Tritium announces completion of business combination with Decarbonization Plus Acquisition Corporation II
Deal will allow Tritium to further its growth in providing fast charging hardware and software to electric vehicles (EVs)
Tritium, a global leader in direct current (DC) fast chargers for electric vehicles (EVs), have announced it has completed its business combination with Decarbonization Plus Acquisition Corporation II (DCRN) to take Tritium DCFC Limited (Tritium) public.
Tritium’s ordinary shares and warrants are expected to commence trading today, January 14, 2022, on the NASDAQ, under the ticker symbols “DCFC” and “DCFCW,” respectively.
Jane Hunter, Tritium’s CEO, said: “Our transaction with DCRN is transformative for the acceleration of electrification. We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium’s business operations and to help strengthen our products and services to our customers, and continue to advance the e-mobility industry.
“The goal in our industry is to reduce global emissions and this transaction will support our mission to electrify transportation.”
As a public company, Tritium’s position as a global leader in DC fast chargers for electric vehicles is further strengthened. Jane Hunter, CEO, will continue to lead Tritium’s operations, alongside co-founders James Kennedy (chief technology officer) and Dr David Finn (chief vision officer), and executives David Toomey (chief strategy officer) and Michael Hipwood (chief financial officer).
As part of the business combination, Robert Tichio, previously the chairman of the board of directors of DCRN, will join Tritium’s board of directors as chairman.
Robert Tichio, incoming chairman of the board of Tritium, said: “We are extremely pleased to see the completion of this business combination and to support Jane and the Tritium team as they continue to execute on their strategic growth plan as a public company.”
With global electric vehicle sales expected to have surpassed 6.3 million last year and with global passenger electric vehicles sales expected to grow at a compound annual growth rate (CAGR) of 17 percent through 2040, the world’s transportation is rapidly electrifying.
Sufficient public charging infrastructure will be critical to enabling this transition to emobility, and fast charging provides the greatest value across the electric vehicle charging value chain. Through fast charging, drivers can get back on the road within minutes instead of hours, and charge point operators can set prices appropriately for this premium experience.
Tritium expects the capital raised through the transaction, together with its anticipated additional funding, to help fund its growth as a technology market leader in the electric vehicle charging space. It will also expand to three global manufacturing facilities, grow global sales and service operations teams, maintain its capital needs and other corporate uses.