFC funding will be used to manufacture, commercialise and scale the deployment of AEV's fleet of "Blanc Robot" autonomous electric vehicles for industrial, logistics and commercial purposes.

NRFC CEO David Gall said, "Applied Electric Vehicles was founded in 2015 and has since grown into an Australian success story. By focusing on autonomous electric vehicles for industrial use, it has created a sound and scalable business model." "Its proprietary digital control system is made up of a combination of electronics and software that allows autonomous electric vehicles to be operated to the highest global safety standards in conditions that are remote and hazardous for human drivers."
"AEV’s product pipeline, commercial contracts and partnerships with industry leaders will allow it to quickly scale its business. We are proud to be investing in a company that commercialises Australian innovation, builds the country's manufacturing capabilities, and creates highly skilled jobs."

AEV's proprietary digital control system is made up of a combination of software and electronics that enable full control of autonomous vehicles, allowing them to operate in line with the highest global safety standards. The company’s Generation 6 Blanc Robots™ pioneer a new class of autonomous-only logistics vehicles, featuring a cab-less design and flat chassis that can be easily configured for multiple use cases.

Blanc Robots have the potential to be used in remote, hazardous and difficult-to-access areas and AEV anticipates that its use cases will include everything from logistics and light industry to mining operations.
AEV’s electricity-powered Blanc Robots can help facilitate the transport sector’s transition to sustainable energy, and can also help to solve the global driver shortage in last-mile logistics or industrial conditions that might be dull, dirty, difficult or dangerous for human drivers.

AEV CEO & Co-Founder Julian Broadbent said, “We are honoured to welcome this strategic investment from NRFC. This support not only accelerates our mission to scale the Blanc Robot and autonomous mobility solutions globally but also validates the vision that brought us here in the first place.” “When traditional automotive manufacturing left Australia, we saw an opportunity, tapping into the wealth of local engineering talent and building something truly innovative from the ground up.”

“Today, that vision is delivering real-world impact, placing Australian-developed technology at the forefront of the autonomous transport revolution.”
Under the company's current manufacturing plan, the chassis of AEV's autonomous vehicles is provided by Suzuki Motor Corporation while the proprietary electronic components and software will be manufactured and installed in Australia to create the autonomous vehicles.

Applied EV currently employs 113 people and NRFC’s investment will support existing jobs as well as create up to 25 new skilled trade, technical and commercial jobs in Melbourne.

NRFC funding will make up more than 50 percent of AEV's USD$40 million Series B funding round and other investors include Barrenjoey and Japan Post Capital. Suzuki Motos Corporation, St Baker and others are investors from previous round.

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