Article first published 26 May 2021, Cision: PR Newswire
The transaction will provide gross proceeds of up to approximately US$403 million (AUD$520 million) to Tritium, assuming minimal redemptions by DCRN's public stockholders, to fully fund its growth as a technology market leader in the DC fast charging space for electric vehicles.
Tritium, a 20-year-old company with high revenue growth over the last five years, is valued at US$1.2 billion (AUD$1.55 billion) in connection with the transaction.
Tritium is the only pure-play DC fast charging manufacturer, with a global sales and support reach servicing customers in 41 countries across 4 continents.
Tritium, a Brisbane-based developer and manufacturer of direct current ("DC") fast chargers for electric vehicles ("EVs"), and Decarbonization Plus Acquisition Corporation II ("DCRN"), a special purpose acquisition company ("SPAC"), today announced a definitive agreement for a business combination that would result in Tritium becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Tritium and is expected to be listed on the NASDAQ and trade under the new ticker symbol "DCFC."
Founded in 2001 by [UQ alumni] e-mobility pioneers Dr. David Finn, James Kennedy, and Dr. Paul Sernia, Tritium designs, develops, and manufactures 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.
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