Tritium electrified on $30 million raise

Written on the 8 August 2019 by Business News Australia

Tritium electrified on $30 million raise

Brisbane-based electric vehicle (EV) charger developer Tritium is positioned to raise $30 million to support its fast-growing customer base.

The raise will allow for increased production to meet its ever-growing collection of customers. The company has already exported over 3,000 DC fast, high-powered chargers to more than 30 countries and that number is set to continue growing.

"The raise has been very well backed by existing large shareholders and founders, with the full $30 million underwritten," says David Toomey, Tritium's chief of staff and head of corporate development.

"Tritium has proven itself a leader on the global stage in the most mature markets such as Norway and California, with large upside from mass market uptake in the EV sector still to come."

While most of the group's business comes from Europe where the EV market is more mature, Tritium says the Australian market is showing signs of development with the rollout of infrastructure through the likes of Evie Networks, The NRMA, The Queensland Government and Chargefox.

The past four months have been quite stacked for Tritium.

In Europe the group secured a deal with the IONITY network to supply Tritium's Veefil-PK 350kW DC High Power chargers (HPCs) for 120 charging sites across the EU. Combined with the previously-announced 100 sites deal with IONITY, Tritium is now the largest supplier to the world's fastest and largest DC charging network.

In the UK the group secured a deal with BOX ENERGI to supply up to two of its Veefil-RT 50kW DC fast (rapid) chargers for up to 2,500 sites across Britain.

In the United States Tritium partnered with SSA Marine to supply the Port of Long Beach in California with 33 of its Veefil-PK 175kW HPCs which have been modified to enable automatic zero-touch charging for the port's fleet of electric-drive terminal tractors. The project represents the largest the lasted automated vehicle charging program at any port in the US.

Tritium also recently signed a Memorandum of Understanding with Tata AutoComp Systems, India's leading auto-component conglomerate, to supply Veefil-RTs to India.

The company also signed an agreement with Easy Go, Ireland's first privately-owned EV charging network, to supply up to 88 Veefil-RTs across Ireland and finally, in Spain, signed a  unique deal to supply a number of its Veefil-RTs to Nissan to help support the automaker's sponsorship activities during the UEFA Champion's League Final this year.

CEO and co-founder David Finn is certain that the EV sector and resulting electrification of the transport industry is very close to a tipping point and Tritium's high-speed charging solutions will accelerate this tipping point.

"There are very few opportunities around the world, let alone in Australia to invest directly in the e-mobility revolution while it's on its upwards trajectory," says Finn.

Read more: Tritium puts electric vehicle charging expansion into gear with $200m pipeline

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