Officials join Tritium executives to discuss US-Australia economic partnership
BRISBANE, Australia, July 28, 2023—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today welcomed US Secretary of State Antony Blinken and US Ambassador to Australia Caroline Kennedy to the company’s headquarters and R&D facility in Brisbane, Australia. The officials joined Tritium executives for a tour of the facility and discussion on the importance of bilateral economic partnerships between the United States and Australia.
“The e-mobility transition requires not only collaboration between the public and private sectors, but also partnerships between nations that share a commitment to a more sustainable future,” said Tritium CEO Jane Hunter. “We’re greatly appreciative to Secretary Blinken and Ambassador Kennedy for their interest in Tritium as we continue to build a business that has a significant footprint in both the US and Australia and fulfill our purpose of enabling clean energy around the world.”
Secretary Blinken traveled to Brisbane to attend the Australia-United States Ministerial Consultations, also known as AUSMIN, an annual meeting of US and Australian defense and foreign ministers.
In recent years, governments across both countries have developed nationwide programs to accelerate the transition to electric vehicles. In the United States, the National Electric Vehicle Infrastructure Formula Program, established through the Bipartisan Infrastructure Law, will provide $5 billion over five years to support the development of EV charging infrastructure across the nation’s highways. Separately, Australia’s $15 billion National Reconstruction Fund will support projects that create secure and well-paid jobs, drive regional development, and build Australia’s sovereign capability to capture new opportunities, including the transition to net zero emissions.
“Tritium has been built on Australian roots and scaled through our presence in the American heartland and on the NASDAQ,” Hunter continued. “We’re proud of the deep connection we have to both countries and are eager to continue moving the industry forward on a global scale.”
Tritium was established in Brisbane more than 20 years ago and has offices in Amsterdam and Los Angeles. It opened its largest production facility in Lebanon, Tennessee, in 2022. The company holds the leading market share in both the United States and Australia, having supplied approximately 30% and 75% of the universal DC fast charger currently available in each country, respectively.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
Forward Looking Statements
This press release includes “forward-looking statements.” The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Hawai’i expected to be among the first to install fast chargers purchased through the federally funded NEVI program
TORRANCE, California, July 11, 2023—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that the company will provide all fast chargers for the State of Hawai’i’s first round of National Electric Vehicle Infrastructure (NEVI) Formula Program funding. The company believes Tritium is now the first manufacturer to secure a fast charger order through NEVI program funding.
To commemorate this milestone, executives from Tritium, along with project partners Sustainability Partners and National Car Charging, will join officials from the White House, Joint Office of Energy and Transportation, and Hawai’i Department of Transportation (HDOT) for a virtual discussion today about the future of e-mobility nationwide and how partnerships like theirs are paving the way for a more sustainable future.
“Hawai’i is recognized nationwide and around the world for its commitment to sustainability and has long been at the forefront of the e-mobility transition,” said Tritium CEO Jane Hunter. “We’re not surprised to see the state act so quickly to ensure their community benefits from the emissions reductions that a rapid technology transition to electric vehicles secures. The NEVI funding is designed to ensure this transition occurs quickly and equitably, and Tritium is pleased to partner with the state and its representatives to bolster Hawai’i’s EV charging infrastructure.”
In September 2022, the Federal Highway Administration approved Hawai’i’s Electric Vehicle Infrastructure Deployment Plan, granting the state access to $2.6 million of NEVI funding in FY2022. As part of their NEVI deployment plan, HDOT is utilizing its existing contract with Sustainability Partners, a public benefit company mandated to form reliable and enduring partnerships with public institutions for the advancement of their critical infrastructure.
HDOT is using the initial round of NEVI funding to procure eight Tritium NEVI systems, totaling 32 PKM150 (150kW) chargers and 16 power units. The chargers were procured for HDOT by Sustainability Partners from Aloha Charge, a National Car Charging company, and will be equipped with software developed by EV Connect, an EV charging management solutions provider. These fast chargers are expected to be among the first funded and installed under the NEVI program.
