October 5, 2022

Tritium raises up to A$200m to accelerate DC fast charging production

Australian electric vehicle charger maker Tritium has raised $135m (A$200m) in new financing facilities to help fund the development and expansion of its DC fast chargers, as well as operational support and an expansion.

“Transport is electrifying at a breakneck pace”, says Jane HunterCEO of Tritium.

“Tritium’s industry-leading technology and culture of innovation provide the company with the tools to create leading fast-charging hardware, software and services, and we now have additional capital to scale.

“We look forward to using this investment to ramp up production, accelerate product development and ultimately further our goal of becoming the number one fast charger manufacturer on the planet.”

A US$60 million facility will be used to augment an existing US$90 million senior credit facility of Cigna & Barings. A parallel financing facility of up to US$75 million has been established with B. Riley Principal Capital II.

According to Tritium, the world has seen demand for electric vehicles soar in recent years, fueled by carbon reduction targets, government incentives for vehicles and charging infrastructure, and consumer demand.

He noted that in the United States, where he recently opened a new manufacturing plant, the new formula National Electric Vehicle Infrastructure (NEVI) program provided $5 billion to build an EV fast-charging network of a coast to coast.

Last month, Tritium was inked with energy giant Enel X in August, which will see the two companies work together to deploy a network of 250 EV fast chargers across the United States. It has also signed similar supply agreements signed with global oil and gas giants Shell and BP which will see Tritium supply the two companies with thousands of electric vehicle chargers.