Announcement comes as U.S. Department of
Energy’s Alternative Fuels Data Center reports all-time high
installation record of DC fast chargers in quarter ending September
30, 2021; number of U.S. public fast chargers already exceeds
Bloomberg NEF’s year end 2021 target.
The two companies’ partnership expands electric
vehicle infrastructure throughout the states of California, Oregon,
and Washington.
Tritium Holdings Pty Ltd (“Tritium”), a leader in direct current
(DC) electric vehicle fast charging, has joined forces with EVCS,
one of the largest fast charging networks on the West Coast, to
expand electric vehicle (EV) charging solutions in California,
Oregon, and Washington. EVCS, one of the largest privately held
charging network operators, has entered into a contract to purchase
over 400 Tritium fast chargers to add to its more than 100 Tritium
charger fleet. With over 1,500 chargers in its network, of which
over 600 are DC fast chargers, EVCS is in the process of
substantially increasing its network by the end of 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20211118005585/en/
The newly announced partnership between
Tritium and EVCS will expand electric vehicle infrastructure
throughout the states of California, Oregon, and Washington.
(Photo: Business Wire)
“Expanding EVCS’ fast charging network in California, Oregon,
and Washington is an important part of reducing range anxiety for
EV drivers on the West Coast,” said Gustavo Occhiuzzo, CEO of EVCS.
“Tritium provides best-in-class fast charging hardware, which will
allow us to grow our unlimited charging subscription model at a
much faster rate.”
Many operators like EVCS choose Tritium’s adaptable and reliable
technology to improve the driver experience and offer charging as a
value-added service. The more than 500 Tritium fast chargers
ordered by EVCS, ranging from 50kW to 175kW, are expected to
account for nearly half of EVCS’ fast charging network once fully
deployed. EVCS will provide drivers with the option to pay through
the company’s mobile app, Apple Pay, Google Pay, a credit card, or
by becoming monthly subscribers with unlimited charging for a small
monthly fee.
The two companies are looking to work with several government
bodies to benefit from Californian incentives to grow the network
further. California-based organizations have recently created
several financial incentive programs to increase electric vehicle
technology adoption throughout the state. The California Electric
Vehicle Infrastructure Project (CALeVIP) continues to expand
throughout the state, providing significant rebates for Tritium’s
RT50, RTM75, and RT175-S fast chargers.
“It is extremely promising to see so many organizations make
electric transportation a priority with new grants and funding
programs. While Tritium is seeing record-level activity across the
globe, U.S. engagement is at an all-time high,” said Mike Calise,
President of Americas at Tritium. “In addition to the
infrastructure bill recently signed by President Biden, which
offers an unprecedented level of support for the charging category
use cases targeted by Tritium, the National Conference of State
Legislatures now cites 46 states, including DC, with policies on
the books to promote EV adoption.
“Although Tritium can sustain a profitable business without
grants, upfront rebates, sales tax exemptions, and even build code
provisions that require charging infrastructure to be installed in
certain new construction settings, the tailwind for our platform of
hardware-plus-software, technology enabled and led product
offerings, has never been stronger,” Calise continued. “We are
confident that by continuing our partnership with companies like
EVCS, we will achieve rapid expansion of our DC fast charging
solutions throughout the nation.”
For the three months ended September 30, 2021, Tritium booked
record orders of approximately $55 million. The company’s backlog
continued to grow throughout the three months ended September 30,
2021, ending at a record of approximately $78 million, or an
increase of 333% over the backlog from December 31, 2020.
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, DCRNU) (“DCRN”), 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, including approval of
DCRN’s stockholders, and is currently expected to occur in either
December 2021 or January 2022.
For more information, visit tritiumcharging.com.
About EVCS
EVCS was founded in 2018 by Green Commuter founder Gustavo
Occhiuzzo and finance expert Ian Vishnevsky to provide and operate
public- and private-based EV charging infrastructure. EVCS
disrupted the mobility power industry by employing a complete
turnkey approach that utilizes both public and private funding
sources, grants, rebates, and other financial incentives to
encourage governments and businesses to install fast-charging
stations. EVCS has secured over $50M in government funding and
engaged over 500 partner sites. EVCS' mission is to cut emissions
while simultaneously improving air quality by enabling the adoption
of EVs. Visit EVCS for more information here: www.evcs.com
About Decarbonization Plus Acquisition Corporation II
DCRN 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 $5 billion of equity invested in renewables.
Important Information and Where to Find It
In connection with the proposed business combination, Tritium
DCFC Limited (“NewCo”), which will be the going-forward public
company, filed the Registration Statement with the U.S. Securities
and Exchange Commission (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 business combination. 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 business combination, the
anticipated timing of the business combination, 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 the 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 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
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/20211118005585/en/
Tritium Media Contact Sarah Malpeli 408-806-9626 ext 6840
sarah@technicacommunications.com
Tritium Investors Contact Caldwell Bailey ICR, Inc.
TritiumIR@icrinc.com
EVCS Media Contact Maddie Cuttler evcs@pr-dept.com
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