Brisbane-based EV charging equipment manufacturer Tritium will become a publicly listed company following a definitive agreement for a business combination with special purpose acquisition company, Decarbonization Plus Acquisition Corporation II (DCRN).
Tritium CEO Jane Hunter said the transaction will provide gross proceeds of up to approximately A$520 million which the company will use to fund a new production facility in Europe, expand its Los Angeles site, and further develop its Brisbane facilities.
“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,” Ms Hunter said.
“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.”
The move will see Ms Hunter continue as the CEO of Tritium, with Robert Tichio, Chairman of DCRN, to join the board of directors of the combined company at the close of the transaction.
“We are extremely excited and honoured to partner with Tritium, as we believe the company’s demonstrated track record of innovation in power electronics and its well-established manufacturing and operational structure will allow Tritium to maintain and expand its position as a market leader in the charging hardware space,” Mr Tichio said.
“Under Ms. Hunter’s leadership, the company has developed an incredible team of more than 340 employees on four continents and a diversified base of blue-chip customers, while positioning Tritium to be the leader in DC fast charging as the adoption of electric vehicles continues to accelerate.
“We look forward to working with Jane and the entire Tritium team to speed the efficient electrification of global transport.”
Founded in 2001, Tritium designs, develops, and manufactures proprietary hardware for advanced and reliable DC fast charging. During this period, the company has provided more than 2.7 million high-power charging sessions across 41 countries, delivering over 55 GWh of energy.