Brisbane, Australia-based Tritium, a developer and producer of fast electric vehicle (EV) chargers, announced Wednesday that it has a definitive agreement in place to be acquired by blank check firm Decarbonization Plus Acquisition Corporation II (NASDAQ:DCRN).
While no timeline was mentioned for the transaction to close, it is expected to generate gross proceeds up to $403 million. Tritium is expected to be listed on Nasdaq under the ticker DCFC, leading to a valuation of $1.2 billion.
“We are extremely excited and honored to partner with Tritium,” said Robert Tichio, chairman of DCRN, in the release. “We believe the company’s demonstrated track record of innovation in power electronics and its well-established manufacturing and operational structure will allow Tritium to maintain and expand its position as a market leader in the charging hardware space.”
Tritium, founded in 2001, has been an innovator in the EV charging space. Its intellectual property includes the only fully liquid-cooled, IP65-rated charger, which gives it a longer life span and the ability to withstand the world’s harshest weather conditions.
A popular critique of electric vehicles is the length of charge to combat the availability of charging stations. Tritium’s proprietary hardware eliminates infrastructure concerns that arise when planning charging station locations.
The company currently has 2.7 million high-power charging stations throughout 41 countries and will look to expand once the transaction closes.
“The agreement between Tritium and DCRN is a vote of confidence in Tritium’s vision and market viability as well as the e-mobility industry as a whole,” said CEO Jane Hunter. “We plan to expand to three global manufacturing facilities, expedite product development, grow our global sales and service operations teams and so much more. This agreement funds that growth plan, enabling us to expand our business operations, enhance our products and provide even more services to our customers.”
Hunter and Tichio are expected to join the combined company’s board, as are David Finn, co-founder and chief growth officer of Tritium; Trevor St Baker, founder and chairman of St Baker Energy Innovation Fund; Brian Flannery, managing director of White Energy Co. Ltd.; and Kara Frederick, managing director of Tiger Financial Group.
“Today is an incredibly proud day for Tritium’s founders, David, James and Paul, and also for Australia’s technology and e-mobility sectors,” said St Baker. “We’re proud to have supported the Tritium success story from a startup in Brisbane to a global exporter and manufacturer of advanced charging technology with a leading global market share.”