Australia news live: $1.5m boost for EV network; markets braced for inflation shock

Electric vehicle chargers could be installed in the basements of more than 400 apartment buildings around Australia as part of a $3.4m investment in the technology, AAP reports.

Sydney-based charging company ReadySteadyPlug announced plans to expand its charging network on Wednesday after securing a $1.5m investment from the Australian Renewable Energy Agency (ARENA).

The cash will allow the firm to target up to 428 electric vehicle charging points in a bid to remove a hurdle to EV adoption.

The announcement comes after Australians bought a record number of new electric cars in March, and after automotive groups issued a statement calling for certainty about charging infrastructure.

Rather than billing owners’ corporations or residents to install high-speed charging equipment, the company uses standard power outlets and software to deliver load management and metered charging to car parks.

“It’s just like charging your mobile phone,” the ReadySteadyPlug chief executive, Jukka Sintonen, told AAP.