Tritium, an Australian manufacturer of electric vehicle fast chargers, has secured USD 40 million in investments that will enable it to scale production volumes, boost product development, and expand its global operations.
The capital comprised $35 million from Sunset Power as trustee of the St Baker Family Trust, and $5 million from O-Corp EV.
Jane Hunter, chief executive of the Brisbane-based company, said Tritium is continuing on its path towards becoming the top fast charger manufacturer in the world, particularly with the production capacity offered through the company’s new factory in Tennessee and its long-standing facility in Britain.
“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,” Hunter said.
In a press release, Tritium said the capital will enable it to increase monthly capacity production volumes and deliver a healthy backlog of orders from its diversified blue-chip customer base.
The company’s operations in the Americas, Europe, and the Asia Pacific have seen massive EV uptake growth with support made through government incentives and carbon reduction targets, as well as high demand from new and existing charging customers globally.
“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.”
