Highlights
BRISBANE, Australia, September 21, 2023 – Tritium DCFC Limited (“Tritium” or the “Company”) (Nasdaq: DCFC), a global leader in direct current (“DC”) fast chargers for electric vehicles (“EVs”), today provided an update on its business. Today’s announcement will be followed by a conference call for investors at 10:30 AM Eastern time.
“We are very pleased to deliver these excellent revenue and margin results for our shareholders,” said Tritium CEO Jane Hunter. “Our commitment to product quality, spanning our hardware, software, and service offerings, is a key differentiator and competitive advantage for Tritium. In recent months, we’ve been proud to see our EV charging customer bp pulse achieving over 97% uptime across their Tritium charger networks in Australia and New Zealand. UK customer Evyve also recently published their achievement of 98% uptime across their fleet of Tritium fast chargers, and Australia’s largest public fast charging network, Evie Networks, reports uptime of 97% across their Tritium fleet. These high uptime achievements are a major strategic objective for the business and verification of our world-leading technology – beyond those named customers, our global fleet data shows a growing number of customers across the fuel, fleet, and charging network segments achieving between 97% and 99% uptime across their Tritium charger networks.”
Financial Results
Tritium achieved record revenue of $112 million for the six-month period ended June 30, 2023, a year-over-year growth rate of over 286% over the $29 million in revenue for the comparative prior six-month period. The Company also achieved record revenue of $185 million for the fiscal year ended June 30, 2023, a year-over-year growth rate of over 115% over the $86 million for the prior fiscal year.
Significant increases in production capacity throughout the fiscal year, including in the first half of the 2023 calendar year, have occurred as Tritium’s Tennessee facility scales, enabling Tritium to convert its backlog into revenue and expand its gross margin as the benefits of operating leverage materialize. The Company still maintains an order backlog valued at approximately $99 million at June 30, 2023, which compares to $149 million for the same timeframe at the end of the previous fiscal year.
Sales orders for the six-month period ended June 30, 2023 amounted to $56 million, compared to $105 million for the comparative prior six-month period; the Company also reported sales orders of $146 million for the fiscal year ended June 30, 2023, compared to $224 million for the comparative prior fiscal year. The Company expects strong order growth in the second half of the 2023 calendar year as customer forecasts for 2024 deployments are anticipated to translate into purchases. These expectations are substantiated by recent large purchase orders across Tritium’s primary product offerings, which were secured following the June 30, 2023 reporting period from a number of leading industry players, including a major global fuel retailer and independent charge point operators.
Business Update
Tritium continues to expand its working capital investments to meet the continued growth in demand across its customer base. Tritium has inventory assets valued at $140 million at June 30, 2023, comprised of finished goods, raw materials, and work-in-progress, compared to total inventory assets valued at $54 million for the same timeframe in the previous year. The Company also maintained cash and cash equivalents of approximately $29 million at June 30, 2023, compared to $71 million for the same timeframe in the previous year. The Company maintained approximately 160 million common shares outstanding and total borrowings of $195 million at June 30, 2023, of which $127 million consisted external borrowings and $68 million consisted of related party borrowings from shareholders. This compares to cash and cash equivalents, common shares outstanding, and total borrowings of $71 million, 127 million, and $88 million at June 30, 2022, respectively.
The Company maintains its previously issued 2023 revenue and gross margin guidance. Given the Company’s higher focus on its path to profitability versus growth, the Company now expects an advantaged sales mix of higher price and margin products than originally contemplated to drive its revenue and gross margin targets, thereby requiring a lower unit production profile than the previous guidance of 11,000 units.
Gross Margin
The Company reported gross margin of 4% for the six-month period ended June 30, 2023, compared to -18% for the comparative prior six-month period; the Company also reported gross margin of -2% for the fiscal year ended June 30, 2023, compared to -2% for the comparative period. The 4% gross margin achieved in the first half of calendar year 2023 represents a nearly 2,200 basis point improvement over the comparable previous period and was underpinned by continued improvement throughout the six-month period, with record corporate-wide gross margins being achieved as the reporting period concluded. Investors should note that Tritium reports gross margin in accordance with U.S. generally accepted accounting principles (“GAAP”), while certain other publicly traded electric vehicle charging manufacturers report gross margin as revenue less only materials cost of goods sold, excluding costs associated with labor and/or other variable expenses.
Throughout the fiscal year, Tritium saw a number of improvements across its business that contributed to gross margin performance in the second half of the fiscal year, despite the opening of its new Tennessee factory in July 2022 and ramping the factory to full production over the course of the first half, which was expected to dilute overall gross margins. Tritium has seen gross margins benefit from recent order fulfillments, which include price increases negotiated to address components and freight cost inflation driven by the pandemic. Finally, with an increasing proportion of the Company’s production originating from Tennessee rather than Brisbane, the Company is seeing a reduction in freight out costs which contributes to margin expansion.
