Global developer and manufacturer of direct current fast chargers for electric vehicles Tritium received the investment from existing shareholders, St Baker and O-Corp.
The capital investment comprises $35 million from Sunset Power Pty Ltd as trustee of the St Baker Family Trust and $5 million from O-Corp EV LLC.
This capital raise continues to build on the long-term, continued support of Tritium by both its largest shareholder, Trevor St Baker, and O-Corp.
The $40 million will be used to fund working capital to continue to scale production volumes, further product development, and grow service operations around the world.
“We continue to achieve the milestones on our roadmap in pursuit of becoming the number one fast charger manufacturer on the planet. With the production capacity offered through our new Tennessee factory and long-standing Brisbane factory, we believe we’re well on our way to achieving that goal,” said Tritium CEO Jane Hunter.
“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.”
Tritium believes that this capital will support the Company to increase monthly production volumes and deliver the healthy backlog of orders from the company’s diversified blue-chip customer base.
Tritium’s global business in the Americas, Europe, and the Asia Pacific has been fueled by tremendous growth in EV uptake supported by government incentives and carbon reduction targets, as well as high demand from new and existing charging customers worldwide.
“The strength of Tritium’s global market position, high product demand, differentiated technology, and fast scaling production presented a very compelling case to these investors,” said David Toomey, Tritium’s chief strategy officer.
“We particularly appreciate the continued long-term support of the St Baker family, who have been investors in Tritium since 2013.”
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles.