St Baker welcomes sale of Tritium EV fast charging company to India’s Exicom

India power technology firm Exicom has bought the collapsed Australian EV fast-charging business Tritium out of receivership, hoping to use the acquisition to expand its own EV charger business.

The assets bought by Exicom – for an as-yet undisclosed price – will include Tritium’s engineering centre in Brisbane and its manufacturing facility in Tennessee in the US.

The purchase was negotiated by Tritium receivers McGrathNicol, who were appointed in April after the company itself appointed its own voluntary administrators because it had run out of capital.

Tritium’s share price had collapsed over the previous year because of extensive losses, and problems with its early generation charging products. It was eventually removed from the Nasdaq listing board because of the share price fall, removing its access to equity markets.

There is no word yet on the purchase price or the amount that creditors may receive. The biggest shareholder was former coal baron Trevor St Baker, one of the company’s earliest backers, who was owed $66 million. The Commonwealth Bank had a $199 million exposure.

In a post on LinkedIn, St Baker commented: “Congratulations Exicom. Tritium’s customers will welcome the continued offering of Tritium’s most reliable sealed power unit DC charger technology.”

Exicom says Tritium’s global reach and product options will enable it to serve different use cases across the world and expand the adoption of EV infrastructure.

“This acquisition is in line with Exicom’s strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility,” Exicom CEO Anand Nahata said in a statement.

“Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions. We look forward to working with Tritium’s employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe.”

The New Delhi-based Exicom says it already offers its EV charging and Energy storage solutions across over 15 countries, including DC and AC charging solutions.

Its energy storage business is focused on Africa, the Middle East, and Asia.