Electric vehicle fast-charger manufacturer Tritium is to list on the NASDAQ exchange in a bold corporate play that will gross the company $520 million to accelerate growth for the company.
The Brisbane company will go public through a merger with Decarbonization Plus Acquisition Corporation II, a special purpose acquisition company based in Menlo Park, California.
Without too many redemptions by DCRN’s stockholders, the company will gross $520 million ‘to fully fund its its growth as a technology market leader in the DC fast charging space for electric vehicles’.
Following the merger the company will be named Tritium and valued on the stock market at $US 1.2 billion.
“The transaction is expected to provide capital to grow Tritium’s operations to three global, full-scale manufacturing facilities, with investment in a new production facility in Europe, expansion of its Los Angeles site, and further development of the Brisbane facilities,” the company told investors.
Tritium was founded in 2001 by Dr David Finn, James Kennedy and Dr Paul Serina, starting as a developer of solar race cars as well as the battery management system for James Cameron’s Deepsea Challenger which submerged to the bottom of the Mariana Trench.
The company has since provided more than 2.7 million EV charging sessions across 41 countries.
Tritium is now poised to be a leader in a worldwide EV charging market expected to grow at a compound annual growth (CSGR) of 25 per cent.
“Going public is a vote of confidence in Tritium’s vision and market viability as well as the e-mobility industry as a whole.
“It’s also a testament to years of hard work and dedication from our staff around the world.”
Subscribe to our free @AuManufacturing newsletter here.