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Made in America: How US President Joe Biden launched fortunes of Qld EV company

Business

Brisbane EV-charging company Tritium has finally got the response from investors it wanted with a Joe Biden-inspired bounce for its Nasdaq shares after announcing a new factory in Tennessee.

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Tritium chief executive Jane Hunter shared a stage with US President Biden in the White House to announce the development which would mean the company would initially produce 10,000 electric vehicle fast charging units at the new factory. The facility was expected to be a short distance from Novonix’s project in Chattanooga.

Shares in the Brisbane based company on the Nasdaq spiked as high as $US11.47 from an opening at $US8.50 and ended the day at $US9.35.

President Biden said the Tritium factory would help America lead the world in electric vehicle manufacturing.

“China has led the race up until now, but that’s about to change because America is building convenient, reliable, equitable national public charging networks.” Biden said.

“Today’s announcement is part of the drum beat of jobs resurgence.”

The facility was expected to have six production lines and would be able to expand to 30,000 units and was sparked by Biden huge spending on infrastructure, including $US7.5 billion for electric vehicle chargers.

“The new manufacturing facility announced by Tritium today is more than just great news for Tennessee. Yes, it will create more than 500 good paying jobs but it’s going to create dignity and a little more breathing room for workers and their families and it will have a ripple effect far beyond the one state,” Biden said.

“Tritium’s facility will produce up to 30,000 of these chargers every year. They will use American parts, American iron and American steel and they will be installed up and down the highways and corridors in our communities all across the country so the benefits will ripple through thousands of miles in every direction.

“It will help American auto makers set the pace for electric vehicles.

“Announcements like this don’t happen by accident. They require vision and a commitment to build a future that’s made in America.”

Hunter said it would be an understatement to say it had been a very exciting month for Tritium.

“We listed on the Nasdaq and rang the bell on Australia Day, January 26, and now we have this opportunity to share Tritium’s US manufacturing plans with the American people,” Hunter said.

“Tritium is a great story of American-Australian partnership, continuing our two countries’ historic alliance in world conflicts, trade, the environment and technology.

“Tritium’s mission is really simple. (It’s) two words: electrify transportation.

“A seismic technology change is on-foot here. Electric cars, vans, buses, aircrafts, boats – these are the future of transportation and for nations to prosper and gain economic benefit from this transition they must be leaders in the EV uptake on one hand and the supporting infrastructure and energy roll out on the other.

“Nations at the forefront of this will benefit economically and will see a very substantial improvement in human health and the environment.”

 

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