$30 million raising to fuel Tritium’s continued international expansion

Tritium, a Brisbane-based maker of fast DC chargers for electric vehicles, has announced news of a $30 million capital raise to keep up with demand following a number of recent international agreements.

According to the company it has sold over 3,000 chargers to 30 countries, and in the past four months it has secured six new international deals, including with BOX Energi in the UK, SSA Marine in the US, and an MoU with Tata AutoComp Systems in India.

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

“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.”

Tritium opened a new global R&D centre in Brisbane in late-April, also citing the pace of international orders and its brisk expansion. Late last year it was hiring one new engineer a week on average.  

Tritium has two main products, a 50 kW charger and a 350 kW charger, launched in 2014 and 2018 respectively.

Almost all of what it makes is exported. CTO James Kennedy told this website that Australia was a “complete backwater with its [electric] vehicle uptake.” Today’s release says there though local adoption is in its infancy, there are “promising signs with the rollout of infrastructure through the likes of Evie Networks, The NRMA, The Queensland Government and Chargefox.”

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