Melbourne-based Applied Electric Vehicles (Applied EV) has successfully secured a significant funding boost to advance the production and deployment of its autonomous electric vehicles.
The company closed a Series B funding round, raising approximately A$58 million, with a substantial contribution of $30.7 million from the Australian Government's National Reconstruction Fund Corporation (NRFC).
This marks the NRFC's inaugural investment in the transport sector, underscoring a commitment to fostering local manufacturing and technological innovation.
The capital infusion is earmarked for the manufacturing and commercialisation of Applied EV's autonomous electric platform, known as the Blanc Robot. This platform is designed for various industrial and logistics applications, including inter-factory logistics, warehouse operations, mining site duties, and last-mile delivery services. The Blanc Robot features a modular chassis adaptable to diverse tasks, powered by dual electric motors delivering a combined output of 140kW, and equipped with a 51kWh battery pack offering a range of up to 400km. It boasts a payload capacity of up to 1500kg, making it a versatile solution for numerous industries.
Currently, around 100 sixth-generation Blanc Robot vehicles have been assembled at Applied EV's Melbourne facility, ready for deployment. The company's proprietary control systems, developed and integrated locally, ensure the vehicles meet global safety standards for autonomous operations in industrial settings. This positions Applied EV as a key player in addressing labour shortages and the growing demand for automation across various sectors.
Julian Broadbent, Chief Executive and Co-founder of Applied EV, highlighted the strategic importance of the NRFC's investment, stating that it accelerates the company's mission to scale autonomous mobility solutions globally and validates the vision behind their technology. The company aims to deploy thousands of these vehicles over the next three to five years, significantly contributing to the advancement of autonomous electric vehicle technology in Australia.
The funding round also saw participation from investment bank Barrenjoey and Japan Post Capital, the latter not only as an investor but also as an early customer. This partnership potentially opens avenues for large-scale deployment in delivery operations, further enhancing the commercial viability of Applied EV's offerings.
Applied EV's business model, which has been profitable for the past three years, focuses on leasing and licensing, allowing for scalable growth. The recent funding is expected to support existing roles and create up to 25 additional skilled positions in Melbourne, contributing to the local economy and the development of high-skill manufacturing jobs.
David Gall, Chief Executive of the NRFC, emphasised that the investment aligns with the organisation's mandate to support Australian innovation and advanced manufacturing. He noted that this backing supports the commercialisation of distinctive Australian technology and the creation of high-skill manufacturing and support jobs, reflecting the NRFC's role in supporting priority sectors of the economy as part of Australia's broader energy and technology transition.
For environmentally conscious Australians interested in new car technologies, particularly those considering electric vehicles, this development signifies a positive step towards the integration of autonomous electric vehicles into various industries. It also highlights the growing support from both the government and private sectors for innovative solutions that address environmental concerns and promote sustainable transportation options.
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