Established through the Bipartisan Infrastructure Law, NEVI will provide $5 billion over five years to support the development of EV charging infrastructure across the nation’s highways, including almost 1000 miles of roadway in Hawai’i. It’s estimated that the state will receive a total of $17.6 million in funding throughout the duration of the NEVI Formula Program.
“Hawai’i is committed to leading the nation in our e-mobility transition and grateful for Tritium’s partnership in this effort,” said Hawai’i Department of Transportation Director Edwin Sniffen. “We’re confident that Tritium’s chargers will provide the fast and reliable service Hawai’i needs as we bolster our EV infrastructure statewide.”
In March, Tritium announced that its NEVI-compliant charging system is available for purchase. Each charger on the company’s system provides 150kW of power to an EV through a reliable and modular fast-charging system. Thanks to multiple chargers and power rectifier units, the Tritium NEVI solution provides backup charger availability for high reliability and site uptime.
“The State of Hawai’i has long been dependent on petroleum for their energy supply, but with this new influx of DC fast-charging infrastructure, we are paving the way for a significant shift in their energy mix and a substantial leap towards greater energy independence,” said Mike Calise, Tritium’s President of the Americas. “NEVI has created an unprecedented opportunity for states across America to revolutionize their EV charging infrastructure. By creating more equitable access to fast chargers, we are not only shaping a sustainable and resilient future for American communities, but also driving a nationwide transformation towards clean transportation.”
During the initial NEVI program phase, HDOT will install charging facilities along the designated Alternative Fuel Corridors.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
About Sustainability Partners
Sustainability Partners, LLC (SP) is a public benefit company that forms enduring partnerships with public entities for the advancement of their essential infrastructure. SP converts infrastructure to a monthly usage-based utility service with its innovative model, Infrastructure as a Service®. SP offers any combination of funding, including supplementary and match funding for NEVI program initiatives, in addition to project facilitation and ongoing care to keep essential infrastructure reliable, safe, and improving forever.
For more information, please visit www.sustainability.partners.
About Aloha Charge
Aloha Charge, a fully owned subsidiary of National Car Charging (NCC), is a Honolulu-based EV charging hardware and software reseller whose mission is to easily facilitate the transition to electric vehicles. Aloha Charge offers the most reliable EV charging products and services on the market. Collectively, Aloha Charge and National Car Charging are the largest independent EV charging reseller nationwide managing 8,000+ ports across 48 states, 1100 clients and dozens of business channels.
For more information, please visit alohacharge.com or nationalcarcharging.com.
Forward Looking Statements
This press release includes “forward-looking statements.” The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Media Contacts
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Tritium commits to providing NACS connectors in late 2023 or early 2024, subject to certification requirements.
TORRANCE, California, July 10, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), supports the Texas Department of Transportation’s proposal to require both the Combined Charging Standard (CCS) and North American Charging Standard (NACS) connectors for each National Electric Vehicle Infrastructure (NEVI) Formula Program-funded charger in the state, and supports the Texas Transportation Commission’s authorization of this proposal.
To assist the State of Texas and other states considering this requirement, Tritium is committed to providing NACS connectors on its chargers by late 2023 or early 2024. On the heels of the Texas Department of Transportation’s proposal, the Kentucky Transportation Cabinet issued an addendum to the state’s NEVI request for proposal to require NACS connectors.
“The US electric vehicle market is dominated by Tesla, which is driving market demand for NACS connectors on public chargers. Tritium makes universal chargers which all electric vehicles can use, so we are connector technology agnostic. We therefore support the Texas Department of Transportation’s proposal, which will provide Tesla drivers with greater charging access and convenience,” said Tritium CEO Jane Hunter. “The NEVI program is funded by US taxpayer dollars and aims to increase equal and equitable access to fast charging, to further grow confidence in, and drive up the levels of, EV adoption in the US. The statistics for EV uptake in the US by automaker support policies requiring both CCS and NACS connectors on every fast charger. Tritium looks forward to a future where there is global alignment on a single connector technology, but will continue to support prevailing market demand and government-mandated connector selections in the medium-term.“
Tesla accounted for more than 60% of the US electric vehicle market in 2022, a 41% increase over 2021, according to Experian.
