Brisbane-headquartered EV fast charger manufacturer Tritium has announced US$40 million (A$59.2m) investment comprising US$35m from Sunset Power Pty as trustee of the St Baker Family Trust and US$5m from O-Corp EV.
The money will be used to fund working capital to continue to scale production volumes, further product development, and grow service operations around the world, says Tritium.
“We continue to achieve the milestones on our roadmap in pursuit of becoming the number one fast charger manufacturer on the planet,” says Tritium chief executive Jane Hunter.
“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.
“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’s global business in the Americas, Europe, and the Asia Pacific has been fuelled 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.
Tritium’s chief strategy officer David Toomey says the company appreciates the continued long-term support of the St Baker family, who have been investors in Tritium since 2013.
The latest investment was made in the form of a bridge loan that accrues interest at a rate of 12% per annum.
