Tritium Holdings Pty Ltd (“Tritium”), a global developer and
manufacturer of direct current (“DC”) fast charging technology for
electric vehicles (“EVs”), today announced a AUD$40 million private
placement by Cigna Investments, Inc. (“Cigna”), the investment arm
of Cigna Corporation, a U.S.-based global health services
company.
Tritium intends to use the proceeds from the private placement
to continue scaling its global operations, including production,
sales and administrative support, during its ongoing business
combination with Decarbonization Plus Acquisition Corporation II
(“DCRN”) (NASDAQ: DCRN, DCRNW, DCRNU), which was announced on May
26, 2021, in an effort to satisfy Tritium’s existing order backlog
from its customers.
“This is a fantastic show of support for Tritium and underscores
the ongoing enthusiasm our investors have in the company’s future,”
said David Toomey, Tritium’s Chief Revenue Officer and Head of
Corporate Development. “Cigna has again recognised the value of
Tritium’s technology and market leadership in this rapidly
expanding industry.”
This is the second private placement financing by Cigna,
following a June 2020 private placement of AUD$45 million.
“This is a welcome capital injection as the company continues to
expand,” said Tritium CEO Jane Hunter. “With this investment, we
intend to scale our teams and operations to meet current demand and
prepare for our next phase of growth.”
Tritium believes it is a leader on the global stage in a number
of mature EV markets, such as Norway and California. Founded in
Brisbane and having already deployed more than 4,500 charging
stations, Tritium has provided more than 2.7 million high-power
charging sessions across 41 countries, delivering an aggregate of
over 55 GWh of energy. The company’s intellectual property includes
the world’s only fully liquid-cooled, IP65-rated charger
technology, providing customers with a product that is
ingress-protected and sealed from outside elements, which may
reduce the total cost of ownership.
About Tritium
Founded in 2001, Tritium designs and manufactures proprietary
hardware and software to create advanced and reliable DC fast
chargers for electric vehicles. Tritium's compact and robust
chargers are designed to look great on Main Street and thrive in
harsh conditions, through technology engineered to be easy to
install, own, and use. Tritium is focused on continuous innovation
in support of our customers around the world.
As announced on May 26, 2021, Tritium has entered into a
definitive agreement for a business combination with
Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN,
DCRNW), a publicly traded special purpose acquisition company
(SPAC), that would result in Tritium becoming a publicly listed
company. Completion of the proposed transaction is subject to
customary closing conditions and is expected to occur in the fourth
quarter of 2021.
For more information, visit tritiumcharging.com
About Decarbonization Plus Acquisition Corporation II
Decarbonization Plus Acquisition Corporation II is a blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with a target whose principal effort
is developing and advancing a platform that decarbonizes the most
carbon-intensive sectors. These include the energy and agriculture,
industrials, transportation and commercial and residential sectors.
DCRN is sponsored by an affiliate of Riverstone Holdings LLC and
represents a further expansion of Riverstone's 15-year franchise in
low-carbon investments, having established industry leading, scaled
companies with more than US$5 billion of equity invested in
renewables.
No Offer or Solicitation
This document does not constitute a solicitation of a proxy,
consent or authorization with respect to any securities or in
respect of the proposed Business Combination (as defined below).
