The Australian Government-owned Clean Energy Finance Corporation (CEFC) has made a $30 million financial commitment to support Team Global Express, accelerating the electrification of its truck fleet and helping drive down national transport emissions.
Team Global Express will use the low-cost finance to deploy more than 300 assets across the next three years, including light, medium and rigid battery electric trucks, courier vans, hybrid refrigerated trucks, and mobile charging unit infrastructure at its sites in Melbourne, Sydney, and Queensland.
CEFC finance aims to reduce heavy vehicle transport emissions, while also supporting Team Global Express customers looking to reduce Scope 3 emissions associated with their freight task.
The CEFC commitment is part of a broader $190 million lending facility with commitments from leading Australian and international financiers, including Commonwealth Bank Australia, Infrastructure Funds Management, Daimler Trucks Financial Services, and Income Asset Management.
“Transport emissions account for 21 per cent of all emissions in Australia, and as our economy continues to decarbonise, transport is likely to become the largest source of emissions by 2030,” CEFC CEO, Ian Learmonth said.
“We know that international jurisdictions are already moving to electrify their vehicle fleets, and Australia cannot afford to fall behind.
“As a nation heavily reliant on logistics and heavy transport, we face an urgent need to decarbonise our transport supply chain network to ensure we don’t get left behind globally.
“The CEFC concessional finance is helping lower one of the significant barriers to the wider take-up of electric trucks—upfront vehicle costs—which means this investment will bring an unprecedented number of new electric trucks onto our roads, replacing emissions-intensive internal combustion engines.”
Team Global Express CEO, Christine Holgate, says the commitment will contribute to the company’s goal of becoming Australia’s greenest logistics provider.
“Team Global Express is pleased to work with the CEFC as we embark on the further electrification of our vehicle fleet,” Ms Holgate said.
“Team Global Express operates across all four transport modes of air, road, rail, and sea, and this funding will allow us to further integrate our leading Australian network and introduce products and services that our customers across Australia will benefit from.
“We know our long-term success is dependent on our ability to operate sustainably, adapt to changing conditions, and partner across the supply chain to strengthen our focus on ESG. Our mission is to be Australia’s most sustainable national logistics solutions partner.”
The investment builds on a joint Team Global Express and ARENA Depot of the Future project to assess the impact on fleet management, delivery routing, and infrastructure requirements when a large fleet electrifies a material proportion of its operations.
CEFC has committed more than $62 million to the electrification of Australia’s vehicle fleet, helping finance more than 5,500 electric vehicles. Together with third-party capital, this has helped deliver new investment exceeding $400 million.
