Tritium lists on NASDAQ, starts building US plant

Australian fast electric vehicle charger manufacturer Tritium has listed on the US stock exchange Nasdaq and begun construction of its second factory – this time in the United States.

The company listed on NASDAQ following a a business combination with Decarbonization Plus Acquisition Corporation II (DCRN), taking Tritium DCFC Limited public.

DCRN’s stockholders approved the transaction at a special meeting of stockholders held on January 12, 2022.

The merged company is still headed by Jane Hunter as CEO. The leadership team also includes the two co-founders James Kennedy (Chief Technology Officer) and David Finn (Chief Vision Officer) as well as David Toomey (Chief Strategy Officer) and Michael Hipwood (Chief Financial Officer).

Tritium currently has manufacturing facilities in Brisbane and is building manufacturing facilities in the USA.

Hunter recently told Bloomberg that Tritium is accelerating plans to get its US manufacturing facility ready by the third quarter of next year because of recent freight delays in both air and shipping from the facility in Australia.

The company has so far not revealed where a third planned manufacturing facility will be located.

Tritium has announced a raft of orders in the past year including a recent global deal with Shell, and also opened a new regional office in Singapore, catering to Asia-Pacific and the Middle East.

Hunter said: “Our transaction with DCRN is transformative for the acceleration of electrification.

“We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium’s business operations and to help strengthen our products and services to our customers, and continue to advance the e-mobility industry.

“The goal in our industry is to reduce global emissions and this transaction will support our mission to electrify transportation.”

Robert Tichio, previously the Chairman of the board of directors of DCRN, will join Tritium’s board of directors as Chairman.

Tichio said: “We are extremely pleased to see the completion of this business combination and to support Jane and the Tritium team as they continue to execute on their strategic growth plan as a public company.”

Picture: Tritium

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