Ampol buys Evie Networks for $225m, targets 2028 breakeven on charging
Ampol is acquiring Evie Networks for $225 million, betting on infrastructure scale rather than immediate returns. The fuel retailer expects the combined EV charging business to break even in 2028.
The deal adds Evie's 1,030 charging bays across 322 sites to Ampol's existing AmpCharge network, creating roughly 1,425 bays across 400+ locations nationally. Ampol is targeting annualised EBITDA of $30 million within three years post-completion, plus $10 million in cost synergies.
The numbers behind the deal
Evie was founded in 2017 and built with backing from Trevor St Baker's Energy Innovation Fund, which seeded the business and later committed more than $100 million total. The company raised $500k in seed funding in 2017, followed by a $7 million Series A in 2018. In 2019, ARENA committed $15 million toward a $50.2 million project covering 42 ultrafast charging sites. In September 2025, Evie secured a $50 million debt facility from Infradebt.
Evie has not publicly disclosed revenue. The acquisition thesis centres on site coverage, lease tenure, and grid access rather than current standalone profitability. Evie's sites carry a weighted average remaining lease term of approximately 10 years, with established grid connections and expansion capacity at some locations.
What this means for the market
Ampol CEO Matt Halliday described the deal as securing "well-located sites with long-dated average lease tenure and established grid access" that will gain value as EV adoption accelerates. The 2028 breakeven forecast signals this is a long-term infrastructure play, not a near-term revenue driver.
Chris Mills is Managing Director and CEO at Evie. The business model is built around network expansion, site acquisition, and operating relationships rather than a large enterprise sales function, which is typical for a scaled infrastructure play at this stage.
The deal is subject to ACCC approval. Ampol is funding the acquisition through debt.