Australian Electric Vehicle Charging Company Listed on NASDAQ for Over $ 1.4 Billion

Brisbane-based Australian electric vehicle (EV) quick charger manufacturer has announced a merger. As a result, the company will be listed on NASDAQ for US $ 1.4 billion.

Tritium already serves the global market in 41 countries, relying on the continued expansion of the electric passenger car market and is expected to grow by 20% annually.

The company also expects EV hardware sales to grow 25% annually, especially across the United States and Europe.

The deal was part of US President Joe Biden’s $ 1.9 trillion infrastructure program, which included a significant investment in the renewable energy sector.

Tritium CEO Jane Hunter said in a statement to investors, “Accelerating electrification of the transportation sector is currently underway worldwide, with extraordinary impact beyond the interests of individual consumers. There is. “pdf).

“We are expanding to three global manufacturing facilities, facilitating product development, expanding our global sales and service operations team, and planning more,” she added.

Through this transaction, Tritium will merge with the newly established Special Purpose Acquisition Company (SPAC), Decarbonization Plus Acquisition Corporation II.

The new company’s unmonetized corporate value is expected to be $ 1.4 billion, while cash is expected to be $ 403 million.

Founded in 2001 in Brisbane, Queensland, Tritium designs and manufactures hardware for DC EV charging. The company has also succeeded in deploying charging stations in extreme climates.

“Listed tritium is a valuable core for ESG investors as the wave of investment funding towards environmental, social and corporate governance (ESG) goals continues to accelerate,” said Robert Tichio, next director. I believe it will be useful as a possession. “

In recent years, ESG promotion has accelerated, especially in the renewable energy sector, which addresses climate change issues, by suggesting that major investment funds are moving away from industries that are believed to be producing excess carbon emissions. I will.

“Climate change represents a historic investment opportunity.” by Larry Fink, CEO of investment giant BlackRock, has been at the forefront of climate change efforts.

But the shift, which is also spreading to Australia, is putting pressure on workers and businesses in the small mining industry who are struggling to find support from investment fund-backed financial institutions.

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