SPAC: EV Charger Maker Tritium To Go Public In $1.2B Deal
A company that makes fast chargers for electric vehicles is the latest one in the much-hyped EV industry that’ll go…
A company that makes fast chargers for electric vehicles is the latest one in the much-hyped EV industry that’ll go public through a merger with a special-purpose acquisition company (SPAC). That company is Tritium, an Australian company that’ll debut on the US public markets.
- Tritium has agreed to merge with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN). The merger values the EV charger maker at $1.2bn.
- From the merger, Tritium will get gross proceeds of $403mn. Unlike most mergers, all of those proceeds will come from the SPAC, with no accompanying private placement.
- The merger will provide an exit for Tritium which was founded two decades ago by some veterans of the e-mobility industry, specifically former members of a solar car-racing team at a time when electric cars weren’t in vogue.
- Tritium makes DC fast-charging hardware for electric cars, including electric pumps the size of big refrigerators. It supplies automakers including Ford and Volkswagen with its hardware.
- Just last month, Tritium was selected by the US Army to provide infrastructure for electrification of the military’s large fleet. It’s a major program encouraged by a current US administration pushing for a large switch from ICE vehicles to electric ones.
- From its investor presentation, it’s indicated that Tritium had $59mn in sales in 2020, compared to $50mn in the previous year. This year 2021, the company forecasts $84mn in sales.
- Following its merger, Tritium will trade on the Nasdaq under the “DCFC” ticker symbol.