Nasdaq-listed Tritium says it will use US$40 million of new investment from major shareholder Trevor St Baker, and O-Corp EV, to continue to scale production of its DC fast chargers for electric vehicles.
The Australian company received $35 million from St Baker’s Sunset Power and $5m from O-Corp. It has a current market value of about $156 million.
“We continue to achieve the milestones on our roadmap in pursuit of becoming the number one fast charger manufacturer on the planet,” Tritium CEO Jane Hunter said.
“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.”
Tritium, targeting the heavy commercial vehicle market as well as larger mobility verticals, said in February this year it had a circa-$159 million order backlog and expected to double revenue to more than $200 million in the 12 months to the end of 2023.
“The strength of Tritium’s global market position, high product demand, differentiated technology, and fast scaling production presented a very compelling case to these investors,” said David Toomey, Tritium’s chief strategy officer.
“We particularly appreciate the continued long-term support of the St Baker family, who have been investors in Tritium since 2013.”
Tritium says it compact, robust chargers are designed to “look great on Main Street and thrive in harsh conditions”.
