NEWS RELEASE 1 April 2016 NZX: MRP
ASX: MYT
Tesla Model 3 confirmed for Kiwi roads One of the world’s most sought-after cars, the fully-electric Tesla Model 3, will be joining Mighty River Power’s expanding fleet of EV models – and is likely to be the first on New Zealand roads. Mighty River Power Chief Executive, Fraser Whineray, says the Company has reserved the Tesla this afternoon with the potential to showcase the latest plug-in electric vehicle (EV) technology in “the most EV-ready market globally”. “We have an almost unrivalled opportunity with New Zealand’s 80% renewable electricity to make a real difference to the country’s transport energy and emissions profile. This is a vehicle seen by many as the cuttingedge of innovation at a more affordable price. “In my view there is no better place in the world to be plugging in a vehicle than New Zealand, with our homegrown renewable energy delivered to your home or business at 30¢ a litre. No fossil fuel, or biofuel, will ever be that cheap or free from tailpipe emissions. “The more natural Kiwi energy that we can pump into our cars and transportation system the better. We know that the most compelling advertisement for electric vehicles is to get people behind the wheel.” Tesla hosted Mighty River Power and Mercury Energy at their factory in California in January last year and Mr Whineray says the purchase is an ideal complement to the Company’s fleet that includes Nissan LEAFs, Mitsubishi Outlander PHEVs, an Audi A3 e-tron, a BMW i3, Holden Volt, and a plug-in Toyota Prius. In 2014 Mighty River Power committed to shifting 70% of its fleet to plug-in electric by 2018, with about 20% of its fleet currently plug-in electric and a core part of the Company’s business activity. ENDS
For further information: David Glendining Head of Communications T 0272 105 337
Tim Thompson Investor Relations/Treasury T 0275 173 470
Mighty River Power is a company with a great New Zealand heritage, and a leader in meeting this country’s energy needs with the flagship retail brand Mercury and other specialty brands. Every year the hydro and geothermal power stations operated by Mighty River Power generate enough renewable electricity for about 1 million New Zealand homes. Mighty River Power was listed on the New Zealand Stock Exchange (NZX: “MRP”) and the Australian Stock Exchange (ASX: “MYT”) in May 2013 and has New Zealand’s largest ownership base of nearly 100,000, alongside the Crown as majority owner.