Tritium to raise additional $30m capital to cater for recent significant growth in customers


Tritium, a world leader in electric vehicle (EV) DC fast charging technology, is undertaking an equity raising round to fund its growth on the back of a series of significant customer deals across the globe.

The company, founded in Brisbane and having already exported over 3,000 DC fast-and high-powered chargers to more than 30 countries, will raise $30 million from a combination of existing and new, sophisticated investors, as its production needs accelerate in the coming months. The $30 million capital raise will value the company at $330 million.

“The raise has been very well backed by existing large shareholders and founders, with the full $30 million underwritten,” said David Toomey, Tritium’s Chief of Staff and Head of Corporate Development. “Tritium has proven itself a leader on the global stage in the most mature markets such as Norway and California, with large upside from mass market uptake in the EV sector still to come.”

In Australia, where the sector is still in its relative infancy, there are other promising signs with the rollout of infrastructure through the likes of Evie Networks, The NRMA, The Queensland Government and Chargefox.

Over the past four months, the company has secured deals across the world with:

In 2018 Gilbarco Veeder-Root, a Fortive Corporation (“Fortive”) (NYSE:  FTV) business took a strategic stake in Tritium. This enabled Tritium to not only invest in growth activities, but also leverage Gilbarco’s operational, sales and distribution channels globally.

David Finn, CEO and co-founder, Tritium, said the run of customer wins this year is the commercial realisation of prior investments coming to fruition.

“The injection of capital from Gilbarco a year ago enabled us to deliver new products and expand our operations in the United States and Europe, and that additional operational power has led directly to our successes in those markets,” said Finn.

Tritium’s recent exponential growth has been driven by the acceleration into more diverse markets. Previously, the majority of the company’s success came through early adopters in the chargepoint operator sector, but now the traditional fuel retail, automotive, fleets and utilities are also starting to roll out EV charging infrastructure.

Finn is certain that the EV sector and resulting electrification of the transport industry is very close to a tipping point and Tritium’s high-speed charging solutions will accelerate this tipping point.

“There are very few opportunities around the world, let alone in Australia to invest directly in the e-mobility revolution while it’s on its upwards trajectory,” said Finn.