Tritium is a 20 year old Australian company that has been successful in creating some of the best DC fast chargers, products that are in high demand as the world transitions to electric vehicles.
The Brisbane-based Tritium will go public and start trading on the NASDAQ via a special purpose acquisition company, known as a “SPAC”. This is becoming an increasingly common vehicle for companies to issue public shares.
Today Tritum announced it would become publicly listed by merging with Decarbonization Plus Acquisition Corporation and trade under the ticker symbol $DCFC.
Tritium has provided more than 2.7 million high-power charging sessions from more than 4,400 DC fast chargers across 41 countries, delivering over 55 GWh of energy. The company’s intellectual property includes the world’s only fully liquid-cooled, IP65-rated charger, providing customers with technology that is ingress-protected and sealed from outside elements, thus reducing the total cost of ownership.
The company was founded back in 2001 by Dr. David Finn, James Kennedy, and Dr. Paul Sernia and has gone on to designs and develop 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.
It is expected that the initial offering will raise approximately US$403 million (AUD$520 million) of cash, assuming minimal redemptions by DCRN’s public stockholders. Going public is not a small task, with quarterly reporting, earnings calls, shareholder meetings and votes, as well as constant SEC filing. Tritium says they’ll invest the funds raised in future operations and growth.
Part of that growth is likely to be products announced back in November, 2020 that included their scalable RTM platform. At the time they demonstrated the RTM75 which is already being used by the Gold Coast City Council.
Coming in 2022 is a new product known as DPM and will come with recharging rates up to an incredible 3MW. At a time where semi trucks are about to go electric, having this much capacity in charging infrastructure positions Tritium well to capture a lot of that market.
“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.
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.”
Tritium Chief Executive Officer Jane Hunter
“We are extremely excited and honored to partner with Tritium, as we believe the company’s demonstrated track record of innovation in power electronics and its well-established manufacturing and operational structure will allow Tritium to maintain and expand its position as a market leader in the charging hardware space.
Under Ms. Hunter’s leadership, the company has developed an incredible team of more than 340 employees on four continents and a diversified base of blue-chip customers, while positioning Tritium to be the leader in DC fast charging as the adoption of electric vehicles continues to accelerate.
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.”
Robert Tichio, Chairman of DCRN – will join the board of directors on transaction close
With the combined valued of the two companies estimated to be around at US$1.4 billion (AUD$1.8 billion), we know the current market cap of Decarbonization Plus Acqstn Corp II is just 486.02M, leaving Tritium to make up the vast majority of the resulting value.
Former Boeing executive Jane Hunter will continue as the Chief Executive Officer of Tritium, alongside co-founders James Kennedy (Chief Technology Officer) and Dr. David Finn (Chief Growth Officer), and executives David Toomey (Chief Revenue Officer) and Michael Hipwood (Chief Financial Officer).
In addition to Robert Tichio, Jane Hunter, Dr. David Finn, Trevor St. Baker AO (Founder and Chairman of St. Baker Energy Innovation Fund), Brian Flannery (Managing Director of White Energy Company Limited), and Kara Frederick (Managing Director of Tiger Financial Group) are expected to join the combined company’s board of directors when the transaction closes.
“Today is an incredibly proud day for Tritium’s founders, David, James and Paul, and also for Australia’s technology and e-mobility sectors,” “We’re proud to have supported the Tritium success story from a start-up in Brisbane, to a global exporter and manufacturer of advanced charging technology with a leading global market share.”
Trevor St. Baker AO (Founder and Chairman of St. Baker Energy Innovation Fund)
The boards of directors of both Tritium and DCRN have approved the proposed transaction, subject to, among other things, the approval by DCRN’s stockholders and satisfaction or waiver of the other conditions stated in the definitive documentation, including the waiver or expiration of a Tritium shareholder’s right to acquire Tritium under the shareholder’s deed in relation to Tritium.
The company held an investor call this morning and the transcript is now available online here.
