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Charged up and ready to go global: Tritium grabs $40m investment

Business

The Trevor St Baker-backed battery-charging firm Tritium has won a $40 million investment from Cigna Investments adding to a previous placement of $45 million earlier this year.

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The placement of the shares with Cigna comes ahead of the $2 billion merger and listing of the Brisbane-based Tritium on the American Nasdaq index later this year.

Cigna Investments is a division of global health services company Cigna. Tritium has not revealed pricing of the placement.

Tritium said it intended to use the proceeds from the private placement to continue scaling its global operations, including production, sales and administrative support, during its merger with a special purpose acquisition company known as Decarbonization Plus Acquisition Corporation II, which was announced in May.

Tritium designs and manufactures proprietary hardware and software for direct current fast-chargers for electric vehicles. 

The company said it would help in the effort to satisfy Tritium’s existing order backlog from its customers. 

Tritium said the decision to invest by Cigna was “a fantastic show of support’’ for Tritium and underscored the ongoing enthusiasm from investors.

It said Cigna had recognised the value of Tritium’s technology.

“This is a welcome capital injection as the company continues to expand,” Tritium chief executive Jane Hunter said. 

“With this investment, we intend to scale our teams and operations to meet current demand and prepare for our next phase of growth.”

Tritium believes it is a leader on the global stage in a number of mature EV markets, such as Norway and California. 

It has already deployed more than 4500 charging stations across 41 countries, delivering an aggregate of over 55 GWh of energy. 

Tritum also has global bowser giant Gilbarco Veeder-Root as one of its major shareholders, with a 19 per cent stake. It had an option to buy the company, but waived its right earlier this year. Trevor St Baker has been director and chairman since 2013 and has a 26 per cent stake in the company through the St Baker Innovation Fund.

 

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