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Investors pour more funds into Tritium's expansion

Business

Brisbane based Tritium has struck deals giving it access to $US225 million ($A332 million) in debt equity.

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The company, which produces fast charging technology for electric vehicles said it had entered into a $US150 million debt facility, provided by a consortium of investors and a committed equity facility established with B. Riley Principal Capital II, LLC, for up to $US75 million.

The equity facility with B. Riley Principal Capital II would provide Tritium with the right, without obligation, to sell and issue up to $US75 million of its ordinary shares to B. Riley at Tritium’s sole discretion, subject to certain limitations and conditions.

The $US150 million senior debt facility would refinance the existing $US90 million facility and provide a net injection of $US60 million.

The debt was taken up by a consortium of Cigna Investments, a US-based global health services company, in addition to Barings LLC.

“This capital injection will be used to fund working capital, product development, and operational support and expansion,” the company said.

“The working capital will position the company to accelerate production and satisfy the large number of orders on hand from the company’s diversified blue-chip customer base.

“In addition to tremendous EV industry growth over the past year backed by government incentives and carbon reduction targets, Tritium continues to see high demand from new and existing customers across the globe as the Company continues its growth trajectory and expansion in the Americas, Europe, and Asia.

Chief executive Jane Hunter said transportation was electrifying at a breakneck pace.

“We look forward to using this investment to accelerate production, expedite product development, and, ultimately, to continue our pursuit of becoming the number one fast charger manufacturer on the planet,” she said.

Tritium recently opened its first fast charger factory in the US. The factory was designed to produce up to 30,000 fast chargers a year.

Tritium listed on the US Nasdaq exchange earlier this year. Its shares are trading at $US6.84.

 

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