“With the large and increasing number of Teslas on US roadways, and the growing commitment from automakers to incorporate NACS charging ports in new EV models, it is crucial to ensure the futureproofing of public fast-charging infrastructure with NACS connectors,” said Tritium President of the Americas Mike Calise. “By offering both CCS and NACS connectors on each charger, we maximize site utilization for charge point operators, reduce driver wait times, and provide an optimal charging solution to meet the surging demand for EVs in Texas and other states.”
In March, Tritium announced the company’s first NEVI-compliant product offering, with four of Tritium’s 150kW PKM150 charging stations and two power cabinets. This charging system is expected to achieve the Federal Highway Administration (FHWA)’s Build America, Buy America Act waiver milestones, which includes two phases announced by the FHWA in February. Tritium’s NEVI-compliant product announcement was followed in June by an announcement that the company expects to make NACS connectors available as an option during manufacture and as a retrofit kit for post-manufacture, including for chargers deployed as part of the NEVI Formula Program and the Charging and Fueling Infrastructure (CFI) Discretionary Grant Program.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
Forward Looking Statements
This press release includes “forward-looking statements.” The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Both leaders will spearhead product innovation as the company continues unprecedented growth.
BRISBANE, Australia, JUNE 20, 2023—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that Glen Bethel has been named the company’s Chief Technology Officer and Brian Johns its Vice President of Product Development. Both leaders bring decades of product development and advanced technology experience to expand and enhance Tritium’s product offerings and continue the company’s history of world-leading technology development.
“Tritium is continuing to attract world-class talent to join its leadership team on the strength of our profile, technology, and market share in the evolving EV fast charger industry,” said Tritium CEO Jane Hunter. “Throughout their careers, both leaders have a proven record of driving technology innovation to deliver business results. Glen and Brian’s contributions will help cement the company’s technology leadership position and support Tritium in reaching our goal of becoming the world’s leading fast charger company.”
As CTO, Bethel will oversee the company’s software development, test and release, information communication technology, communications engineering, data services, cyber security, modeling, and simulation.
“Since the early days of my career, I’ve been passionate about driving change and continuous improvement through technology leadership, research and development, and operational excellence,” said Bethel. “We’re at an exciting inflection point in the fast charger industry. I’m eager for the opportunity to continue advancing Tritium’s industry-leading technology as we accelerate the e-mobility transition across the globe.”
Bethel joined Tritium in January 2022 and most recently served as the company’s Vice President of Operations Engineering. He brings to Tritium a deep expertise in electronics and systems engineering, computer science, software development, and systems integration, including senior engineering roles at Boeing Defence Australia leading research and development and developing and integrating capabilities into the Loyal Wingman project. Bethel also has complex modelling and simulation expertise through past roles with Boeing Defence as the Technical Lead for the Systems Analysis Laboratory and from his tenure as the CIO Land Warfare Development Centre in the Australian Army, in which he also served for over 20 years in electronics and systems engineering roles.
As the company’s new Vice President of Product Development, Johns will lead new product development and introduction to manufacturing, as well as the company’s product roadmap.
“I’ve always thrived in roles where I can put people and processes together from initial concept, through new product introduction, manufacturing, and production, ultimately delighting and inspiring stakeholders,” Johns said. “I look forward to joining the Tritium team, where I can apply my passion for building best-in-class products to the critical mission of electrifying transportation worldwide.”
Johns joins Tritium with more than 20 years of experience in Australia and across Asia, developing engineered product solutions for industries including consumer appliances, industrial, automotive, military, and medical. Johns is an industrial engineer with deep product development and design for manufacture experience. He most recently served as General Manager of Product, Innovation, Engineering, Quality, and Development for Disc Brakes Australia and previously as Technical Director and CTO (Hong Kong/China) of Innova Products.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
Forward Looking Statements
This press release includes “forward-looking statements.” The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Media Contacts
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
BRISBANE, Australia, June 12, 2023 –Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global developer and manufacturer of direct current (DC) fast chargers for electric vehicles (EVs), today announced the company will provide the North American Charging Standard (NACS) as a connector option with its fast chargers.
