The listing is expected to unlock the value of the company which manufactures fast charging technology for EVs and provide a windfall for early investors like Trevor St Baker, whose stake is expected to be valued at $385 million.
It’s expected to have a valuation of about $1.2 billion and an enterprise value (equity, cash on hand and debt) of about $2 billion, which gives them the double unicorn status.
The Nasdaq listing will come through a merger with Decarbonization Plus Acquisition Company 11 whose shareholders approved the merger this week.
Tritium chief executive Jane Hunter said the merger transaction was “transformative for the acceleration of electrification”.
“We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium’s business operations and to help strengthen our products and services to our customers and continue to advance the e-mobility industry,” Hunter said.
The listing has been bolstered by a strong boost in the company’s sales.
Last week the company said it was expecting a 2021 operating profit of $US39 million ($A53 million) as its second half revenue broke records.
Tritium said global EV sales for 2021 were about 6.3 million but growth in passenger vehicles was expected to grow by a compound growth rate of 17 per cent a year through to 2040.
“Sufficient public charging infrastructure will be critical to enabling this transition to e-mobility,” the company said.
The capital raised through the merger will underpin Tritium’s expansion to three manufacturing facilities apart from its existing Brisbane operations.
Tritium is investigating a site in either Texas or Tennessee for its next facility.
The merged company will be chaired by Robert Tichio and Hunter will remain as chief executive and founders James Kennedy, David Finn, Michael Hipwood and David Toomey will remain with the company.
Tritium’s existing shareholders will hold about 70 per cent of the merged company and their shares will be prevented from being sold for six months after the listing.
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