Tritium to be acquired by Exicom

The insolvent Australian fast-charging station manufacturer Tritium is being acquired by Exicom. Exicom, which claims to be India's largest manufacturer of EV charging stations, has officially announced the acquisition of Tritium's business and assets.

Tritium had initially filed for insolvency in April of this year, following financial difficulties starting in 2023. In November of 2023, it was decided that the company would close its Australian plant in Brisbane in order to produce exclusively in the USA in future – the Australian plant was apparently not profitable and the Australian government did not want to continue subsidising the factory.

The fall of Tritium went quickly: when the company went public in early 2022, Tritium was valued at almost two billion US dollars. Since then, however, the share price fell so sharply that the company was barely able to fulfil the guidelines for a listing on the Nasdaq. Before filing for bankruptcy, Tritium was worth less than four million US dollars. This was despite large orders from companies such as Ionity, BP and Shell. Tritium’s current record shows over 13,000 DC charging stations sold across 47 countries.

The takeover by Exicom will include the production facility in Tennessee (USA) and the development centre in Brisbane (Australia). Exicom writes: “With this landmark acquisition, Exicom is set to unlock substantial long-term growth and value for its stakeholders.” Exicom has big plans with Tritium’s global market reach: “The acquisition expands Exicom’s global reach and amplifies its commitment to research and development to drive innovation in this growing industry. With the complementary product portfolio of Exicom and Tritium, the acquisition provides the opportunity to serve the different use cases across the world and expand EV infrastructure adoption.”

“This acquisition is in line with Exicom’s strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility. Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions,” said Exicom CEO Anant Nahata, adding: “We look forward to working with Tritium’s employees, customers, partners and other stakeholders to grow the business further and
provide faster, more reliable charging experiences to EV users across the globe.”

Exicom, which has been active with setting up charging infrastructure in India since 2018, is also working with other partners. For example, the Indian company signed a collaboration agreement with Hubject for charging infrastructure in India just two months ago.

exicom.in