Client testimonial: JET Charge

Navigating growth and compliance in the cleantech sector

JET Charge has emerged as a leader in Australia's cleantech sector, making notable advancements in electric vehicle (EV) charging infrastructure. The company offers comprehensive charging solutions that manage electricity flow through a scalable platform designed to accommodate millions of charging devices. Their expertise lies in the design and manufacturing of charging units, networking systems, and power meters, ensuring that charging stations operate without overloading and causing outages.

Securing investment

The company's momentum was significantly bolstered when CEO Tim Washington secured investment from the Clean Energy Finance Corporation (CEFC). However, this came with the stipulation of undergoing an audit, a challenge for a startup generating only around a million dollars in revenue at the time. Tim emphasises the importance of selecting an auditor who understands the unique hurdles faced by startups, stating, “Many scale-ups in Australia find it difficult to work with auditors because their business models and needs are often not aligned with traditional accounting principles. As a result, many scale-ups choose to forgo audits altogether.”

A transformative audit experience

When RSM Partner Mathavan Parameswaran joined as their auditor, he transformed JET Charge's auditing experience by positioning the audit process as an opportunity for improvement rather than a mere compliance task. Tim explains, “[Mathavan] encouraged us to view the audit as an opportunity to genuinely improve our internal capabilities and processes for the benefit of all our stakeholders, including our shareholders.” This shift in perspective gave the team a new approach to engaging with auditors.

Mathavan adds, “An audit is typically required because investors want to partner with a trusted organisation and a reliable individual. They need to have confidence in the numbers for decision-making purposes, especially if the business is large and requires statutory compliance.”

Tim’s experience with Mathavan has fostered a collaborative relationship with auditors, focusing on mutual goals of business improvement.

He says, “I think the overarching principle is that we work with our auditors to become a better business.”

An extensive suite of business solutions

Beyond audits, RSM offers a broad range of services, including tax services, support for research and development incentives and grants, and sustainability consulting. JET Charge is now leveraging RSM’s expertise to navigate income tax matters and enhance their sustainability practices.

As a cleantech company, JET Charge is committed to sustainability, having helped their customers avoid 2,887 tonnes of CO2 equivalent emissions since the financial year 2023. Tim noted their dedication to measuring their environmental impact, stating, "We do a sustainability report every financial year, and we measure our Scope 1 emissions, on our way to measuring Scope 2, and then we've got a plan to measure Scope 3." He is currently discussing with RSM’s ESG team how to refine and implement these plans.

Tim states, “I truly believe that RSM has delivered on its promise and continues to do so. Engaging RSM for our audit has made us a better business.”

Future growth

While JET Charge is currently focused on the Australian and New Zealand markets, they have developed technical solutions that they believe will be valuable to other companies around the world. Tim shares, "We think there are going to be other companies like us around the world who will need similar tools." They plan to showcase their tools and systems to customers this year to create a significant export market for their intellectual property.

Read more about the cleantech sector in our industry report >