David Toomey, left, and David Finn.
EV fast charging technology leader Tritium is undertaking an equity raising round of $30 million to fund its growth on the back of significant customer deals across the globe.
The Brisbane-based company has already exported more than 3000 DC fast and high-powered chargers to at least 30 countries, will raise the $30m from a combination of existing and new investors, as its production needs accelerate in coming months. The extra money will value the company at $330m.
“The raise has been very well backed by existing large shareholders and founders, with the full $30 million underwritten,” Tritium corporate development head David Toomey says.
“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.”
In Australia, where the sector is still in its infancy, there are other promising signs with the rollout of infrastructure through the likes of Evie Networks, the NRMA, the Queensland Government and Chargefox.
During the past four months, the company has secured deals across the world with the Ionity network to supply high-power chargers (HPCs) for 120 charging sites across Europe, Box Energi in the United Kingdom to supply chargers for up to 2500 sites across Britain, SSA Marine in the US to supply 33 HPCs for the Port of Long Beach, California, for its electric-drive terminal tractors; an agreement with Tata AutoComp Systems to supply Veefil-RTs to India; a similar arrangement with EasyGo to supply up to 88 chargers across Ireland, and a deal to provide Veefil-RTs to Nissan supporting the automaker’s sponsorship during the UEFA Champion’s League Final in Spain this year.
In 2018 Gilbarco Veeder-Root took a strategic stake in Tritium which enabled it to not only invest in growth activities, but also leverage Gilbarco’s operational, sales and distribution channels globally.
The run of customer wins this year is the commercial realisation of prior investments coming to fruition, Tritium chief executive officer and co-founder David Finn says.
“The injection of capital from Gilbarco a year ago enabled us to deliver new products and expand our operations in the United States and Europe, and that additional operational power has led directly to our successes in those markets.”
Tritium’s recent growth has been driven by the acceleration into more diverse markets, including the traditional fuel retail, automotive, fleets and utilities starting to roll out EV charging infrastructure.
Finn is certain the EV sector and resulting transport industry electrification is very close to a tipping point and that Tritium will accelerate that.
