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$45m cash injection has Tritium charging into global markets

Business

Brisbane manufacturer Tritium has raised $45 million to help it expand its business in making electric vehicle chargers after its orders in Europe, the US and Australia tripled.

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The company raised the funds through Cigna Investments, the investment arm of Cigna Corporation, a US-based global health services company.

The funds will refinance an Export Finance Australia trade finance facility and to increase production capacity for the company which has already sold more than 4500 charging stations around the world.

Tritium’s head of corporate development David Toomey said raising a significant amount of debt for a growth company in the middle of a pandemic was challenging and the transaction was given a low chance of success.

“It’s a testament to the team and Tritium’s DNA that the company has developed the business fundamentals required to now become a credit-worthy organisation attracting international debt investors,” he said.

Tritium chief executive Jane Hunter said the funding was welcome.

“The recent orders are on the back of more traditional sectors such as fuel retail, automotive and utilities joining the rollout of EV charging infrastructure and the general acceleration of electric vehicle uptake in Europe and the US,” she said.

The Commonwealth Bank was the sole arranger for the transaction, with Gilbert & Tobin and GRT Lawyers providing advice to Cigna and Tritium respectively.

Tritium, which is chaired by Trevor St Baker, currently holds around 50 per cent of the world-leading market in Norway and between 15 to 20 per cent of the wider western global market for DC fast chargers.

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