Ampol Eyes One of Australia’s Largest EV Charging Networks With $225M Evie Acquisition
Key Takeaways
- Ampol has agreed to acquire Evie Networks for $225m, combining Evie's 1,031 DC charging bays with AmpCharge's 393 to create a combined footprint of approximately 1,425 bays — leapfrogging Tesla and Chargefox to become Australia's largest public DC fast charging network.
- The combined business is targeting annualised EBITDA of $30m+ within three years post completion, with approximately $10m of that figure expected to come from cost synergies.
- Evie's utilisation rate climbed from 117 kWh per bay per day in FY2026 to 142 kWh in September 2026, signalling demand is growing into the infrastructure rather than sitting idle.
- Ampol intends to fund the $225m acquisition through existing debt facilities, maintaining its Baa1 investment grade credit rating with what it describes as a nominal impact on leverage.
- ACCC clearance and transaction completion are both targeted for the first half of 2027, leaving a regulatory gate between announcement and revenue recognition.
Ampol moves to lead Australia’s public EV charging market with $225m Evie Networks acquisition
Ampol Limited has announced the proposed acquisition of 100% of Fast Cities Australia Pty Ltd, trading as Evie Networks, for $225m, executed through its wholly owned subsidiary Ampol Energy Pty Ltd. The deal, signed 1 October 2026, would combine Evie’s existing network with Ampol’s AmpCharge infrastructure to create a combined footprint of approximately 1,425 charging bays nationally, positioning the merged entity as one of Australia’s largest public DC fast charging networks by number of bays. Completion is targeted in the first half of 2027, conditional on ACCC clearance and other customary conditions.
The move signals Ampol extending its established leadership across the fuel and transport energy value chain into the fast-growing battery electric vehicle (BEV) public charging segment.
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Transaction highlights at a glance
| Pillar | Detail | Key Metric | Timeline |
|---|---|---|---|
| Deal structure | 100% acquisition of Fast Cities Australia Pty Ltd (Evie Networks) | $225m | Signed 1 Oct 2026 |
| Financial target | Targeted annualised EBITDA (combined Energy Solutions and Evie Networks, including synergies, subject to ACCC clearance) | $30m+ within 3 years post completion | Post-completion |
| Synergies | Targeting delivery of mostly cost synergies | ~$10m within 3 years | Post-completion |
| Scale | Combined DC fast charging bays nationally | ~1,425 bays | As at 29 Sep 2026 |
Why Evie Networks? The strategic logic for Ampol investors
Evie Networks brings substantial operational foundations to the deal. Founded in 2017, the network has nine years of operating history, 1,031 DC charging bays across 322 sites as at 29 September 2026, and approximately 380,000 registered app customers (defined as those who have completed sign-up via the Evie app). Site tenure is a particular strength, with an approximately 10-year weighted average lease expiry (including options), providing long-dated infrastructure security.
The utilisation figures are arguably the most telling indicator of commercial health. Evie recorded 142 kWh sold per bay per day in September 2026 (monthly average to 29 September 2026), against a FY2026 average of 117 kWh per bay per day. That upward trend tells you demand is growing into the infrastructure, not sitting idle. The network also holds approximately 20MW of spare grid capacity across some Evie sites, providing a pathway to upgrade to faster charging rates without proportional additional capital spend.
On a competitive basis, the combined entity’s position is clear. The following ranking is based on DC public charging bays and connectors by operator, sourced from PlugShare data as at 31 August 2026 (excluding approximately 500 connectors owned by other smaller operators), with Evie and AmpCharge bays as at 29 September 2026:
- MergeCo (Evie + AmpCharge): 1,424 bays
- Tesla: 1,230
- Chargefox: 1,175
- Evie Networks (standalone): 1,031
- NRMA: 477
- Exploren: 426
- Ampol AmpCharge (standalone): 393
The announcement did not include a direct CEO or Managing Director quote. No quote has been fabricated or attributed.
Understanding Australia’s EV charging opportunity — and why timing matters
DC fast charging refers to direct current charging infrastructure that delivers high-power electricity directly to a vehicle’s battery, enabling significantly faster charge times than standard alternating current (AC) home or destination chargers. For investors assessing this market, the number of plugs is less important than where they sit, how reliably they work, and whether the grid can support them.
Ampol’s announcement identifies five factors that determine why customers choose public charging locations:
- Location and coverage: Sites where drivers already stop, including highway corridors, metro hubs, and high-traffic destinations
- Network scale and density: Enough sites, in enough places, to become a driver’s default rather than a fallback option
- Reliability and uptime: Chargers that work first time, converting coverage into repeat use
- Fit-for-purpose power: Charge speed matched to the use case, from destination charging to 350kW+ ultra-fast on key routes
- A seamless customer experience: Reliable, simple, and trusted charging that builds confidence among BEV drivers
The commercial case for scale rests on a clear supply-demand imbalance. Indexed to end-2024 as a base of 100, the Australian BEV fleet reached an index of approximately 204 by July/August 2026, while DC public charging points reached only approximately 153 over the same period. BEV growth is outpacing charging infrastructure build-out. That gap is the opportunity Ampol is moving to capture.
Supporting this, BEV sales have exceeded 20% of new cars sold on average over the last five months. Policy tailwinds are adding momentum: the National Vehicle Emissions Standard (NVES) and fringe benefits tax (FBT) benefits continue to incentivise the purchase of lower-emissions vehicles, while an influx of lower-cost models is bringing total cost of ownership closer to parity with internal combustion engine vehicles.
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Financial returns, funding and what comes next
Ampol intends to fund the $225m acquisition using existing debt facilities, in line with its Capital Allocation Framework. The company states the transaction will have a nominal impact on leverage and that it maintains its commitment to a Baa1 investment grade credit rating, which should reassure investors this is disciplined capital allocation rather than a balance sheet stretch.
The financial targets are structured in two stages. Within three years post completion, Ampol is targeting annualised EBITDA of $30m+ for the combined business (Energy Solutions and Evie Networks, including synergies, subject to ACCC clearance). Beyond that horizon, the company is targeting a double-digit per annum growth rate. The synergy component, targeted at approximately $10m within three years, is described as mostly cost synergies.
Importantly, Ampol describes a flexible capital investment profile designed to respond to the pace of BEV uptake. The company is not committing to a fixed infrastructure build schedule regardless of demand; instead, the combined network’s existing capacity and spare grid headroom provide optionality.
The combined network charger breakdown as at September 2026 (MergeCo), sourced from the combined network footprint table, is as follows:
- 50–75 kW: 369 chargers
- 100–150 kW: 231 chargers
- 180–300 kW: 156 chargers
- 350+ kW: 39 chargers
- Total DC chargers: 795 | Total bays: 1,424 | Total installed capacity: approximately 96,050 kW
The timetable for completion remains tied to regulatory process. ACCC clearance and targeted transaction completion are both expected in the first half of 2027.
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