Z Energy invests 70% in Flick Electric
Exciting news in the energy sector today as Z Energy announce that they are investing $46 million to acquire a 70.01% shareholding in Flick Electric. This move recognises the important role that electricity will play in the future of transportation in New Zealand.
The new partnership pairs Flick Electric, an electricity industry disruptor, with Z Energy, New Zealand’s largest transport energy company. Flick Electric has a reputation as an innovative, tech savvy Kiwi provider of consumer electricity. It was one of the first power companies in New Zealand to offer customers access to the wholesale price of electricity.
Z Energy CEO, Mike Bennets, said “We chose to partner with Flick because we share the same values around community, sustainability, diversity and inclusion and innovation, and we both aspire to bring better energy choices and solutions to New Zealanders.” This partnership reflects Z’s strategic commitment to help New Zealand transition to a sustainable low carbon energy future. It recognises the importance that electricity will play as a fuel of the future, with the rise of Electric Vehicles to move from A to B.
Z plan to work with Flick Electric to bring New Zealand innovative, low carbon products and services. This move is another step toward the long-term sustainability of New Zealand and the growth of lower carbon transportation in our future.
“We view this as a partnership that brings together Flick’s start-up mentality, differentiated offer, technology and talent, along with Z’s innovation and marketing capability, operational scale and resources,” Z Energy chief executive Mike Bennetts said in a statement.