Easing conditions across global supply chains during the fiscal year compared to the same period last year have been noticeable, with shortening delivery and lead times for certain key product inputs and an easing of the disruption to sea and air freight.
Capital Raise
In September 2023, following this reporting period, the Company secured a financing commitment of up to $75 million, with an initial funding of $25 million. The Company intends to use the proceeds to continue its investment in working capital to meet expected continued strong customer demand in the 2024 calendar year. The Company is engaged with several parties, both financial and strategic, around supporting Tritium’s business. Tritium believes the appetite for its solutions and demand in the marketplace for its offerings remains very strong and growing, although the market for capital for growth and cleantech platforms remains constrained. As such, the Company will continue to prioritize deepening and broadening both existing and new strategic customer relationships with particular emphasis on its path to profitability.
Tennessee Factory and Production Update
Tritium continues to believe that it has the largest published global production plans for DC fast chargers outside China and the largest published planned production capacity onshore in America. Tritium further believes that this production capacity places the Company in a strong position to capitalize on the anticipated surge in demand for Buy America-compliant EV fast chargers over the next five years, due to funding programs like the National Electric Vehicle Incentive (“NEVI”) Formula Program, Charging and Fueling Infrastructure Discretionary Grant Program, and the Inflation Reduction Act.
In March 2023, Tritium began accepting orders for the Company’s first product offering for the NEVI program. Tritium’s NEVI system is expected to achieve the Build America, Buy America Act waiver milestones set by the Federal Highway Administration. In July, Tritium made an announcement that it will provide all fast chargers for the State of Hawai’i’s first round of NEVI funding. Tritium believes that as US states deploy their NEVI funding allocations, the Company will see measurable growth in US orders, particularly in 2024 and 2025.
Several US states have begun to require or propose to require the North American Charging Standard (“NACS”) for NEVI-funded projects. Tritium is prepared to meet this demand and has committed to providing NACS connectors on Tritium chargers in late 2023 or early 2024, both at the point of manufacture and as a retrofit kit post-manufacture. Tritium offers a highly competitive NEVI charging system with four dual-cable 150kW fast chargers, meeting the federal requirement for four Combined Charging Standard (“CCS”) connectors with four NACS connectors to meet customer and driver demand and certain state requirements.
Reporting Schedule
Tritium announces that it has changed its fiscal year end from June 30 to December 31, beginning in the 2024 calendar year. As a result, Tritium expects to file its last report for the fiscal year ended June 30 on Form 20-F and intends to subsequently file interim financials for the six-month period ending December 31, 2023, before beginning an annual reporting cycle of January 1 through December 31 beginning in the 2024 calendar year and beyond.
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, contact us.
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, including, but not limited to: our history of losses; the ability to successfully manage our growth; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits, and the impact of government incentives; the accuracy of our forecasts and projections including those regarding our market opportunity; competition; our ability to secure financing; delays in our manufacturing plans; losses or disruptions in supply or manufacturing partners; risks related to our technology, intellectual property and infrastructure; exemptions to certain U.S. securities laws as a result of our status as a foreign private issuer; and other important risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. 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.
*Non-GAAP Measures
Tritium prepares audited financial statements in accordance with U.S. GAAP. Tritium also discloses certain non-GAAP measures such as EBITDA, as we believe that such non-GAAP measures are useful to investors in evaluating our performance by providing an additional tool for investors to use in comparing our financial performance over multiple periods. Additionally, these figures provide an understanding and evaluation of our trends when comparing our operating results against those of our competitors and over time by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP.
