New Zealand’s largest electricity retailer takes stake in electric mobility business

27 August 2019
 (L-R Genesis’ Peter Kennedy, Yoogo Share’s Kirsten Corson and David Jenkinson, Genesis’ James Magill)

Genesis, New Zealand’s largest electricity retailer, has made a strategic investment of $2 million for a 40% stake in Yoogo Share, an EV car sharing company helping businesses and individuals reduce their carbon emissions. 
 
The New Zealand transport sector represents more than 20% of the country’s greenhouse gas emissions and Genesis is setting its sights on helping to reduce that. With 200 tonnes of CO2 already saved by Yoogo Share, Genesis is excited about what this new partnership will achieve.
 
Executive General Manager Retail Markets, James Magill, says Yoogo Share’s experience in EV fleet management and charging infrastructure, combined with Genesis’ customer and brand reach, will go a long way to achieving momentum in this essential and growing sector.
 
“There is a groundswell of activity from individuals, business and government to support NZ’s emissions reduction targets and we hope to support that. Partnering with Yoogo Share enables a solution to help our customers further reduce their energy costs and carbon emissions.”
 
In announcing the deal, as part of today’s annual results, Genesis CEO Marc England said this will provide significant opportunity for Genesis’ business customers, many of whom are on the verge of transitioning pool car fleets to EVs.
 
“The Yoogo Share model, supported by Genesis will enable the average cost per kilometre to be brought down, capital costs avoided, a reduction in carbon footprint and enable more flexible transportation for New Zealand businesses,” said Marc.
 
Yoogo Share CEO, David Jenkinson says the traditional fleet industry is changing, “Research suggests that by 2024 car sharing will have grown to 40,000 cars in New Zealand and Australia. With a solid base in Christchurch and expansion into Auckland and Wellington currently underway, we’re delighted to have Genesis’ support which enables us to meet the increasing market interest in our service.”
 
Genesis itself has committed to transitioning 100% of its light vehicle fleet to EV by 2020 and 50% of trucks by 2025. 41% of the light vehicle fleet has already been converted and four hybrid trucks begin service this month.
 
ENDS
 
For interviews, pictures and more information please contact:
Kiely Evans
Communications Manager
Genesis
M: 021 458 075
 
 
About Genesis     |      www.genesisenergy.co.nz
Genesis Energy (NZX: GNE, ASX: GNE) is a diversified New Zealand energy company. It sells electricity, reticulated natural gas and LPG through its retail brands of Genesis and Energy Online. It is New Zealand’s largest energy retailer with around 500,000 customers. The Company generates electricity from a diverse portfolio of thermal and renewable generation assets located in different parts of the country. Genesis also has a 46% interest in the Kupe Joint Venture, which owns the Kupe Oil and Gas Field offshore of Taranaki, New Zealand.

Yoogo Share     |     www.yoogoshare.co.nz
Yoogo Share is New Zealand’s only pure electric car sharing business.  Launched in Christchurch in February 2018, their purpose is to democratise electric vehicles and accelerate New Zealand’s transition into a smarter future.  The Yoogo Share model aims to reduce environmental impact, improve utilisation of New Zealand’s vehicle fleet and reduce congestion.