Ampol Limited, the Sydney-headquartered fuel refiner and retailer listed on the ASX as ALD, announced on 1 October 2026 that its subsidiary Ampol Energy Pty Ltd has signed a share sale agreement to buy 100% of Fast Cities Australia Pty Ltd, trading as Evie Networks, for $225 million. The fully debt-funded deal needs clearance from the Australian Competition and Consumer Commission and would combine Evie’s 1,031 direct-current charging bays with Ampol’s 393 AmpCharge bays, creating a network of 1,424 bays across more than 400 sites.
Completion is targeted for the first half of 2027, and Ampol expects full integration of the two networks to take about three years after that, with each operating separately until the deal closes.
Deal Terms Leave The Treatment Of Evie’s Debt Undisclosed
The ASX release gives the consideration as $225 million without stating whether it is an enterprise or equity value. The distinction matters because Evie took on a $50 million non-recourse senior debt facility from Infradebt in September 2025, according to CFOtech.
Ampol said the purchase would have a nominal impact on its debt ratios and that it remains committed to its Baa1 investment-grade credit rating. UBS acted as financial adviser and Clayton Utz and Herbert Smith Freehills Kramer as legal advisers, and no earn-out or earnings multiple was disclosed.
The release names Trevor St Baker AO, whose investment vehicle has backed Evie since its 2017 founding, as principal shareholder without listing other holders’ stakes. Motoring club RACQ holds a $10 million convertible note, Mergermarket reported during a 2026 sale process that also drew interest from Chargefox and Five V Capital.
“Evie Networks is a highly complementary business that significantly expands the scale, reach and capability of our charging offer to support consumer and fleet customer choice of charging providers and locations,” said Matt Halliday, Managing Director and Chief Executive Officer of Ampol Limited, in the company’s 1 October 2026 ASX release.
Evie Brings 1,031 Bays And Rising Utilisation
Evie operated 596 direct-current chargers across 322 sites as at 29 September 2026, with about 63,050 kW of installed capacity and around 380,000 registered customers, according to Ampol’s investor presentation. Its site leases carry a weighted average expiry of roughly ten years including options.
Utilisation reached 142 kWh per bay per day in September 2026, against a 2026 financial-year average of 117 kWh. Those figures are supplied by Ampol and unaudited, as is the presentation’s reference to about 20 MW of spare grid capacity across part of the estate.
The two fleets sit at opposite ends of the power range. Of Evie’s chargers, 369 are rated at 50 to 75 kW and only 34 at 350 kW or more, whereas 141 of AmpCharge’s 199 chargers fall in the 180 to 300 kW band, giving the combined business about 96,050 kW of installed capacity.
Evie’s highway backbone dates to a $15 million grant from the Australian Renewable Energy Agency, announced in August 2019, toward a $50.2 million first phase of 42 sites with 84 chargers rated at 350 kW. New South Wales and the Australian Capital Territory now host about 39% of its network, followed by Victoria at 27% and Queensland at 26%.
AmpCharge Losses Frame The Synergy Target
Ampol is buying scale for a business that still loses money. Its Energy Solutions segment reported an earnings before interest and tax loss of $15.6 million in the first half of 2026, even as AmpCharge sessions rose 116% to 229,000 and energy supplied rose 120% to 6,923 MWh, The Driven reported.
The company is targeting annualised EBITDA, including synergies, of more than $30 million within three years of completion, with about $10 million of mostly cost synergies over the same period. It expects the combined charging business to break even at EBITDA level in 2028, and all of these targets are set by Ampol and unaudited.
On those numbers the price equals about 7.5 times the three-year EBITDA target. It is also about 11 times the roughly $20 million of revenue Mergermarket reported for Evie in the year to 30 June 2026, a revenue figure neither company has confirmed.
The deal follows Ampol’s roughly $1.1 billion purchase of convenience retailer EG Australia. The ACCC cleared that acquisition in June 2026 as the first Phase 2 clearance under Australia’s new merger regime.
Australian Charging Consolidates As Battery Sales Pass 20%
Battery electric vehicles took 21.03% of new light vehicle sales in the June quarter of 2026, according to Electric Vehicle Council data reported by EV Infrastructure News. In the 2025 full year, the first under the New Vehicle Efficiency Standard, 103,300 battery models were sold.
Public fast charging has grown more slowly than sales. The most recent council count available recorded 1,272 fast-charging locations and 3,436 plugs in the first half of 2025, led by New South Wales with 357 locations, Victoria with 311 and Queensland with 235.
The purchase extends a run of ownership changes among Australian charge point operators. They include EVSE’s acquisition of ENGIE’s Australian and New Zealand charging assets, Pacific Equity Partners’ majority investment in EVSE and AGL’s 2025 purchase of software provider Everty.
Ranking Claims Rest On Mixed Metrics
Ampol’s presentation ranks the combined network first nationally, ahead of Tesla at 1,230 and Chargefox at 1,175. The chart draws on PlugShare connector data from 31 August 2026 that lists Evie at 477, against the 1,031 bays Ampol attributes to Evie elsewhere in the same document, so the ranking mixes units of measurement.
During the three-year integration period, 369 of Evie’s chargers rated at 50 to 75 kW will compete for drivers with 350 kW units on the same highway corridors. Neither the release nor the presentation says how much of the roughly 20 MW of spare grid capacity sits at those sites.
The test of the price is whether utilisation keeps climbing from 142 kWh per bay per day once the lower-power sites need replacing, and what that replacement would add to the $225 million that Ampol has disclosed so far.
