A recent rapid growth in customers and contracts is driving Australian electric vehicle (EV) rapid-charging infrastructure maker Tritium to seek additional funding to feed the demand for EV chargers.
Already a leader on the global EV charging stage with EV chargers installed across 29 countries worldwide, the Brisbane-based company also has sales and manufacturing centres in Amsterdam and Los Angeles and recently expanded its facilities in Brisbane in order to cater for anticipated growth across key US and European markets.
A pipeline of $200 million worth of electric vehicle chargers sales accounting for some 3,000 units was noted in July by the company’s co-founder and CEO David Finn, and the increase in sales now has the company seeking $30 million in funding to meet this demand.
“The raise has been very well backed by existing large shareholders and founders, with the full $30 million underwritten,” David Toomey, Tritium’s head of corporate development said in a note by email.
“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.”
Over 3,000 chargers have already been installed worldwide for major EV charging networks such as Ionity in Europe, Box Energi in the UK, and deals with names such as Nissan, SSA Marine at the Port of Long Beach, California, and India’s Tata Auto (India’s leading auto component manufacturer) by Tritium.
In 2018, fuel dispensing systems provider Gilbarco Veeder-Root (GVR) claimed an undisclosed stake described as “strategic” in the Australian company, which along with ensuring GVR have a foot in the EV transition has enabled Tritium access to GVR’s operational, sales and distribution channels.
“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,” said Finn in a note by email.
According to Finn, the EV sector is fast approaching a tipping point that Tritium’s DC rapid-chargers can only help further accelerate.
“There are very few opportunities around the world, let alone in Australia to invest directly in the e-mobility revolution while it’s on its upwards trajectory,” says Finn.