“Tritium is committed to enabling the rapid transition to electric vehicles by providing our customers and EV drivers with fast and reliable charging options that can charge any model of EV,” said Tritium CEO Jane Hunter. “As the EV industry aligns on global technology standards, Tritium is committed to supporting any connectors which are widely used in our primary markets of Europe, North America, and the Asia Pacific region. We look forward to adding Tesla’s NACS connector to our US chargers, and to our chargers in any other markets which decide to adopt the NACS connector, to provide a seamless and simple charging experience for the growing range of EV models.”
Tritium’s chargers are already compatible with CCS1, CCS2, and CHAdeMO connectors, which are widely used across the globe. Tritium’s fast chargers can connect directly to Tesla vehicles in Europe and APAC, where Tesla vehicles currently use CCS2 connectors. In the United States, Tesla vehicles use a proprietary NACS connector, and those vehicles have required an adaptor when charging outside the Tesla charging network. The addition of the NACS connector to Tritium chargers in the US market will enhance the experience of Tesla drivers using Tritium fast chargers, allowing them to be charged without requiring an adaptor.
Tritium expects the recent announcements from GM and Ford in relation to the adoption of NACS for their EVs to contribute to the hastening of electric vehicle adoption. Like any other public infrastructure, Tritium benefits when more EVs are on the road, demanding more utilization of and access to DC fast charging.
“This milestone reinforces Tritium’s dedication to driving the adoption of electric vehicles, promoting sustainable transportation solutions, and revolutionizing the way drivers and fleet operators fast charge their EVs,” said Tritium President of the Americas Mike Calise. “We look forward to providing the NACS connector option on Tritium fast chargers for use across North America, including for the NEVI and CFI programs.”
Tritium expects to make NACS connectors available as an option during manufacture and as a retrofit kit for post-manufacture, including for chargers deployed as part of the National Electric Vehicle Infrastructure (NEVI) Formula Program and the Charging and Fueling Infrastructure (CFI) Discretionary Grant Program.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Financial information presented herein is preliminary and unaudited. Complete financial results for the fiscal year ended June 30, 2023 will be published by the Company on Form 20-F within the standard timeframes prescribed by applicable SEC and exchange rules. Results presented in this year-to-date update through April 30, 2023 are intended to provide information on Tritium’s calendar year-to-date performance following its recently announced financing event on May 5, 2023. The Company undertakes no obligation to update the financial information presented herein in advance of its filing on Form 20-F.
Highlights
BRISBANE, Australia, May 11, 2023 – Tritium DCFC Limited (“Tritium” or the “Company”) (Nasdaq: DCFC), a global leader in direct current (“DC”) fast chargers for electric vehicles (“EVs”), today provided an update on the business.
Preliminary Results – January 1, 2023 – April 30, 2023
Capital Investment
The Company secured a $40 million capital investment, comprised of $35 million from Sunset Power Pty Ltd as trustee of the St Baker Family Trust (“St Baker”) and $5 million from O-Corp EV LLC (“O-Corp”). These funds will be used to fund working capital to continue to scale production volumes, further product development, and grow service operations around the world.
“Both the ongoing support from our largest investor and our preliminary results for the period January 1, 2023 through April 30, 2023 demonstrate the continued strong demand for Tritium’s products and services, and successful manufacturing scale-up to meet the demand for fast-charging infrastructure as the world shifts towards electrification,” said Tritium CEO Jane Hunter. “With our rapidly expanding production capacity and strategic customer partnerships, Tritium has maintained a strong market position and we believe the Company is well-positioned to compete for number one in market share.”
Business Update
Calendar Year 2023 – Guidance
Tennessee Factory and Production Update
The Company’s Tennessee facility is rapidly scaling to meet demand across all the Company’s customer channels, as evidenced by the Company’s aggregate production of approximately 3,200 units from January 1, 2023 through April 30, 2023, nearly achieving the total production of 3,572 units for the calendar year 2022.
