Ampol to acquire Evie Networks for $225 million in deal that triples its EV charging footprint

Ampol's $225 million agreement for Evie Networks

Ampol Limited (ASX: ALD) has announced that its subsidiary Ampol Energy Pty Ltd entered into a share sale agreement to acquire 100 per cent of Fast Cities Australia Pty Ltd, operator of the Evie Networks public EV charging service, for a purchase price of $225 million. The announcement was made on 1 October 2026 in a statement lodged with the ASX, and the deal is subject to clearance by the Australian Competition and Consumer Commission before it can complete. ²⁴

The Age reported that the acquisition will add more than 1,000 charging bays to Ampol's existing AmpCharge network, more than tripling the number of bays it owns, and creating a combined national platform of 1,425 charging bays spread across more than 400 sites. On completion, the combined AmpCharge and Evie network is expected to become one of Australia's largest public EV charging platforms, according to Ampol. ¹²

A discrepancy note for international readers: Reuters, in coverage aggregated by Ground News, reported the deal at $156 million, a figure consistent with the $225 million Australian dollar purchase price converted to US dollars. The $225 million figure is the AUD price stated in Ampol's own ASX announcement. ³²

What Evie brings to the combined network

Evie Networks operates one of Australia's leading public EV charging networks, and Ampol says the acquisition brings together an established national footprint of well-located sites, long-term site tenure, grid connectivity, a strong customer base and specialist operating capability. Capital Brief, citing the ASX announcement, reported that Evie's sites carry a weighted average lease expiry of about 10 years alongside established grid connectivity. ²⁴

Ampol chief executive and managing director Matt Halliday said in the company's announcement that Evie's high-quality sites with long-term tenure, established grid connections and, in some cases, expansion capacity give Ampol an opportunity to grow its charging footprint at scale and at pace. He also credited Evie's principal shareholder, Trevor St Baker AO, as a genuine pioneer of Australia's EV charging industry whose vision helped build the national platform. ²

The Age reported that Evie's current principal shareholder is Trevor St Baker, a long-time investor in Australia's energy industry with interests spanning coal-fired power stations and electric vehicle infrastructure. ¹

Timing, approval conditions and financial targets

The acquisition is anticipated to complete in the first half of 2027, subject to regulatory approval. Ampol says both companies will continue to operate independently until regulatory approval is obtained and the acquisition completes. ²

Orecast Intelligence, citing the ASX filing, reported that the transaction is fully debt funded with nominal leverage impact, that Ampol maintains a Baa1 credit rating commitment, and that the combined business targets $30 million in annualised EBITDA within three years, including $10 million in cost synergies. Capital Brief likewise reported the expected $30 million annualised EBITDA within three years of completion; these are company targets rather than verified outcomes. ⁵⁴

The EV sales backdrop and charging demand

Ampol's announcement says electric vehicles have exceeded 20 per cent of new cars sold in Australia on average over the last five months. The Age reported that EVs accounted for less than 10 per cent of the new car market just 12 months ago and now represent more than 25 per cent of new sales, or one in four nationwide, spurred by an influx of more affordable models and fuel price spikes linked to the war in the Middle East. ²¹

Halliday said in Ampol's statement that charging sessions on the AmpCharge network increased 116 per cent and energy supplied increased 120 per cent in the first half of 2026, giving the company confidence in the business case alongside its traditional fuels business. He noted that a substantial portion of Australian households have no practical means of charging at home, and that public infrastructure is also critical for commercial fleets, rideshare operators and longer-distance travel. ²¹

For context, The Age reported there are more than 1,300 public charging sites operating across Australia with more than 4,000 individual charging ports, more than half of them DC fast chargers rated above 50 kilowatts, run by operators including Evie, EVX, Chargefox and Tesla as well as service station chains and motoring clubs such as the NRMA and RACV. ¹

Riz Akhtar, founder of EV data analytics firm Carloop, told The Age that with drivers switching to EVs faster than ever, public fast-charging infrastructure is failing to keep up, and that this will be the biggest challenge. ¹