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Brisbane-headquartered Tritium (NASDAQ: DCFC) will play a role in energy giant BP's (NYSE: BP) transition to electrification after entering a multi-year contract to supply the multinational with direct current (DC) chargers and related services as it rolls out a global electric vehicle (EV) charging network.
Tritium shares surged 12.21 per cent to $9.56 following the announcement that forms a "step change in the strategic nature of the relationship between both companies", with an initial order for the UK and Australian & New Zealand markets of just under 1,000 chargers.
The news comes three weeks after BP announced plans for its largest-ever EV charging expansion to invest £1 billion ($1.77 billion) over 10 years through its pulse business in the UK, where in 2018 it acquired the country's industry leader Chargemaster for £130 million ($230 million).
The Tritium tie-up complements an expansive strategy for the UK-based multinational, which last year put in place ambitious plans for the German market through its subsidiary Aral, launched the largest EV charging hub in the Netherlands, invested US$13 million ($17.7 million) in Indian integrated ride-hailing and charging business BluSmart, and purchased Californian heavy vehicle charging group Amply Power.
"I’m delighted that with this new global agreement with Tritium, it will help bp pulse deliver its mission to provide fast, reliable charging for EV drivers and to accelerate the roll-out of the charging infrastructure needed as the world transitions to decarbonise road transport,” BP pulse senior vice president Richard Bartlett said.
Tritium has been busy as well since its special purpose acquisition company (SPAC) listing on the NASDAQ earlier this year, preceded by the opening of a high-tech testing facility in the Queensland capital and swiftly followed by the announcement of US manufacturing plans in Tennessee, which were leveraged by US President Joe Biden for talking up a bipartisan infrastructure law including US$5 billion ($6.8 billion) towards EV chargers.
The BP deal adds to other contracts for Tritium such as a recently signed partnership with Las Vegas-headquartered Wise Power for a roll-out of EV chargers in the USA, starting in the country's third-most populous state Florida.
"The electrification of transportation is entering an incredible era when major companies like bp are providing critical support to transition the world to cleaner more reliable transportation,” Tritium CEO Jane Hunter said.
"We’re thrilled to be working with bp to create greater global access to fast charging in support of their mission to become a net zero company by 2050 and to be a leader in helping the world get to net zero emissions."
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