Tritium reports record growth and new two-way charger in pipeline

Brisbane-based Tritium, which makes electric vehicle DC fast-chargers and has now sold more than 5,000 units globally, has reported a record quarter and its largest backlog to date, an indicator perhaps that the transition to electric vehicles has reached a tipping point.

The St Baker Energy Innovation Fund-backed Tritium makes a number of DC fast-chargers,and has a number of interesting products in the pipeline, including a 25kW bidirectional (two-way) wall charger that could be used for vehicle-to-grid (V2G) and vehicle-to-home (V2H) applications.

Its current products include the 350kW Veefil PK350, which many will have seen at charging sites installed by Chargefox on behalf of motorist’s associations such as the NRMA and RACV.

Scalable chargers such as the RTM75 installed on the Gold Coast mean that charging sites can be future-proofed to cope with increasing charging needs as EV take-up increases. Its Plug-and-Charge option also enables EVs to charger without the need to pull out an RFID card or smartphone app.

The company has also inked a deal with the Evie Networks (also backed by St Baker) to supply more than 300 RTM50 50kW chargers at new sites around Australia, and recently even deployed a 50kW RT50 charger recently in Alaska, chosen for its ability to operate in sub-zero temperatures and modified with a specialised liquid coolant for the cables.

The latest reporting from Tritium – which is making preparations to list on the tech-focussed NASDAQ – shows a 64% increase in production in the last three months, and an increase in backlog of orders by 86%, now amounting to $A42 million.

The report did not include financial results (which we have asked for) but it is worth noting that Tritium’s planned public listing via a “blank cheque” company will see it valued at $US1.2 billion – making it a “unicorn” (an unlisted start-up worth more than $US1 billion).

The company secured $220 million of cumulative financings since its inception, including an approximately AUD $40 million private placement just secured and announced on September 7, 2021

CEO of Tritium Jane Hunter noted in a statement that new sales figures underline the important role DC fast-chargers have to play in the transition to sustainable, zero-emissions transport.

“The momentum we have experienced across Tritium’s suite of products has been exceptional this past quarter. As the world embraces the electrification of transportation, it has now become near-consensus that the proliferation of reliable, fast charging will be an essential step in accelerating EV adoption,” she said.

Although it is true that much electric car charging can be done at home, or on AC chargers at destinations such as work, shopping centres and accommodation, Tritium’s chargers are “squarely positioned” to meet the expectations of drivers who are “ increasingly demanding a charging experience that is analogous to their gasoline (sic) car experience.”

To meet the uptick in orders and work through its backlog, Tritium has doubled its staff in the past nine months and intends to meet the rising demand through expansion currently being undertaken in the US and Europe.

The company has, however, been subject to worldwide supply chain issues, says Michael Hipwood, chief financial officer for the company.

“As a manufacturer of finished goods that require assembly through components sourced globally, Tritium is not immune to the challenges of the well-covered supply chain disruptions occurring around the world, as the movement of goods continues to be upended,” he said in a statement.

However, he notes that despite these challenges the company expects to be able to report further growth in 2022.

In addition to its current charger offerings, Tritium is planning to add a scalable 150kW charger for retail customers in 2022, as well a 25kW V2G/V2H wall charger.

This article has been updated to correct Michael Hipwood’s position within Tritium.