We started our first local fund-raising activity this morning by launching ChargeMunich, our crowd investing initiative to double the number of ultra-fast charging sites in the city of Munich by next Summer. As the owner-operator of the chargers, JOLT will pay private investors 5% to 6% annually for their investment in the charging equipment.
Building public charging networks is key to the success of the mobility transition, however, over the last couple of years, JOLT has been faced with considerable reluctance on the part of the financial community to get involved in this asset heavy business.
While bigger companies like utilities and oil & gas are starting to develop infrastructure, it is the smaller niche start-up players who are delivering the technologies and the flexibility to get charging where the consumer needs it.
At JOLT, our mission is to enable the mobility transition (from combustion engines to electric) through a widely distributed charging infrastructure in our cities, where up to 70% of us live. To reach our targets, we will have to raise hundreds of millions of Euro.
Part of that fund raising drive is our ChargeMyCity campaign. Both private and institutional investor can get involved in ChargeMyCity. The campaign will be rolled out step-by-step throughout Europe and the United States, allowing citizens and drivers to be directly involved in this new mega trend.
To make the investment personal, JOLT will operate the program on the basis of local funding activities, such as ChargeAmsterdam, ChargeOslo or even ChargeDublin. This allows the local crowd to determine in which city their funds are put to work.
In a next step, JOLT will engage with cities and community groups to get initiatives under way to get the chargers into community selected neighborhoods.
At JOLT, we are very excited with this development and look forward to you getting involved and bringing ChargeMyCity to your area.