Tritium is responsible for making many of the electric vehicle chargers in Australia. The company has also found success on the global market and as EV demand grows across the world, are scaling their business and product portfolio to meet that demand.
Tomorrow, Tritium will join the NASDAQ under the trading stock ticker ‘DCRN’. This represents the final stage of going public using the now-famous SPAC merger technique, rather than the more traditional IPO method.
This move to join the NASDAQ and allow the public trading of shares in the company is possible with the completion of the previously announced business combination with Decarbonization Plus Acquisition Corporation II (“DCRN”) to take Tritium DCFC Limited (“Tritium”) public.
Tritium’s ordinary shares and warrants are expected to commence trading tomorrow, January 14, 2022, on the NASDAQ, under the ticker symbols “DCFC” and “DCFCW,” respectively.
DCRN’s stockholders approved the transaction at a special meeting of stockholders held on January 12, 2022.
“Our transaction with DCRN is transformative for the acceleration of electrification.
We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium’s business operations and to help strengthen our products and services to our customers, and continue to advance the e-mobility industry.
The goal in our industry is to reduce global emissions and this transaction will support our mission to electrify transportation.”Tritium’s CEO, Jane Hunter.
Tritium’s executive as they go public will include: Jane Hunter, Chief Executive Officer, will continue to lead Tritium’s operations, alongside co-founders James Kennedy (Chief Technology Officer) and Dr. David Finn (Chief Vision Officer), and executives David Toomey (Chief Strategy Officer) and Michael Hipwood (Chief Financial Officer).
As part of the business combination, Robert Tichio, previously the Chairman of the board of directors of DCRN, will join Tritium’s board of directors as Chairman.
“We are extremely pleased to see the completion of this business combination and to support Jane and the Tritium team as they continue to execute on their strategic growth plan as a public company,”Robert Tichio, incoming Chairman of the board of Tritium.
EV charging sector expected to experience significant growth to 2040 and beyond
With global EV sales expected to have surpassed 6.3 million last year and with global passenger EV sales expected to grow at a compound annual growth rate (CAGR) of 17% through 2040, the world’s transportation is rapidly electrifying.
Sufficient public charging infrastructure will be critical to enabling this transition to e-mobility, and fast charging provides the greatest value across the EV charging value chain.
Through fast charging, drivers can get back on the road within minutes instead of hours, and charge point operators are able to set prices appropriately for this premium experience.
Tritium expects the capital raised through the transaction, together with its anticipated additional funding, to help fund its growth as a technology market leader in the EV charging space, expand to three global manufacturing facilities, grow global sales and service operations teams, maintain its capital needs, and other corporate uses.