Australian EV charging manufacturer Tritium has raised $US135 million ($A200 million) in new finance facilities to help fund the development and expansion of its DC fast chargers, along with operational support and expansion.
“Transportation is electrifying at a breakneck pace,” said Jane Hunter, Tritium’s CEO.
“Tritium’s cutting-edge technology and culture of innovation provide the company with the tools to create top-tier fast charging hardware, software, and services, and now we have additional capital to scale.
“We look forward to using this investment to accelerate production, expedite product development, and, ultimately, to continue our pursuit of becoming the number one fast charger manufacturer on the planet.”
A $US60 million facility will be used to increase an existing $US90 million senior debt facility from Cigna & Barings . A parallel equity facility for up to $US75 million has been established with B. Riley Principal Capital II.
Tritium says the world has seen demand for EVs skyrocket in recent years, fueled by goals to reduce carbon emissions, government incentives for vehicles and charging infrastructure, and consumer demand.
It noted that in the United States, where it recently opened a new manufacturing facility, the new National Electric Vehicle Infrastructure (NEVI) Formula Program provided $5 billion to build a coast-to-coast EV fast charging network.
Tritium last month inked with energy giant Enel X in August which will see the two companies work together to deploy a network of 250 EV fast chargers across the United States. It has also signed similar supply agreements signed with global oil & gas giants Shell and BP which will see Tritium supply the two companies with thousands of EV chargers.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.