Tritium now has the largest published global production plans for DC fast chargers outside China and the largest published planned production capacity onshore in America. This production capacity places the Company in a strong position to capitalize on the anticipated surge in demand for Buy America-compliant EV fast chargers over the next five years, as a result of funding from the National Electric Vehicle Infrastructure (“NEVI”) Formula Program, Charging and Fueling Infrastructure (“CFI”) Discretionary Grant Program, and the Inflation Reduction Act.
In March 2023, Tritium began accepting orders for the Company’s first product offering for the NEVI program. Tritium’s NEVI system is expected to achieve the Build America, Buy America Act waiver milestones set by the Federal Highway Administration.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
Forward Looking Statements
This press release includes “forward-looking statements.” The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions, or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results, including, but not limited to: our history of losses; the ability to successfully manage our growth; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits, and the impact of government incentives; the accuracy of our forecasts and projections including those regarding our market opportunity; competition; our ability to secure financing; delays in our manufacturing plans; losses or disruptions in supply or manufacturing partners; risks related to our technology, intellectual property and infrastructure; exemptions to certain U.S. securities laws as a result of our status as a foreign private issuer; and other important risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
*Non-GAAP Measures
Tritium prepares audited financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Tritium also discloses certain non-GAAP measures such as EBITDA as we believe that such non-GAAP measures are useful to investors in evaluating our performance by providing an additional tool for investors to use in comparing our financial performance over multiple periods. Additionally, these figures provide an understanding and evaluation of our trends when comparing our operating results against those of our competitors and over time by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP.
We calculate forward-looking EBITDA based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking EBITDA guidance and targets to forward looking GAAP net income (loss) because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
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Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
BRISBANE, Australia, May 5, 2023 – Tritium DCFC Limited (Nasdaq: DCFC) (“Tritium” or the “Company”), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), today announced an investment of US$40 million, comprised of $35 million from Sunset Power Pty Ltd as trustee of the St Baker Family Trust (“St Baker”) and $5 million from O-Corp EV LLC (“O-Corp”).
This capital raise continues to build on the long-term, continued support of Tritium by both its largest shareholder, Trevor St Baker, and O-Corp. The $40 million will be used to fund working capital to continue to scale production volumes, further product development, and grow service operations around the world.
“We continue to achieve the milestones on our roadmap in pursuit of becoming the number one fast charger manufacturer on the planet. With the production capacity offered through our new Tennessee factory and long-standing Brisbane factory, we believe we’re well on our way to achieving that goal,” said Tritium CEO Jane Hunter. “Through this capital raise, we’ll continue to grow our revenue and competitive position, fund our increased production capacity, and support the launch of our next generation ultrafast charger.”
Tritium believes that this capital will support the Company to increase monthly production volumes and deliver the healthy backlog of orders from the Company’s diversified blue-chip customer base. Tritium’s global business in the Americas, Europe, and the Asia Pacific has been fueled by tremendous growth in EV uptake supported by government incentives and carbon reduction targets, as well as high demand from new and existing charging customers worldwide.
“The strength of Tritium’s global market position, high product demand, differentiated technology, and fast scaling production presented a very compelling case to these investors,” said David Toomey, Tritium’s Chief Strategy Officer. “We particularly appreciate the continued long-term support of the St Baker family, who have been investors in Tritium since 2013.”
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
About the Investment
This investment was made in the form of a bridge loan that accrues interest at a rate of 12% per annum. The loan agreements provide the investors with (i) a right to participate in certain qualifying future financings by the company, (ii) a right after a certain period of time to subscribe for equity in the Company, as well as, (iii) in the case St Baker, the right to nominate a director of the Company after a certain period of time. Pursuant to the loan agreements, the Company is also subject to certain other covenants. The foregoing description is subject in its entirety to the full text of the loan agreements, which the Company intends to file publicly in its filings with the U.S. Securities and Exchange Commission (“SEC”).