We calculate forward-looking EBITDA based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking EBITDA guidance and targets to forward looking GAAP net income (loss) because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
Consolidated Statements of Operations and Comprehensive Loss
For the years ended June 30, 2023, 2022 and 2021
| Year Ended June 30, 2023 $’000 | Year Ended June 30, 2022 $’000 | Year Ended June 30, 2021 $’000 | |
|---|---|---|---|
| Revenue | |||
| Hardware revenue – external parties | 167,965 | 69,243 | 32,299 |
| Hardware revenue – related parties | 7,203 | 11,589 | 21,263 |
| Service and maintenance revenue – external parties | 9,267 | 4,979 | 2,590 |
| Software Revenue | 109 | 10 | 5 |
| Total revenue | 184,544 | 85,821 | 56,157 |
| Cost of goods sold | |||
| Hardware – cost of goods sold | (182,986) | (83,740) | (55,188) |
| Service and maintenance – costs of goods sold | (5,641) | (3,778) | (2,873) |
| Total cost of goods sold | (188,627) | (87,518) | (58,061) |
| Selling, general and administration expense | (79,571) | (74,323) | (31,624) |
| Product development expense | (15,466) | (14,031) | (10,521) |
| Foreign exchange gain/(loss) | (4,344) | (4,208) | (1,436) |
| Total operating costs and expenses | (99,381) | (92,562) | (43,581) |
| Loss from operations | (103,464) | (94,259) | (45,485) |
| Other income (expense), net | |||
| Finance costs | (27,867) | (18,136) | (8,795) |
| Finance costs – related parties | (7,181) | – | – |
| Transaction and offering related fees | – | (6,783) | (4,794) |
| Fair value movements – derivatives and warrants | 16,977 | (9,782) | (5,947) |
| Other income | 165 | 61 | 1,940 |
| Total other expenses | (17,906) | (34,640) | (17,596) |
| (Loss) before income taxes | (121,370) | (128,899) | (63,081) |
| Income tax benefit expense | – | (20) | (11) |
| Net (loss) | (121,370) | (128,919) | (63,092) |
| Net (loss) per common share | |||
| Net (loss) per common share attributable to common shareholders | (121,370) | (128,919) | (63,092) |
| Basic and diluted – common stock | (0.78) | (1.02) | (0.58) |
| Basic and diluted – C shares | – | – | (0.58) |
| Weighted average shares outstanding | |||
| Basic and diluted – common stock | 155,401,121 | 126,814,171 | 99,915,563 |
| Basic and diluted – C shares | – | – | 8,047,417 |
| Comprehensive (Loss) | |||
| Net (loss) | (121,370) | (128,919) | (63,092) |
| Other comprehensive income / (loss) (net of tax) | |||
| Change in foreign currency translation adjustment | 2,780 | 7,336 | (136) |
| Total other comprehensive income / (loss) (net of tax) | 2,780 | 7,336 | (136) |
| Total comprehensive (loss) | (118,590) | (121,583) | (63,228) |
Consolidated Statements of Financial Position
As of June 30, 2023 and 2022
| As of June 30, 2023 $’000 | As of June 30, 2022 $’000 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 29,421 | 70,753 |
| Accounts receivable – related parties | 237 | 16 |
| Accounts receivable – external parties, net | 43,389 | 30,541 |
| Inventory | 140,291 | 54,349 |
| Prepaid expenses | 3,745 | 4,873 |
| Deposits | 17,437 | 15,675 |
| Total current assets | 234,520 | 176,207 |
| Property, plant and equipment, net | 17,833 | 11,151 |
| Operating lease right of use assets, net | 22,823 | 24,640 |
| Total non-current assets | 40,656 | 35,791 |
| Total assets | 275,176 | 211,998 |
| Liabilities and Shareholders’ Deficit | ||
| Accounts Payable | 71,050 | 27,049 |
| Transaction and offer related fees | 42,593 | 20,554 |
| Borrowings | 11,294 | 74 |
| Related party borrowings | 51,136 | – |
| Contract liabilities | 47,127 | 37,727 |
| Employee benefits | 2,997 | 2,653 |
| Other provisions | 3,343 | 27,623 |
| Obligations under operating leases | 3,770 | 4,020 |
| Financial instruments – derivative | 8,399 | – |
| Other current liabilities | 1,694 | 2,939 |
| Warrants | 11,627 | 12,340 |
| Total current liabilities | 255,030 | 134,979 |
| Obligations under operating leases | 22,588 | 25,556 |
| Contract liabilities | 5,798 | 2,231 |
| Employee benefits | 317 | 217 |
| Borrowings | 115,744 | 88,269 |
| Related party borrowings | 16,465 | – |
| Other provisions | 2,889 | 2,652 |
| Total non-current liabilities | 163,801 | 118,925 |
| Total liabilities | 418,831 | 253,904 |
| Commitments and Contingent liabilities | ||
| Shareholders’ Deficit | ||
| Common stock, no par value, unlimited stock authorized at June 30, 2023, 160,036,639 shares issued (153,094,269 as of June 30, 2022); 142,007,286 shares outstanding as of June 30, 2023 (148,893,898 as of June 30, 2022) | 243,065 | 227,268 |
| Treasury shares, 3,419,009 as of June 30, 2023 (4,200,371 as of June 30, 2022) | – | – |
| Additional paid in capital | 20,254 | 19,210 |
