Tritium Lists on NASDAQ, Begins Construction of US Plant

Australian maker of fast electric vehicle chargers Tritium has floated on the US Nasdaq stock exchange and started construction of its second factory, this time in the US.

The company is listed on NASDAQ following a business combination with Decarbonization Plus Acquisition Corporation II (DCRN), taking Tritium DCFC Limited public.

DCRN shareholders approved the transaction at a special meeting of shareholders held on January 12, 2022.

The combined company is still led by Jane Hunter as CEO. The management team also includes the two co-founders James Kennedy (Chief Technology Officer) and David Finn (Chief Vision Officer) as well as David Toomey (Chief Strategy Officer) and Michael Hipwood (Chief Financial Officer).

Tritium currently has manufacturing facilities in Brisbane and is building manufacturing facilities in the United States.

Hunter recently told Bloomberg that Tritium is accelerating its plans to prepare its US manufacturing facility by the third quarter of next year due to recent air and ocean freight delays from the Australian plant.

The company has so far not disclosed where a planned third manufacturing plant will be located.

Tritium announced a series of orders over the past year, including a recent global agreement with Shell, and also opened a new regional office in Singapore, serving Asia-Pacific and the Middle East.

Hunter said, “Our transaction with DCRN is transformative for accelerating electrification.

“We anticipate that the capital raised from the transaction, along with the anticipated additional financing, will support Tritium’s business operations and help strengthen our products and services for our customers, and continue to drive the electric mobility industry forward.

“Our industry’s goal is to reduce global emissions and this transaction will support our mission to electrify transportation.”

Robert Tichio, previously Chairman of the DCRN Board of Directors, will join the Tritium Board of Directors as Chairman.

Tichio said, “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 their strategic growth plan as a public company.

Picture: Tritium

Subscribe for free to our @AuManufacturing newsletter here.

Jennifer C. Burleigh