Tritium, a Brisbane-based developer and manufacturer of direct current fast chargers for electric vehicles, is to list on the NASDAQ via a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN), a special purpose acquisition company (SPAC). Upon closing of the transaction, the combined company will be named Tritium and will trade under the new ticker symbol “DCFC.”
The pre-money enterprise value of the combined company is US$1.4 billion. The transaction will provide gross proceeds of up to approximately US$403 million, to fully fund its growth as a technology market leader in the DC fast charging space for electric vehicles.
Tritium has provided more than 2.7 million high-power charging sessions across 41 countries, delivering over 55 GWh of energy.
Tritium Chief Executive Officer, Jane Hunter, says, “The accelerated electrification of the transport sector globally is now underway and has extraordinary implications beyond the benefits to individual consumers. Our industry is essential to achieving global emission reduction targets both through increased adoption of electric vehicles and the deployment of EVs for mass energy storage technology. As ‘batteries on wheels,’ EVs will help pave the way for more renewable power to be introduced into national energy mixes. E-mobility also plays a critical role in improving air quality, which is critical for public health in populated regions.”
He adds: “The agreement between Tritium and DCRN is a vote of confidence in Tritium’s vision and market viability as well as the e-mobility industry as a whole. We plan to expand to three global manufacturing facilities, expedite product development, grow our global sales and service operations teams, and so much more. This agreement funds that growth plan, enabling us to expand our business operations, enhance our products, and provide even more services to our customers.”
Robert Tichio, Chairman of DCRN, who will join the board of directors of the combined company at the close of the transaction, comments: “As the wave of investment capital directed to environmental, social, and corporate governance (“ESG”) goals continues its acceleration, we believe a publicly traded Tritium will serve as a valuable core holding for ESG investors. We look forward to working with Jane and the entire Tritium team to speed the efficient electrification of global transport.”
Founded in 2001 by e-mobility pioneers Dr. David Finn, James Kennedy, and Dr. Paul Sernia, Tritium designs, develops, and manufactures proprietary hardware for advanced and reliable DC fast charging. The company has a two-decade history in advanced power electronics and electric transportation, starting as a developer of technology for solar race cars and other extraordinary projects, like the battery management system for James Cameron’s ‘Deepsea Challenger’ submersible.