| Accumulated other comprehensive income (loss) | 6,420 | 3,640 |
| Accumulated deficit | (413,394) | (292,024) |
| Total Shareholders’ deficit | (143,655) | (41,906) |
| Total Liabilities, and Shareholders’ deficit | 275,176 | 211,998 |
Consolidated Statements of Cash Flows
For the years ended June 30, 2023, 2022 and 2021
| Year Ended June 30, 2023 $’000 | Year Ended June 30, 2022 $’000 | Year Ended June 30, 2021 $’000 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net loss | (121,370) | (128,919) | (63,092) |
| Reconciliation of net loss to net cash used in operating activities | |||
| Share-based compensation expense | 8,981 | 28,188 | 8,371 |
| Foreign exchange gains or losses | 86 | – | 1,436 |
| Transaction costs related to Common Stock purchase agreement | 741 | – | – |
| Depreciation expense | 2,433 | 2,198 | 2,312 |
| Loss on disposal of property, plant and equipment | 47 | – | – |
| Borrowing costs | – | 1,518 | – |
| Fair value movements – derivatives and warrants | (16,977) | 9,782 | 5,947 |
| Adjustment for capitalized interest | 12,130 | 12,761 | 8,559 |
| Changes in operating assets and liabilities | |||
| Accounts receivable | (13,069) | (16,475) | (1,063) |
| Inventory | (85,942) | (17,919) | (8,771) |
| Accounts payable | 64,420 | 3,263 | 6,619 |
| Employee benefits | 444 | 708 | 720 |
| Other liabilities | (15,537) | 37,020 | 9,069 |
| Other assets | 1,183 | (18,965) | (2,567) |
| Net cash used in operating activities | (162,430) | (86,840) | (32,460) |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (8,007) | (7,023) | (2,572) |
| Proceeds from disposals of property, plant and equipment | 56 | – | – |
| Net cash used in investing activities | (7,951) | (7,023) | (2,572) |
| Cash flows from financing activities | |||
| Proceeds from issuance of Common Stock in the Business Combination | – | 53,182 | – |
| Proceeds from issuance of Common Stock | 1,672 | – | – |
| Transaction costs | – | (3,808) | – |
| Proceeds from sold Loan Funded Share Plan | 690 | – | – |
| Proceeds from the exercise of warrants | – | 26,572 | – |
| Proceeds from issuance of Common Stock pursuant to the PIPE Financing | – | 15,000 | – |
| Proceeds from issuance of Common Stock pursuant to the Option Agreements | – | 45,000 | – |
| Proceeds from borrowings – external parties | 56,705 | 117,527 | – |
| Proceeds from borrowings – related parties | 75,423 | – | – |
| Proceeds from convertible notes including derivative | – | – | 33,367 |
| Transaction costs for borrowings | (8,178) | (3,888) | – |
| Repayment of borrowings – external parties | – | (77,351) | – |
| Repayment of borrowings – related parties | – | (6,414) | – |
| Waiver of related party’s option to acquire Tritium | – | (6,816) | – |
| Net cash provided by financing activities | 126,312 | 159,004 | 33,367 |
| Effects of exchange rate changes on cash and cash equivalents | 2,737 | (545) | 120 |
| Net increase / (decrease) in cash and cash equivalents | (44,069) | 65,141 | (1,665) |
| Cash and cash equivalents at the beginning of the period | 70,753 | 6,157 | 7,702 |
| Cash and cash equivalents end of the period | 29,421 | 70,753 | 6,157 |
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Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
BRISBANE, Australia, September 18, 2023—Tritium DCFC Limited (“Tritium” or the “Company”) (NASDAQ: DCFC), a global leader in direct current (“DC”) fast chargers for electric vehicles (“EVs”) today announced that it will release financial results for the Company’s full 2023 fiscal year, which ended June 30, 2023, before the market opens on Thursday, September 21, 2023. This release will be followed by a conference call for investors at 10:30 AM Eastern time the same day.
The call will feature prepared remarks from Tritium CEO Jane Hunter and CFO Rob Topol. The prepared remarks will be followed by a question and answer session.
The conference call may be accessed via live webcast on a listen-only basis through the link on the News & Events page of the Investor section of Tritium’s website at https://investors.tritiumcharging.com/news-events/events. A replay of the webcast will be available shortly after the call on the Investor section of Tritium’s website.
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, contact us.
###
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
LONDON, United Kingdom, August 22, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global developer and manufacturer of direct current (DC) fast chargers for electric vehicles (EVs), and UK charging network evyve, have today reached a partnership milestone, with 150 rapid chargers delivered and installed at retail and hospitality sites across the UK, from Eastbourne to Edinburgh.
