Tritium Holdings Pty Ltd (“Tritium” or the “Company”), a global
developer and manufacturer of direct current (“DC”) fast chargers
for electric vehicles (“EVs”), today announced record results for
the three months ended September 30, 2021, and provided a business
update, including an update on sales orders and backlog for the
quarter.
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Tritium announces third quarter and
calendar year-to-date results as well as provides business updates.
(Photo: Business Wire)
On May 26, 2021, Tritium announced it had entered into a
definitive agreement for a business combination with
Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN,
DCRNW, DCRNU), a publicly traded special purpose acquisition
company (SPAC), that would result in Tritium DCFC Limited
(“NewCo”), which will be the going-forward company, becoming
publicly listed. Completion of the proposed transaction is subject
to customary closing conditions, including approval of DCRN’s
stockholders, and is currently expected to occur in either December
2021 or January 2022.
For the three months ended September 30, 2021, Tritium booked
record orders of approximately $55 million (31% higher than the
September 30, 2021 forecast in the Analyst Day update released on
September 21). The Company’s backlog continued to grow throughout
the three months ended September 30, 2021, ending at a record of
approximately $78 million (18% higher than the September 30, 2021
forecast in the Analyst Day update), or an increase of 333% over
the backlog at December 31, 2020.
Other recent business highlights include:
- Total Tritium DC fast chargers sold globally now stand in
excess of 5,250, compared to 4,400 when Tritium announced its
proposed business combination with DCRN - an increase of 19% in
only 18 weeks.
- Production in the three months ended September 30, 2021 was a
record of approximately $22 million, representing a 64% increase
over the three months ended June 30, 2021 and a 140% increase over
the three months ended March 31, 2021.
- Total backlog of approximately $78 million as of September 30,
2021 represents the largest backlog ever recorded by Tritium, an
increase of 86% over the June 30, 2021 backlog of $42 million and
an increase of 189% over the March 31, 2021 backlog of $27
million.
- Since July 2021, increasing product demand has required Tritium
to double the Company’s production line shifts. The Company
expected this increase in market demand which will be met through
previously announced expansions of assembly, throughput and testing
capacity in the United States and Europe following the anticipated
successful closing of the business combination with DCRN.
Jane Hunter, CEO of Tritium, commented, “The momentum we have
experienced across Tritium’s suite of products has been exceptional
this past quarter. As the world embraces the electrification of
transportation, it has now become near-consensus that the
proliferation of reliable, fast charging will be an essential step
in accelerating EV adoption. Although there is certainly a
continued and needed role for slow charging, drivers are
increasingly demanding a charging experience that is analogous to
their gasoline car experience, and Tritium’s product portfolio is
squarely positioned to meet those needs. We celebrated several
commercial wins since announcing our business combination agreement
with DCRN, a select handful of which we made public, and we
continue to see an elevated level of dialogue with substantial
players across utilities, retail, charge point operators, fleets
and traditional fuel station owners that point to strength across
our business and geographies.”
Michael Hipwood, CFO of Tritium, commented, “The business model
built by Tritium on the back of leading, proprietary technology is
now apparent in the Company’s results. As a manufacturer of
finished goods that require assembly through components sourced
globally, Tritium is not immune to the challenges of the
well-covered supply chain disruptions occurring around the world,
as the movement of goods continues to be upended. Nevertheless,
Tritium’s leadership invested early in operational solutions that
have enabled the current record results. Tritium has received over
$220 million of cumulative financings since its inception,
including an approximately AUD $40 million private placement just
secured and announced on September 7, 2021. The benefits of that
legacy, multi-year investment campaign are being seen in strong
sales momentum especially given our existing global footprint. In
2021, we expect to deliver continued growth, and look forward to
continued momentum into 2022.”
Since Tritium announced its business combination with DCRN, the
Company announced the opening of its Singapore office to serve the
rapidly growing APAC and Middle East regions and several global
commercial wins across a variety of geographies and customer
categories, including:
- On October 12, Tritium announced a partnership with ChargeNet
to bring Tritium chargers to the San Francisco Bay Area Taco
Bells.
- On August 26, Tritium announced a partnership with local
distributor Solcon to provide DC fast chargers in Israel and
Palestine.
- On August 24, Tritium announced a partnership with Miller
Technology to provide electric vehicle charging solutions to mining
operations for the BHP Mitsubishi Alliance in Queensland,
Australia.
