Tritium Announces $40 Million Capital Investment
05 5월 2023 - 9:10PM
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, visit tritiumcharging.com.
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 ContactJack
Ulrichmedia@tritiumcharging.com
Investor ContactCary
Segallir@tritiumcharging.com
Tritium DCFC (NASDAQ:DCFCW)
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Tritium DCFC (NASDAQ:DCFCW)
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