The original purchase order for 350 Tritium fast chargers was announced at the beginning of this calendar year. The majority of the 150 chargers manufactured and delivered have been installed at retail sites owned by Greene King pubs.
evyve is dedicated to helping the UK switch from internal combustion engine (ICE) vehicles to EVs, as part of national efforts to achieve carbon net zero by 2050. evyve’s rapidly growing network is essential for the swift transition of the motor industry, providing vehicle charging which is easy to use, accessible, and reliable for Britain’s growing number of EV drivers.
David Nicholl, Tritium Chief Sales Officer, said: “This is a critical time for the development of the EV infrastructure that many industries rely on. Car manufacturers need their customers to have trust in the rapidly expanding electric vehicle charging network, with assurance that they will have great EV charging accessibility, convenience, and reliability. This is another positive step and we’re incredibly pleased to have made this progress with evyve in support of its reliable charging network rollout and ambitions for the UK market.”
According to recent statistics by the UK government, there was a 21% increase in the number of newly registered plug-in vehicles in 2022 compared to the previous year. By the end of December 2022, there were over 1.1 million registered plug-in vehicles, accounting for 2.8% of the total number of vehicles on UK roads.
James Moat, CEO of evyve, said: “We are on a mission to drive sustainable solutions quickly and to improve the UK’s EV infrastructure. Currently a lack of charging infrastructure is often cited as one of the biggest barriers to EV adoption in the UK. As we install our 150th Tritium charger, we want to spread awareness of our partnership and celebrate the swift progress we are making with the deployment of Tritium fast chargers nationwide.”
evyve reports that its network of Tritium DC fast chargers demonstrates incredible reliability, with one of the highest uptime rates of 98%. This uptime rate has been achieved through Tritium’s latest generation modular chargers and is supported by a robust service level agreement. The stations are now widely accessible in multiple locations across the country from Eastbourne in Southern England to Edinburgh in Northern Scotland. The 150th charger has been installed in Bramcote, Nottingham, which is strategic to the area and enables residents and passing visitors to recharge their EV whilst enjoying hospitality provided at the local Greene King pub.
About Tritium
Founded in 2001, Tritium (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, contact us.
About evyve – Charging Ahead
Established by EVY Infrastructure Partners and Peel NRE, part of regeneration business Peel L&P, which is at the heart of the nation’s activity around clean growth and a circular economy. evyve is developing a new nationwide network of high quality fast and ultra-fast electric vehicle (EV) charge points powered by 100% renewable energy, providing important infrastructure to support the growing number of electric vehicles on UK roads.
With plans for around 10,000 chargers by 2030, evyve is set to become one of the largest EV charging networks in the UK with facilities across key retail, food and drink, leisure and commercial business locations throughout England, Scotland and Wales.
For more information, visit evyve.co.uk/
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. 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 US Securities and Exchange Commission. 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.
###
Tritium Media Contact
Jack Ulrich
[email protected]
Tritium Investor Contact
Cary Segall
[email protected]
evyve Media Contact
Katy Davison
[email protected]
Officials join Tritium executives to discuss US-Australia economic partnership
BRISBANE, Australia, July 28, 2023—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today welcomed US Secretary of State Antony Blinken and US Ambassador to Australia Caroline Kennedy to the company’s headquarters and R&D facility in Brisbane, Australia. The officials joined Tritium executives for a tour of the facility and discussion on the importance of bilateral economic partnerships between the United States and Australia.
“The e-mobility transition requires not only collaboration between the public and private sectors, but also partnerships between nations that share a commitment to a more sustainable future,” said Tritium CEO Jane Hunter. “We’re greatly appreciative to Secretary Blinken and Ambassador Kennedy for their interest in Tritium as we continue to build a business that has a significant footprint in both the US and Australia and fulfill our purpose of enabling clean energy around the world.”
Secretary Blinken traveled to Brisbane to attend the Australia-United States Ministerial Consultations, also known as AUSMIN, an annual meeting of US and Australian defense and foreign ministers.
In recent years, governments across both countries have developed nationwide programs to accelerate the transition to electric vehicles. In the United States, the National Electric Vehicle Infrastructure Formula Program, established through the Bipartisan Infrastructure Law, will provide $5 billion over five years to support the development of EV charging infrastructure across the nation’s highways. Separately, Australia’s $15 billion National Reconstruction Fund will support projects that create secure and well-paid jobs, drive regional development, and build Australia’s sovereign capability to capture new opportunities, including the transition to net zero emissions.
“Tritium has been built on Australian roots and scaled through our presence in the American heartland and on the NASDAQ,” Hunter continued. “We’re proud of the deep connection we have to both countries and are eager to continue moving the industry forward on a global scale.”
