Tritium EV manufacturer falls to overseas control

High flying electric vehicle charger manufacturer Tritium DCFC has become the latest Australian manufacturer to fall to overseas control, with its purchase by Indian-based charger company Exicom Tele-systems

Exicom subsidiary Exicom Power Solutions B.V. Netherlands entered into a definitive agreement to acquire business and assets of Brisbane based Tritium.

With over 13,000 DC Fast Chargers sold in 47 countries, Tritium was a high flying technology start up which over-reached itself building a massive factory in Tennessee in the United States.

Exicom lauded the access it would get to the US market – the US Inflation Reduction Act partly funded the US expansion, and control of Tritium’s engineering that simplifies installation, ownership, and usage.

The company said in a statement: “With this landmark acquisition, Exicom is set to unlock substantial long-term growth and value for its stakeholders.

“The acquisition adds Tritium’s manufacturing facility in Tennessee, USA, as well as a world-class engineering centre in Brisbane, Australia to Exicom’s existing presence in Asia.

“The acquisition expands Exicom’s global reach and amplifies its commitment to research and development to drive innovation in this growing industry.”

At omne stage Tririum held a 75 per cent market share in Australia, and ranked number 1 in the US and number 3 in Europe, however the company’s shares tanked when listed in the United States.

So a great buy for Exicom with Australia left with an engineering centre that will likely follow others that have moved manufacturing overseas and move closer to its largest market and manufacturing facility.

The CEO of Exicom Anant Nahata said: “This acquisition is in line with Exicom’s strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility.

“Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions.

“We look forward to working with Tritium’s employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe.”

New Delhi based Exicom manufactures smart AC and DC Fast Chargers, employing approximately 1,200 professionals worldwide.

Further reading:
Tritium ‘s rapid rise and collapse is over – goes in to administration
Brisbane’s Tritium to move production to US

Picture: Exicom