The National Reconstruction Fund Corporation (NRFC) has made its first investment in the Transport priority area by investing $30.7 million of equity in freight and delivery vehicle manufacturer Applied Electric Vehicles (AEV). 

AEV is a Melbourne-based vehicle manufacturer that has developed proprietary technology that allows for the safe deployment of autonomous electric vehicles. Its electric vehicles are used in dust suppression for mining customers and inter-factory logistics for manufacturing customers. 

NRFC funding will be used to manufacture, commercialise and scale the deployment of AEV's fleet of "Blanc Robot" autonomous electric vehicles for industrial, logistics and commercial purposes. 

NRFC CEO David Gall said, "Applied Electric Vehicles was founded in 2015 and has since grown into an Australian success story. By focusing on autonomous electric vehicles for industrial use, it has created a sound and scalable business model."

"Its proprietary digital control system is made up of a combination of electronics and software that allows autonomous electric vehicles to be operated to the highest global safety standards in conditions that are remote and hazardous for human drivers." 

"AEV’s product pipeline, commercial contracts and partnerships with industry leaders will allow it to quickly scale its business. We are proud to be investing in a company that commercialises Australian innovation, builds the country's manufacturing capabilities, and creates highly-skilled jobs." 

AEV's proprietary digital control system is made up of a combination of software and electronics that enable full control of autonomous vehicles, allowing them to operate in line with the highest global safety standards.

The company’s Generation 6 Blanc Robots™ pioneer a new class of autonomous-only logistics vehicles, featuring a cab-less design and flat chassis that can be easily configured for multiple use cases.

Blanc Robots have the potential to be used in remote, hazardous and difficult-to-access areas and AEV anticipates that its use cases will include everything from logistics and light industry to mining operations. 

AEV’s electricity-powered Blanc Robots can help facilitate the transport sector’s transition to sustainable energy, and can also help to solve the global driver shortage in last mile logistics or industrial conditions that might be dull, dirty, difficult or dangerous for human drivers. 

AEV CEO & Co-Founder Julian Broadbent said, “We are honoured to welcome this strategic investment from NRFC.  This support not only accelerates our mission to scale the Blanc Robot and autonomous mobility solutions globally but also validates the vision that brought us here in the first place.”

“When traditional automotive manufacturing left Australia, we saw an opportunity, tapping into the wealth of local engineering talent and building something truly innovative from the ground up.”

“Today, that vision is delivering real-world impact, placing Australian-developed technology at the forefront of the autonomous transport revolution.” 

Under the company's current manufacturing plan, the chassis of AEV's autonomous vehicles is provided by Suzuki Motor Corporation while the proprietary electronic components and software will be manufactured and installed in Australia to create the autonomous vehicles. 

Applied EV currently employs 113 people and NRFC’s investment will support existing jobs as well as create up to 25 new skilled trade, technical and commercial jobs in Melbourne. 

NRFC funding will make up more than 50 percent of AEV's USD$40 million Series B funding round and other investors include Barrenjoey and Japan Post Capital. Suzuki Motors Corporation, St Baker and others are investors from the previous round.

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About the National Reconstruction Fund Corporation (NRFC)

The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across seven priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science. 

The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.

For more information, visit nrf.gov.au.

NRFC media contact: media@nrf.gov.au

About Applied Electric Vehicles 

Applied EV, a leader in vehicle control system technologies, is creating the future of transport with programmable, autonomous-ready Software-Defined Vehicle solutions. Headquartered in Australia, Applied EV has built a global business across Europe, Asia, and Oceania, with world-class capabilities. Working with category-defining customers and partners such as Suzuki, Oxa and NXP, Applied EV integrates Digital Backbone technology into a range of vehicles of many sizes, for applications addressing logistics, agriculture and mining.

In January 2025, Applied EV revealed its Generation 6 Blanc Robot™, a unique vehicle designed for autonomous-only operations with Suzuki as a key OEM partner. As the first autonomous-only logistics vehicle, it is manufactured with no cabin and a configurable table-top chassis for a variety of jobs, helping to solve global driver shortages in last mile logistics and capable of operating in industrial applications where tasks by a traditional driver may be considered dull, dirty, difficult or dangerous.

Applied EV is also known for its Digital Backbone™, a software & electronic centralised control system, setting a new benchmark for safety-rated vehicles that operate faultlessly around people and the environment. Built on Applied EV’s proprietary software and supporting hardware, Digital Backbone allows for rapid software application development, engineering, and configuration, by providing a programmable API (Application Programming Interface), within a SDK (Software Development Kit). Applied EV has achieved ISO 9001, ISO/SAE 21434 and IEC62443 standards, alongside a preliminary audit by TÜV SÜD outlining a roadmap to ISO 26262 certification and mass production.

AEV media contact: 
Vesna Fulkoski
vesna.fulkoski@appliedev.com