Tritium was established in Brisbane more than 20 years ago and has offices in Amsterdam and Los Angeles. It opened its largest production facility in Lebanon, Tennessee, in 2022. The company holds the leading market share in both the United States and Australia, having supplied approximately 30% and 75% of the universal DC fast charger currently available in each country, respectively.
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, contact us.
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 U.S. Securities and Exchange Commission. 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.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Hawai’i expected to be among the first to install fast chargers purchased through the federally funded NEVI program
TORRANCE, California, July 11, 2023—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that the company will provide all fast chargers for the State of Hawai’i’s first round of National Electric Vehicle Infrastructure (NEVI) Formula Program funding. The company believes Tritium is now the first manufacturer to secure a fast charger order through NEVI program funding.
To commemorate this milestone, executives from Tritium, along with project partners Sustainability Partners and National Car Charging, will join officials from the White House, Joint Office of Energy and Transportation, and Hawai’i Department of Transportation (HDOT) for a virtual discussion today about the future of e-mobility nationwide and how partnerships like theirs are paving the way for a more sustainable future.
“Hawai’i is recognized nationwide and around the world for its commitment to sustainability and has long been at the forefront of the e-mobility transition,” said Tritium CEO Jane Hunter. “We’re not surprised to see the state act so quickly to ensure their community benefits from the emissions reductions that a rapid technology transition to electric vehicles secures. The NEVI funding is designed to ensure this transition occurs quickly and equitably, and Tritium is pleased to partner with the state and its representatives to bolster Hawai’i’s EV charging infrastructure.”
In September 2022, the Federal Highway Administration approved Hawai’i’s Electric Vehicle Infrastructure Deployment Plan, granting the state access to $2.6 million of NEVI funding in FY2022. As part of their NEVI deployment plan, HDOT is utilizing its existing contract with Sustainability Partners, a public benefit company mandated to form reliable and enduring partnerships with public institutions for the advancement of their critical infrastructure.
HDOT is using the initial round of NEVI funding to procure eight Tritium NEVI systems, totaling 32 PKM150 (150kW) chargers and 16 power units. The chargers were procured for HDOT by Sustainability Partners from Aloha Charge, a National Car Charging company, and will be equipped with software developed by EV Connect, an EV charging management solutions provider. These fast chargers are expected to be among the first funded and installed under the NEVI program.
Established through the Bipartisan Infrastructure Law, NEVI will provide $5 billion over five years to support the development of EV charging infrastructure across the nation’s highways, including almost 1000 miles of roadway in Hawai’i. It’s estimated that the state will receive a total of $17.6 million in funding throughout the duration of the NEVI Formula Program.
“Hawai’i is committed to leading the nation in our e-mobility transition and grateful for Tritium’s partnership in this effort,” said Hawai’i Department of Transportation Director Edwin Sniffen. “We’re confident that Tritium’s chargers will provide the fast and reliable service Hawai’i needs as we bolster our EV infrastructure statewide.”
In March, Tritium announced that its NEVI-compliant charging system is available for purchase. Each charger on the company’s system provides 150kW of power to an EV through a reliable and modular fast-charging system. Thanks to multiple chargers and power rectifier units, the Tritium NEVI solution provides backup charger availability for high reliability and site uptime.
“The State of Hawai’i has long been dependent on petroleum for their energy supply, but with this new influx of DC fast-charging infrastructure, we are paving the way for a significant shift in their energy mix and a substantial leap towards greater energy independence,” said Mike Calise, Tritium’s President of the Americas. “NEVI has created an unprecedented opportunity for states across America to revolutionize their EV charging infrastructure. By creating more equitable access to fast chargers, we are not only shaping a sustainable and resilient future for American communities, but also driving a nationwide transformation towards clean transportation.”
During the initial NEVI program phase, HDOT will install charging facilities along the designated Alternative Fuel Corridors.
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, contact us.
About Sustainability Partners
Sustainability Partners, LLC (SP) is a public benefit company that forms enduring partnerships with public entities for the advancement of their essential infrastructure. SP converts infrastructure to a monthly usage-based utility service with its innovative model, Infrastructure as a Service®. SP offers any combination of funding, including supplementary and match funding for NEVI program initiatives, in addition to project facilitation and ongoing care to keep essential infrastructure reliable, safe, and improving forever.
For more information, please visit www.sustainability.partners.
About Aloha Charge
Aloha Charge, a fully owned subsidiary of National Car Charging (NCC), is a Honolulu-based EV charging hardware and software reseller whose mission is to easily facilitate the transition to electric vehicles. Aloha Charge offers the most reliable EV charging products and services on the market. Collectively, Aloha Charge and National Car Charging are the largest independent EV charging reseller nationwide managing 8,000+ ports across 48 states, 1100 clients and dozens of business channels.