Forward Looking Statements
This press release includes “forward-looking statements.” The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions, or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
No Offer
This press release is for informational purposes only and it does not represent an offer to sell or the solicitation of an offer to buy any of the Company’s securities. There will be no sale of the Company’s securities in any jurisdiction in which one would be unlawful.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
BRISBANE, Australia, April 17, 2023 — Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global developer and manufacturer of direct current (DC) fast chargers for electric vehicles (EVs), today announced a strategic partnership with Jump Charging, a green energy charging and fuel infrastructure business, to expand access to fast charging infrastructure in New Zealand.
The rate of EV adoption continues to grow in New Zealand and charging infrastructure will need to grow to meet the increasing demand. Nearly 20% of the 100,000 light vehicles sold in 2022 in New Zealand were battery electric, and the country is on its way to achieving its 2050 net-zero emissions reduction goals. However, as of December 2022, there were only approximately 350 public charging stations in the country, or just one charging station for every 200 EVs registered in New Zealand. To address this gap, the New Zealand government has plans to expand on its initial vision for nationwide coverage of DC fast chargers every 75 kilometres along state highways. As part of this investment, the government is prioritising high-powered public charging hubs to match the rapidly growing number and increased requirements of electric vehicles and their drivers.
Jump Charging, a new Tritium distributor and service partner for New Zealand, is committed to further expanding access to publicly available charging in the country to accelerate decarbonisation of the transport sector. The company is developing their network with Tritium fast chargers at its core, and is planning to implement an initial 20 fast charging hubs at key locations followed by the rapid deployment of further sites nationwide.
Tritium CEO Jane Hunter emphasised that EV charging installation, maintenance, and education are crucial steps to helping New Zealand reach its 2050 net-zero emissions reduction goals, which were announced last year in the country’s first Emissions Reduction Plan.
“Innovation is critical to accelerating the transition to a low-carbon future. The skid-mounted solution for rapid installation of fast charging stations developed by Jump Charging is a prime example of the innovative technology solutions needed to creatively address the demand for EV charging infrastructure in New Zealand,” said Tritium CEO Jane Hunter. “By providing cutting-edge charging technology as well as maintenance, training, and support for our partners, we are committed to building a comprehensive and reliable EV charging ecosystem that will help New Zealand reach its net-zero emissions reduction goals.”
Focused on the development of a reliable, purpose-built charging network of strategically located infrastructure, Jump Charging’s mantra of “fast, accessible, and visible” illustrates their commitment to ensuring all electric vehicle drivers have adequate access to charging. The company offers its customers flexible purchase, lease, and partnership models, and they manage and maintain all sites on the Jump Charging network to ensure a reliable and consistent level of service for all electric vehicles. The first of these sites is an EV charging hub at the new Agritech Business Park in Rakaia, Canterbury. The first stage of this project will include two of Tritium’s modular 150kW fast chargers, each capable of simultaneous vehicle charging to service both passenger and fleet vehicles on site.
In addition to expanding their network, Jump Charging is creating innovative solutions to solve charging demand issues. The company has created a portable, skid-mounted solution for charging station installation, that is designed to be used with Tritium’s 75kW award-winning modular fast charger, enabling swift deployment in service locations experiencing increases in EV charging demand due to seasonality, specialist events, construction projects, or emergency situations. Adding to its flexibility, the design enables connection to either a standard 400V system or alternatively a high voltage 11kV supply through the inclusion of an onboard transformer.
Jump Charging director Alex Watson commented, “At Jump Charging, our goal is to move New Zealand away from fossil fuels, so choosing a proven EV fast charging partner we could rely on was crucial. We are proud to partner with Tritium, as we know that their DC fast chargers are world-leading in both quality and reliability. In addition, their training program has provided our team with exceptional knowledge to confidently manage and service our customers.”
Jump Charging is an authorised Tritium service agent, allowing the Jump Charging team to provide specialist EV support services to its customers and across its own national network.
