Tritium closes $45 million debt funding deal

Tritium has closed a $45 million debt private placement by Cigna Investments, which will fund further expansion and refinance a Export Finance Australia trade finance facility.

The Brisbane-based maker of DC fast chargers for electric vehicles has 4,500 installed units worldwide. The company’s head of corporate development, David Toomey. has accomplished more than 10 equity raises in the last six years, it said in a statement, though this was particularly satisfying.

“We are very proud that, despite the deal being negotiated through the worst volatility of the COVID-19 crisis, Cigna recognised the immense value in Tritium’s differentiated technology and global market position, underpinned by exponential sales growth for the last five years.”

“Raising a significant amount of debt for a growth company in the midst of a pandemic was extremely challenging, with the transaction being given a low chance of success.”

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