For more information, please visit alohacharge.com or nationalcarcharging.com.
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 U.S. Securities and Exchange Commission. 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.
Media Contacts
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Tritium commits to providing NACS connectors in late 2023 or early 2024, subject to certification requirements.
TORRANCE, California, July 10, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), supports the Texas Department of Transportation’s proposal to require both the Combined Charging Standard (CCS) and North American Charging Standard (NACS) connectors for each National Electric Vehicle Infrastructure (NEVI) Formula Program-funded charger in the state, and supports the Texas Transportation Commission’s authorization of this proposal.
To assist the State of Texas and other states considering this requirement, Tritium is committed to providing NACS connectors on its chargers by late 2023 or early 2024. On the heels of the Texas Department of Transportation’s proposal, the Kentucky Transportation Cabinet issued an addendum to the state’s NEVI request for proposal to require NACS connectors.
“The US electric vehicle market is dominated by Tesla, which is driving market demand for NACS connectors on public chargers. Tritium makes universal chargers which all electric vehicles can use, so we are connector technology agnostic. We therefore support the Texas Department of Transportation’s proposal, which will provide Tesla drivers with greater charging access and convenience,” said Tritium CEO Jane Hunter. “The NEVI program is funded by US taxpayer dollars and aims to increase equal and equitable access to fast charging, to further grow confidence in, and drive up the levels of, EV adoption in the US. The statistics for EV uptake in the US by automaker support policies requiring both CCS and NACS connectors on every fast charger. Tritium looks forward to a future where there is global alignment on a single connector technology, but will continue to support prevailing market demand and government-mandated connector selections in the medium-term.“
Tesla accounted for more than 60% of the US electric vehicle market in 2022, a 41% increase over 2021, according to Experian.
“With the large and increasing number of Teslas on US roadways, and the growing commitment from automakers to incorporate NACS charging ports in new EV models, it is crucial to ensure the futureproofing of public fast-charging infrastructure with NACS connectors,” said Tritium President of the Americas Mike Calise. “By offering both CCS and NACS connectors on each charger, we maximize site utilization for charge point operators, reduce driver wait times, and provide an optimal charging solution to meet the surging demand for EVs in Texas and other states.”
In March, Tritium announced the company’s first NEVI-compliant product offering, with four of Tritium’s 150kW PKM150 charging stations and two power cabinets. This charging system is expected to achieve the Federal Highway Administration (FHWA)’s Build America, Buy America Act waiver milestones, which includes two phases announced by the FHWA in February. Tritium’s NEVI-compliant product announcement was followed in June by an announcement that the company expects to make NACS connectors available as an option during manufacture and as a retrofit kit for post-manufacture, including for chargers deployed as part of the NEVI Formula Program and the Charging and Fueling Infrastructure (CFI) Discretionary Grant Program.
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, contact us.
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 U.S. Securities and Exchange Commission. 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.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Both leaders will spearhead product innovation as the company continues unprecedented growth.
BRISBANE, Australia, JUNE 20, 2023—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that Glen Bethel has been named the company’s Chief Technology Officer and Brian Johns its Vice President of Product Development. Both leaders bring decades of product development and advanced technology experience to expand and enhance Tritium’s product offerings and continue the company’s history of world-leading technology development.
“Tritium is continuing to attract world-class talent to join its leadership team on the strength of our profile, technology, and market share in the evolving EV fast charger industry,” said Tritium CEO Jane Hunter. “Throughout their careers, both leaders have a proven record of driving technology innovation to deliver business results. Glen and Brian’s contributions will help cement the company’s technology leadership position and support Tritium in reaching our goal of becoming the world’s leading fast charger company.”
As CTO, Bethel will oversee the company’s software development, test and release, information communication technology, communications engineering, data services, cyber security, modeling, and simulation.
“Since the early days of my career, I’ve been passionate about driving change and continuous improvement through technology leadership, research and development, and operational excellence,” said Bethel. “We’re at an exciting inflection point in the fast charger industry. I’m eager for the opportunity to continue advancing Tritium’s industry-leading technology as we accelerate the e-mobility transition across the globe.”
Bethel joined Tritium in January 2022 and most recently served as the company’s Vice President of Operations Engineering. He brings to Tritium a deep expertise in electronics and systems engineering, computer science, software development, and systems integration, including senior engineering roles at Boeing Defence Australia leading research and development and developing and integrating capabilities into the Loyal Wingman project. Bethel also has complex modelling and simulation expertise through past roles with Boeing Defence as the Technical Lead for the Systems Analysis Laboratory and from his tenure as the CIO Land Warfare Development Centre in the Australian Army, in which he also served for over 20 years in electronics and systems engineering roles.
