Exicom Tele-Systems, among India’s largest electric vehicle (EV) charger manufacturers, announced it has entered into a definitive agreement to acquire the business and assets of Tritium in a deal worth a reported $45 million (USD 29.6 million).
“We are pleased to share that Tritium Group is set to become a step-down wholly-owned subsidiary of Exicom Tele-Systems,” the company said in a statement, adding that the acquisition is “an ideal anchor for building a global EV charger business with Tritium’s presence in 47 countries.”
“With Tritium’s latest technology now part of our portfolio, we are poised to drive the future of electric vehicle charging and deliver even greater value to our stakeholders,” Exicom said.
Queensland-headquartered Tritium declared itself insolvent in April, calling for an administrator to be appointed just six months after shuttering its Brisbane facility to consolidate manufacturing operations at its Tennessee plant in the United States.
Founded in Brisbane in 2001, Tritium was once ranked among the world’s biggest EV charger manufacturers and has sold about 13,000 chargers globally. It listed on the Nasdaq in the US in 2021 in a move that valued the company at about $2 billion.
Exicom said the acquisition adds Tritium’s “cutting-edge” manufacturing facility in Tennessee as well as a “world-class” engineering centre in Brisbane to its existing presence which includes offering EV charging and energy storage solutions in more than 15 countries.
Exicom Chief Executive Officer Anant Nahata said the move is in line with the company’s strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility.
“Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions,” he said. “We look forward to working with Tritium’s employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe.”
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