Fast charging technology manufacturer Tritium has announced a second private placement financing by Cigna Investments, the investment arm of US-based global health services company Cigna Corporation.
Tritium CEO Jane Hunter said the company intends to use the proceeds from the $40 million placement to continue scaling its global operations, including production, sales and administrative support, during its ongoing business combination with Decarbonization Plus Acquisition Corporation II (DCRN), which was announced in late May.
“This is a welcome capital injection as the company continues to expand,” Ms Hunter said.
“With this investment, we intend to scale our teams and operations to meet current demand and prepare for our next phase of growth.”
David Toomey, Tritium’s Chief Revenue Officer and Head of Corporate Development, said the new investment by Cigna follows a June 2020 private placement of A$45 million.
“This is a fantastic show of support for Tritium and underscores the ongoing enthusiasm our investors have in the company’s future,” Ms Toomey stated.
“Cigna has again recognised the value of Tritium’s technology and market leadership in this rapidly expanding industry.”
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles.
On May 26, 2021, the company announced a definitive agreement for a business combination with DCRN, a publicly traded special purpose acquisition company (SPAC), that would result in Tritium becoming a publicly listed company.
Tritium said the transaction would deliver gross proceeds of up to approximately A$520 million, providing capital to grow its operations to three global, full-scale manufacturing facilities, with investment in a new production facility in Europe, expansion of its Los Angeles site, and further development of the Brisbane facilities.