St Baker ploughs another $52m to boost production at EV fast charger maker Tritium

Clean energy entrepreneur and former coal baron Trevor St Baker has ploughed another $US35 million ($A52 million) to help boost production at the the Brisbane-based EV fast charger manufacturer Tritium that he supported through its initial growth period.

St Baker, who sold his remaining interest in the Vales Point coal generator last year, remains the biggest shareholder in Tritium, which is now listed in the US, and his family retains a 25 per cent share in the company,.

The cash injection – made through Sunset Power – is part of a $US40 million fund raising that also includes $US5 million from O-Corp EV, and comes as the company’s share price has halved since the start of the year, and has fallen 80 per cent since this time last year.

The investments come in the form of a bridge loan that will attract a hefty 12 per cent interest rate, and gives them certain rights to acquire shares in a future equity raising.

The money will be used to fund working capital needed to continue scaling up production volumes, further product development, and grow the company’s international operations.

“We continue to achieve the milestones on our roadmap in pursuit of becoming the number one fast charger manufacturer on the planet,” said Jane Hunter, Tritium CEO.

“With the production capacity offered through our new Tennessee factory and long-standing Brisbane factory, we believe we’re well on our way to achieving that goal.

“Through this capital raise, we’ll continue to grow our revenue and competitive position, fund our increased production capacity, and support the launch of our next generation ultrafast charger.”