Tritium set to list on Nasdaq as SPAC deal gets over line

Tritium CEO Jane Hunter says the capital raised through the listing deal will finance global expansion.The level of redemptions by shareholders in Decarbonization Plus – those that opted to withdraw their money rather than remain invested in Tritium – suggests the company will have a smaller balance sheet to finance its global expansion than it was hoping for.

The ability to source chargers from a US factory would help avoid the sort of shipping delays that affected Tritium’s sales in the December quarter, when it had about $US2 million of stock exported from AustraliaTritium’s expansion plans include a third factory and expansion of its global sales and service operations teams to support its growing business.

Ahead of the vote, Decarbonization Plus and Tritium announced that the minimum cash condition of at least $US200 million required to be satisfied at the closing of the deal had been waived. They said the merged company “expects to pursue additional financing in order to fund its capital needs” once the transaction completed.

The public listing comes amid surging sales of Tritium’s EV fast charging systems, particularly in North America, buoyed by policy measures introduced by the Biden administration in the US.Tritium expects significant growth in the EV charging sector out to 2040 and beyond. It forecasts global passenger EV sales growth at a compound annual rate of 17 per cent through 2040, from sales that are expected to have been more than 6.3 million last year.

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