Tritium goes public to expand to three plants globally
The Australian charging column manufacturer Tritium has launched on the US stock exchange Nasdaq. Tritium plans to invest the capital generated by the IPO in its expansion to three global manufacturing facilities and the development of global sales and service teams.
Tritium has merged with SPAC company Decarbonization Plus Acquisition Corporation (DCRN) for the IPO and will operate as Tritium DCFC Limited. The common stock and warrants will trade on Nasdaq under the ticker symbols “DCFC” and “DCFCW” respectively. Tritium has not disclosed how much capital it expects to raise by going public.
The merger was approved by the shareholders’ meeting of the already listed company DCRN on 12 January and was completed one day later. Going public by merging with an already listed company has become the most utilized method for electric mobility companies to shorten the lengthy IPO process in the US. Since the merger partners were usually founded and listed on the stock exchange precisely for this business purpose of the merger, such shell companies are also referred to as “Special Purpose Acquisition Companies” or SPACs for short.
The merged Tritium DCFC Limited is still headed by Jane Hunter as CEO, the leadership team also includes the two co-founders James Kennedy (Chief Technology Officer) and David Finn (Chief Vision Officer) as well as David Toomey (Chief Strategy Officer) and Michael Hipwood (Chief Financial Officer).
As part of the business combination, Robert Tichio, previously chief executive of DCRN, will join Tritium’s board of directors as chairman. “We are extremely pleased to see the completion of this business combination and to support Jane and the Tritium team as they continue to execute on their strategic growth plan as a public company,” says Tichio.
Tritium currently has manufacturing facilities in Australia and is currently building manufacturing facilities in the USA. Tritium CEO Jane Hunter recently told Bloomberg that Tritium is ramping up speed to get its US manufacturing facility ready by the third quarter of next year because of recent freight delays in both air and shipping freight from their facility in Australia. The company has so far not revealed where its third manufacturing facility will be located.
Tritium offers DC fast chargers exclusively and is best known in Europe as one of Ionity’s three suppliers. This year has been quite eventful for Tritium. The company has had orders coming in from all over the globe, from its home country of Australia to North America and Europe, and this year opened up headquarters in Singapore. Here, Tritium is opening a new regional office that aims to cater to the increase in interest in EVs in Asia-Pacific and the Middle East.
Just last month, the Australian company presented a new fast charger generation, that primarily differs from its predecessors in the way energy is distributed within a charging park. Other developments at the company have included making existing models Plug&Charge-capable. Tritium was the first company to present charging stations that are Plug&Charge capable, launched on the US market in August 2020.
Just last month, the Australian company also won a major contract from Shell in December to supply DC pillars for use in Europe, South Africa, Asia, the Middle East and North America.