Tritium, Brisbane direct current fast charger manufacturer for electric vehicles, has announced it will become a publicly listed company through combining with special purpose acquisition company, Decarbonisation Plus Acquisition Corporation I (DCRN).
The transaction is expected to provide capital to grow Tritium’s operations to three global, full-scale manufacturing facilities including a new production facility in Europe, expansion of its L.A. site and further development of the Brisbane facilities.
Founded in 2001, Tritium has had high revenue growth over the last five years and is valued at US$1.2 billion in connection with this transaction. The company has a history in advanced power electronics and electric transportation, starting as a developer of technology for solar race cars and other projects, like the battery management system for James Cameron’s “Deepsea Challenger” submersible.
Tritium then used its experience in power electronics for extreme climates to create DC fast charging technology, installed in some of the world’s harshest conditions.
The company is now well-positioned to benefit from long-term growth in the global passenger electric vehicle market, forecast to have a CAGR of 20 per cent through 2040. Global EV charging hardware sales are anticipated to have an average CAGR of over 25 per cent each year throughout this period.
“The accelerated electrification of the transport sector globally is now underway and has extraordinary implications beyond the benefits to individual consumers,” Tritium Chief Executive Officer Jane Hunter said.
“Our industry is essential to achieving global emission reduction targets both through increased adoption of electric vehicles and the deployment of EVs for mass energy storage technology.
“As ‘batteries on wheels,’ EVs will help pave the way for more renewable power to be introduced into national energy mixes. E-mobility also plays a critical role in improving air quality, which is critical for public health in populated regions.
“The agreement between Tritium and DCRN is a vote of confidence in Tritium’s vision and market viability as well as the e-mobility industry as a whole. We plan to expand to three global manufacturing facilities, expedite product development, grow our global sales and service operations teams and so much more.
“This agreement funds that growth plan, enabling us to expand our business operations, enhance our products and provide even more services to our customers.”
This transaction will provide gross proceeds of up to approximately US$403M to Tritium, assuming minimal redemptions by DCRN’s public stockholders, to fully fund its growth as a technology market leader in the DC fast charging space for electric vehicles.