The investment part of the $US40 million funding package which included O Corp contributing $US5 million.

The St Baker funding would be made through Sunset Power. The family already has about 25 per cent of Tritium shares and Trevor St Baker has a seat on the Nasdaq-listed company’s board. The deal would give St Baker the right to another seat at an unspecified time.

The funding would give the St Baker Trust the right to another seat at an unspecified time.

Tritium has been growing quickly from its Brisbane roots. It designs and manufactures hardware and software for the charging of electric vehicles.

Chief executive Jane Hunter said Tritium was continuing to achieve its milestones with a new production facility in Tennessee.

“Through this capital raise, we’ll continue to grow our revenue and competitive position, fund our increased production capacity and support the launch of our next generation ultrafast charger,” she said.

Although the company referred to it as capital, it also said it was made in the form of a bridging loan that would accrue interest of 12 per cent.

It gives the funders the right to subscribe for further equity and future financing, but no details were provided.

Tritium shares on the Nasdaq have performed poorly since they listed in 2021 and reached a high of $US12.84. They were last traded at US90 cents.

Tritium was founded in 2001 by University of Queensland graduates David Finn, Paul Sernia and James Kennedy.