South Africa’s Joule EV dream dies as state quits
South Africa abandoned electric vehicle development when the Industrial Development Corporation blocked foreign investment for the Joule project. Gerhard Swart, a founder of Optimal Energy, said French banks withdrew funding offers after the 2008 financial crisis struck. The corporation prevented the company from securing external capital, despite the completion of an advanced prototype and strong international interest at the Paris Auto Show.
Government officials declined to provide the promised financing after the cancellation of the Pebble Bed Modular Reactor shifted national priorities. The four founders saw their combined ownership drop from 100 percent to 10 percent before operations ceased. Swart questions whether South Africa should pursue passenger vehicle manufacturing given China’s dominance, but sees potential for specialized African-market products. The developer believes authorities should fund innovation without excessive interference in business operations.