The Low Emission Transport Fund (LETF), administered by the Energy Efficiency & Conservation Authority (EECA), provided co-funding for both the Agritech Business Park EV charging hub and for the development of the portable, skid-mounted fast charging solution. The EECA was established under the Energy Efficiency and Conservation Act 2000 to encourage and support energy efficiency, as well as provide co-funding for technology development like Jump Charging’s skid-mounted charging station.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
About Jump Charging
Jump Charging is a New Zealand owned and operated business specialising in the supply of commercial electric charging and hydrogen fuelling infrastructure to facilitate the commercial sector’s transition away from fossil fuels. With an emphasis on stakeholder engagement, Jump Charging’s tailored solutions improve both the operational efficiency and economy of commercial vehicle fleets while reducing their carbon footprints toward a sustainable future.
To learn more, visit https://jumpcharging.co.nz/
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Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
BRISBANE, Australia, April 12, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that KuroEV, an EV charger installer and management services provider, has purchased Tritium fast chargers to be deployed across Malaysia. With only 600 charging stations currently available for the over 10,000 EVs registered in the country, Tritium’s entry into the Malaysian market comes at a crucial time.
The Malaysian government has recognized the need for increased EV charging infrastructure and has pledged to build 10,000 EV charging stations by 2025 in partnership with the private sector. This initiative is part of the government’s broader goal to achieve net-zero emissions by 2050, which includes targets for 30% renewable energy capacity by 2025 and maintaining 50% of the nation’s land as natural forest.
“We are excited to partner with KuroEV to bring Tritium’s world-leading charging technology to the Malaysian market and expanding our footprint in the Asia Pacific region,” said Tritium CEO Jane Hunter. “Our fast chargers will provide reliable, high-quality charging solutions to EV drivers in Malaysia, and we look forward to supporting KuroEV in their efforts to create a comprehensive charging network across the country.”
KuroEV plans to deploy Tritium chargers at various locations throughout Malaysia, including offices, shopping malls, and commercial hubs. The company also intends to create its own charging network in the future, featuring solar, on-site energy storage, EV charging, cafes, and other premium services available at their sites.
“We are delighted to work with Tritium, a global leader in EV fast charging technology, to offer the latest fast charging solutions to our customers in Malaysia. With Tritium’s fast chargers, we can provide a seamless and reliable charging experience to EV drivers across the country, helping to accelerate the transition to a cleaner and more sustainable future,” said KuroEV Founder Ken Too. “This investment is just the first step in our plans to create a world-class charging network that combines solar, storage, and other innovative technologies to offer a truly premium charging experience.”
KuroEV offers affordable lease-to-own options to help businesses install chargers and launch charge point operator businesses.
Tritium’s entry into Malaysia represents another milestone in the company’s ongoing commitment to expanding global EV charging infrastructure and becoming the number one manufacturer of electric vehicle fast chargers in the world.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
For more information, contact us.
About KuroEV
Electric mobility is the smart choice. We make it the easy one, too. We are focused solely on offering the best electric vehicle (EV) charging experience and EV ecosystem for everyone involved in the shift to electric mobility. We design, install, manage EV charging solutions and provide EV fleet leasing for all our customers at offices, shopping malls, commercial hubs, apartments and many more locations so that its available to everyone.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, also known as the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press releasethat are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “might,” “possible,” “believe,” “predict,” “potential,” “continue,” “aim,” “strive,” and similar expressions may identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expressed or implied forwarding-looking statements, including, but not limited to: our history of losses; the ability to successfully manage our growth; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; the accuracy of our forecasts and projections including those regarding our market opportunity; competition; our ability to secure financing; delays in our manufacturing plans; losses or disruptions in supply or manufacturing partners; risks related to our technology, intellectual property and infrastructure; exemptions to certain U.S. securities laws as a result of our status as a foreign private issuer; and other important factors discussed under the caption “Risk Factors” in the Company’s prospectus filed pursuant to Rule 424(b)(3) filed with the Securities and Exchange Commission (the “SEC”) on August 30, 2022, as such factors may be updated from time to time in the Company’s other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Company’s website at https://investors.tritiumcharging.com/. Any investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company’s control and are difficult to predict. As a result, the Company’s actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
No Offer
This press release is for informational purposes only and it does not represent an offer to sell or the solicitation of an offer to buy any of the Company’s securities. There will be no sale of the Company’s securities in any jurisdiction in which one would be unlawful.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]