This document also does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor will there be any sale of securities in any states
or jurisdictions in which such offer, solicitation, or sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offering of
securities will be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Forward-Looking Statements
Certain statements made in this document are “forward-looking
statements” with respect to the proposed transaction (the “Business
Combination”) between DCRN, Tritium and Tritium DCFC Limited, an
Australian public company limited by shares (“NewCo”), and
including statements regarding the benefits of the Business
Combination, the anticipated timing of the Business Combination,
the services offered by Tritium and the markets in which it
operates, and NewCo’s projected future results. These
forward-looking statements generally are identified by the words
“estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “targets”, “may,” “will,”
“should,” “would,” “will be,” “will continue,” “will likely
result,” “future,” “propose,” “strategy,” “opportunity” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) that predict or indicate
future events or trends or are not statements of historical matters
are intended to identify forward-looking statements. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, guarantees, assurances, predictions or definitive
statements of fact or probability regarding future performance,
conditions or results, and involve a number of known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside NewCo’s, Tritium’s or DCRN’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, that may affect actual results or outcomes
include the inability to complete the Business Combination in a
timely manner or at all (including due to the failure to receive
required stockholder or shareholder, as applicable, approvals, or
the failure of other closing conditions such as the satisfaction of
the minimum trust account amount following redemptions by DCRN’s
public stockholders and the receipt of certain governmental and
regulatory approvals), which may adversely affect the price of
DCRN’s securities; the inability of the Business Combination to be
completed by DCRN’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by DCRN; the occurrence of any event, change or other
circumstance that could give rise to the termination of the
Business Combination; the inability to recognize the anticipated
benefits of the proposed Business Combination; the inability to
obtain or maintain the listing of NewCo’s shares on a national
exchange following the proposed Business Combination; costs related
to the proposed Business Combination; the risk that the proposed
Business Combination disrupts current plans and operations,
business relationships or business generally as a result of the
announcement and consummation of the proposed Business Combination;
NewCo’s ability to manage growth; NewCo’s ability to execute its
business plan and meet its projections; potential disruption in
NewCo’s employee retention as a result of the Business Combination;
potential litigation, governmental or regulatory proceedings,
investigations or inquiries involving NewCo, Tritium or DCRN,
including in relation to the Business Combination; changes in
applicable laws or regulations and general economic and market
conditions impacting demand for Tritium’s or NewCo’s products and
services; and other risks and uncertainties indicated from time to
time in the proxy statement/prospectus relating to the proposed
Business Combination, including those under “Risk Factors” therein,
and in DCRN’s other filings with the Securities and Exchange
Commission (the “SEC”). Forward-looking statements speak only as of
the date they are made. Readers are cautioned not to put undue
reliance on forward-looking statement, and NewCo and DCRN assume no
obligation and do not undertake any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Neither NewCo nor DCRN gives any assurance that either NewCo or
DCRN will achieve its expectations.
Additional Information about the Business Combination and
Where to Find It
In connection with the proposed Business Combination, DCRN and
NewCo, which will be the going-forward public company, intend to
file a registration statement on Form F-4 (the “Registration
Statement”) with the SEC, which will include a proxy
statement/prospectus, and certain other related documents, to be
used at the meeting of stockholders to approve the proposed
Business Combination. INVESTORS AND SECURITY HOLDERS OF DCRN ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS
THERETO AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE
SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TRITIUM,
DCRN, NEWCO AND THE BUSINESS COMBINATION. The proxy
statement/prospectus will be mailed to stockholders of DCRN as of a
record date to be established for voting on the proposed Business
Combination. Investors and security holders will also be able to
obtain copies of the Registration Statement and other documents
containing important information about each of the companies once
such documents are filed with the SEC, without charge, at the SEC’s
web site at www.sec.gov.
Participants in Solicitation
DCRN and its directors and executive officers may be deemed
participants in the solicitation of proxies from DCRN’s
stockholders with respect to the proposed Business Combination. A
list of the names of those directors and executive officers and a
description of their interests in DCRN is contained in DCRN’s
filings with the SEC, including DCRN’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2020, which was filed with
the SEC on March 31, 2021, and is available free of charge at the
SEC’s web site at www.sec.gov. Additional information regarding the
interests of such participants will be set forth in the
Registration Statement for the proposed Business Combination when
available. NewCo and Tritium and their respective directors and
executive officers may also be deemed to be participants in the
solicitation of proxies from the shareholders of DCRN in connection
with the proposed business combination. A list of the names of such
directors and executive officers and information regarding their
interests in the Business Combination will be contained in the
Registration Statement for the proposed Business Combination when
available.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210907005264/en/
Tritium Media Contact media@tritium.com.au
Tritium Investors Contact Caldwell Bailey ICR, Inc.
TritiumIR@icrinc.com
Decarbonization Plus Acq... (NASDAQ:DCRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Decarbonization Plus Acq... (NASDAQ:DCRN)
Historical Stock Chart
From Apr 2023 to Apr 2024