The Development Bank of Southern Africa (DBSA) announced on Wednesday (17) that all due diligence and final agreements have been completed, and all conditions precedent satisfied, for its USD 5.7 million investment in off-grid electric vehicle (EV) charging company Zero Carbon Charge (CHARGE).
The initial investment decision was announced in April, and the two entities have now signed definitive agreements for the deal, which is ready for immediate execution.
“At DBSA, we are committed to supporting catalytic projects that stimulate both economic growth and social benefit,” said Spiwe Sibanda, an executive at the financial institution, adding that “CHARGE’s off-grid charging model is a future-ready solution that supports the expansion of South Africa’s EV market while reinforcing consumer confidence in green energy and mobility.”
CHARGE is the first—and remains the only—company in South Africa developing a nationwide network of ultra-fast EV charging stations powered by solar energy and operating entirely off-grid. Each site is designed to deliver reliable renewable energy, boost consumer confidence in electric vehicle adoption, and create inclusive economic opportunities for local communities and rural landowners.
Over the past two years, as the EV charging firm worked to achieve bankability and investment readiness, it received crucial support from ABSA Corporate and Investment Banking (ABSA CIB). “We are grateful to both DBSA and ABSA for their unwavering support, which helped us reach this milestone,” said Joubert Roux, co-founder of CHARGE. “Our first station was built as a self-funded proof of concept to demonstrate our vision, and today this investment validates our business model as the future of South Africa’s green transport infrastructure.”
With DBSA’s investment secured, CHARGE will now begin constructing its facilities along Corridor 3, linking Johannesburg and Durban. The rollout will later be replicated along Corridor 1, which connects Johannesburg and Cape Town. These developments will lay the foundation for a nationwide renewable-energy-powered EV transport infrastructure.
Source: Engineering News
