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MarketScreener Homepage  >  Equities  >  NEW ZEALAND STOCK EXCHANGE  >  Vector Limited    VCT   NZVCTE0001S7

VECTOR LIMITED

(VCT)
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Vector : to help Waiheke Island become the world's first fully electrified island

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08/14/2019 | 10:42pm EDT

Vector is pleased to learn today that its submission for co-funding of a range of smart chargers on Waiheke Island has been approved by the Government's Low Emission Vehicles Contestable Fund (LEVCF), administered by the Energy Efficiency and Conservation Authority (EECA).

The grant will enable Vector to install and manage at least 80 electric vehicle 7.2kW smart chargers in homes across Waiheke Island, along with ten 7.2kW public EV chargers and one mobile EV charger.

Vector's GM Product, Technology and Innovation, Cristiano Marantes said, 'We are really pleased to have received this grant from EECA. The funding will support us to put in place the technology needed to support Waiheke's goal of becoming the world's first fully electric island.

'Residents will be offered the ability to use smart, network-ready EV chargers as well as access public charging infrastructure for the first time, as there are currently no public EV chargers on Waiheke. Using smart EV charging technology will enhance network resilience and avoid the addition of costly and disruptive traditional network infrastructure.'

Waiheke currently receives its electricity from two 6km long marine cables. With the numbers of EVs on the island having doubled between December 2018 and June 2019 to over 100, and six electric buses due to arrive in 2020, this new technology will better manage the expected surges in network demand from increased EV uptake.

The new chargers will connect to Vector's intelligent utility networking system of systems, known as DERMS (Distributed Energy Resource Management System), which the company has co-developed to help manage and optimise the growth in solar, battery, EVs and other distributed energy sources and network connected devices.

Auckland Mayor Phil Goff said, 'This initiative will make owning or using electric vehicles on Waiheke more viable for more people, including visitors from the mainland, and will increase the resilience of the network as adoption increases. With around 40 per cent of our greenhouse gas emissions coming from transport, EVs are critical to helping reduce our carbon emissions and achieve our carbon zero target.

'Together with the new electric buses, we are working towards the vision of Waiheke becoming pollution and carbon emission free. This initiative is a great step towards that vision.'

Cath Handley, Chair of the Waiheke Local Board, said, 'The board backed local advocacy group Electric Island to lead on achieving the infrastructure the island needs for EVs. The results of this collaboration with Vector are breath-taking! This is such great news for our community.'

'Electric Island Waiheke is delighted to learn that EECA is supporting Vector in moves to bring public EV charging to the island,' said Electric Island Waiheke spokesperson, Vern Whitehead.

'Vector's initiative will also be the first stage in bringing smart charging to homes on Waiheke, which will defer any need to upgrade the cable supplying power to Waiheke Island. It also brings closer Electric Island Waiheke's aim of having an electric only community - possibly the first residential island in the world to do so - by 2030.'

By increasing the number of smart chargers available on the island, network infrastructure will be well placed to encourage the continued strong adoption of EVs on Waiheke.

The chargers will be placed in private and public spaces. The exact breakdown and details will be determined in consultation with the local community.

ENDS

Disclaimer

Vector Limited published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 02:41:06 UTC

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