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$190M investment to support TGE electrification project

Team Global Express will receive the major funding package to help introduce more than 300 low or zero-emissions vehicles to its fleet

The Clean Energy Finance Corporation (CEFC) and Commonwealth Bank Australia (CBA) have announced a $190 million financial commitment to support transport and logistics operator Team Global Express (TGE) in its electrification process.

The funding to one of Australia’s largest multi-modal transport and logistics operators will help it accelerate the electrification of its truck fleet and drive down national transport emissions.

Through the funding, TGE will use the low-cost finance to deploy more than 300 assets, ranging from light, medium and rigid battery electric trucks to hybrid refrigerated trucks and mobile charging unit infrastructure across its sites in Melbourne, Sydney and Queensland over the next three years.

The funding will help TGE make significant inroads in its emissions profile, helping customers to reduce the Scope 3 emissions associated with their transport needs.

“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,” CEFC CEO Ian Learmonth says.

“Freight and logistics play an essential role in the everyday life of all Australians, and our economy depends on transport to keep it moving.”

The CEFC funding of $30 million is part of a larger $190 million lending facility, with the likes of CBA, IFM Investors, Daimler Trucks Financial Services and Income Asset Management all partnering in the movement.

“CBA is committed to supporting businesses, projects and assets that will support the nation’s net-zero ambitions,” CBA group executive of institutional banking and markets Andrew Hinchliff says.

“The transport sector and shift towards lower-emission vehicles can play a key role in helping to meet those ambitions.

“Team Global Express continues to be at the forefront of providing Australian businesses with sustainable transport solutions. We’re pleased to continue supporting Team Global Express’ transformation, while assisting with promoting Team Global Express’ importance to the sustainably-minded investor market.

TGE CEO Christine Holgate says the operator is pleased to work with partners like CEFC and CBA as it embarks on its next stage of electrification.

“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,” Holgate says.

“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.”

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