Terra Charge raises JPY10bn in bank loans to expand EV charging
Five Japanese banks finance charger deployment, technology development and hiring for Terra Charge’s network.
Terra Charge has raised JPY10 billion through borrowing from Mizuho Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Resona Bank and Minato Bank, the company announced on October 6.
The financing will accelerate the installation of ordinary and rapid EV chargers across Japan. Terra Charge also plans to invest in services and systems, recruit staff, strengthen its organisation and expand overseas.
Terra Charge installs and operates charging infrastructure at apartment buildings, commercial properties, hotels and local-authority sites, with charging and payment services for drivers. It launched the business in April 2022 and is building charging access ahead of broader EV adoption.
Use of funds
Install more EV chargers
Develop technology and services
Hire and strengthen the organisation
Expand internationally