As the company’s new Vice President of Product Development, Johns will lead new product development and introduction to manufacturing, as well as the company’s product roadmap.
“I’ve always thrived in roles where I can put people and processes together from initial concept, through new product introduction, manufacturing, and production, ultimately delighting and inspiring stakeholders,” Johns said. “I look forward to joining the Tritium team, where I can apply my passion for building best-in-class products to the critical mission of electrifying transportation worldwide.”
Johns joins Tritium with more than 20 years of experience in Australia and across Asia, developing engineered product solutions for industries including consumer appliances, industrial, automotive, military, and medical. Johns is an industrial engineer with deep product development and design for manufacture experience. He most recently served as General Manager of Product, Innovation, Engineering, Quality, and Development for Disc Brakes Australia and previously as Technical Director and CTO (Hong Kong/China) of Innova Products.
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, contact us.
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 U.S. Securities and Exchange Commission. 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.
Media Contacts
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
Financial information presented herein is preliminary and unaudited. Complete financial results for the fiscal year ended June 30, 2023 will be published by the Company on Form 20-F within the standard timeframes prescribed by applicable SEC and exchange rules. Results presented in this year-to-date update through April 30, 2023 are intended to provide information on Tritium’s calendar year-to-date performance following its recently announced financing event on May 5, 2023. The Company undertakes no obligation to update the financial information presented herein in advance of its filing on Form 20-F.
Highlights
BRISBANE, Australia, May 11, 2023 – Tritium DCFC Limited (“Tritium” or the “Company”) (Nasdaq: DCFC), a global leader in direct current (“DC”) fast chargers for electric vehicles (“EVs”), today provided an update on the business.
Preliminary Results – January 1, 2023 – April 30, 2023
Capital Investment
The Company secured a $40 million capital investment, 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”). These funds will be used to fund working capital to continue to scale production volumes, further product development, and grow service operations around the world.
“Both the ongoing support from our largest investor and our preliminary results for the period January 1, 2023 through April 30, 2023 demonstrate the continued strong demand for Tritium’s products and services, and successful manufacturing scale-up to meet the demand for fast-charging infrastructure as the world shifts towards electrification,” said Tritium CEO Jane Hunter. “With our rapidly expanding production capacity and strategic customer partnerships, Tritium has maintained a strong market position and we believe the Company is well-positioned to compete for number one in market share.”
Business Update
Calendar Year 2023 – Guidance
Tennessee Factory and Production Update
The Company’s Tennessee facility is rapidly scaling to meet demand across all the Company’s customer channels, as evidenced by the Company’s aggregate production of approximately 3,200 units from January 1, 2023 through April 30, 2023, nearly achieving the total production of 3,572 units for the calendar year 2022.
Tritium now has the largest published global production plans for DC fast chargers outside China and the largest published planned production capacity onshore in America. This production capacity places the Company in a strong position to capitalize on the anticipated surge in demand for Buy America-compliant EV fast chargers over the next five years, as a result of funding from the National Electric Vehicle Infrastructure (“NEVI”) Formula Program, Charging and Fueling Infrastructure (“CFI”) Discretionary Grant Program, and the Inflation Reduction Act.
In March 2023, Tritium began accepting orders for the Company’s first product offering for the NEVI program. Tritium’s NEVI system is expected to achieve the Build America, Buy America Act waiver milestones set by the Federal Highway Administration.
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, contact us.
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, including, but not limited to: our history of losses; the ability to successfully manage our growth; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits, and the impact of government incentives; the accuracy of our forecasts and projections including those regarding our market opportunity; competition; our ability to secure financing; delays in our manufacturing plans; losses or disruptions in supply or manufacturing partners; risks related to our technology, intellectual property and infrastructure; exemptions to certain U.S. securities laws as a result of our status as a foreign private issuer; and other important risks and uncertainties described in the documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. 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.
*Non-GAAP Measures
Tritium prepares audited financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Tritium also discloses certain non-GAAP measures such as EBITDA as we believe that such non-GAAP measures are useful to investors in evaluating our performance by providing an additional tool for investors to use in comparing our financial performance over multiple periods. Additionally, these figures provide an understanding and evaluation of our trends when comparing our operating results against those of our competitors and over time by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP.
We calculate forward-looking EBITDA based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking EBITDA guidance and targets to forward looking GAAP net income (loss) because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
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Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
BRISBANE, Australia, May 5, 2023 – 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, contact us.
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 Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]