- On August 18, the Company announced a deal with Evie Networks
to install more than 300 fast chargers across Australia.
- On August 10, Tritium announced a partnership with Greenlots, a
member of the Shell Group, for installation of fast charging
infrastructure across the U.S. state of Maryland for utility
Baltimore Gas and Electric.
- On June 29, the Company celebrated the opening of the largest
universal fast charging lot in North America with Revel in New York
City.
David Finn, Founder and Chief Growth Officer of Tritium,
remarked, “The success of our technology platform has been
validated in the commercial channel, and we are extraordinarily
grateful for the support of our customers and partners who have
responded so enthusiastically to our offerings. We released a
modular 75kW charger in 2020, and we are eager to bring a 150kW
variant of that charger for retail applications to market in 2022.
We have a pipeline of product introductions slated for 2022 and
2023, including our 25kW V2G/V2H wall unit and our 360kW and 1MW
line, which will begin with a 150kW line designed for charging park
applications launching before the end of 2021.”
David Toomey, Chief Revenue Officer of Tritium, continued,
“These offerings will build on Tritium’s longstanding technology
edge, which has always been at the vanguard of the industry. For
example, Tritium was the first company in the world to implement
Plug and Charge (ISO 15118), which enables EVs and charging
equipment to communicate, authenticate, and transact seamlessly via
the charging cable. Further, the Company’s compact and sleek 350kW
charger – which enables a 60-mile charge in 3 minutes – has been
available since 2018, and we look forward to bringing to market
products that reflect the ongoing performance and quality
enhancements currently under development by our global team of
engineers. We believe our 459-person employee base – which has
grown over 30% from 348 just four months ago when we announced our
business combination with DCRN – continues to set the industry
standard for both product innovation and customer-led
decision-making.”
Additionally, since announcing the proposed business combination
with DCRN, Tritium announced that Gilbarco Veeder-Root, the
worldwide technology leader for retail and commercial fueling
operations and a Tritium shareholder since 2018, agreed to support
the Company’s proposed business combination with DCRN. Finally,
Tritium announced that the 77th U.S. Secretary of the Navy and
former Ambassador to Norway, Kenneth Braithwaite, will be joined by
seasoned automotive executive Edward Hightower on the Board of
Directors of the post-business combination company.
On September 24, 2021, NewCo filed its preliminary Registration
Statement on Form F-4 (the “Registration Statement”) with the U.S.
Securities and Exchange Commission (the “SEC”), and Tritium is
looking forward to providing near-term updates on the proposed
business combination with DCRN.
Use of Non-GAAP Financial Measures
We present our operating results in accordance with accounting
principles generally accepted in the U.S. ("GAAP"). The
presentation of non-GAAP financial information is not intended to
be considered in isolation or as a substitute for, or superior to,
the financial information prepared and presented in accordance with
GAAP.
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.
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.
Important Information and Where to Find It
In connection with the proposed business combination, NewCo,
which will be the going-forward public company, filed the
Registration Statement with the SEC, which includes a preliminary
proxy statement of DCRN. After the Registration Statement has been
cleared by the SEC, a definitive proxy statement/prospectus will be
mailed to the stockholders of DCRN as of a record date to be
established for voting on the proposed business combination.
INVESTORS AND SECURITY HOLDERS OF DCRN ARE URGED TO READ THE
PRELIMINARY PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO, THE
DEFINITIVE PROXY STATEMENT/PROSPECTUS AND THE EFFECTIVE
REGISTRATION STATEMENT 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. 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 the 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.
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 transaction. 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” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995
with respect to the proposed business combination and including
statements regarding the benefits of the transaction, the
anticipated timing of the transaction, the anticipated consummation
and timing of the private offering of ordinary shares in the
capital of NewCo to a certain investor (the “PIPE Financing”), 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 or the PIPE
Financing 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 proposed business
combination or PIPE Financing; 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 transaction; potential litigation, governmental or regulatory
proceedings, investigations or inquiries involving NewCo, Tritium
or DCRN, including in relation to the transaction; 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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211013005451/en/
For Investors Caldwell Bailey ICR, Inc. TritiumIR@icrinc.com
For Media Dan McDermott ICR, Inc. TritiumPR@icrinc.com
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