Tritium Announces Location of New US Manufacturing Facility in Tennessee
February 08 2022 - 5:00AM
In an effort to increase sales, localize production and expand
electric vehicle (“EV”) charging infrastructure in the United
States, Tritium DCFC Limited (“Tritium” or the “Company”) (Nasdaq:
DCFC), a global leader in direct current (“DC”) fast chargers for
EVs, has announced plans for expansion of its American footprint
with a new manufacturing facility in Lebanon, Tennessee. The
location is expected to house up to six production lines for
Tritium’s DC fast chargers, including the Company’s award-winning
RTM and all-new PKM150 models. The new facility is also anticipated
to bring more than 500 jobs to the region over the next five years.
All chargers produced at the facility are expected to comply with
applicable Buy America Act provisions under Federal Highway
Administration (“FHWA”) requirements for domestic sourcing.
The Infrastructure Investment and Jobs Act (“Bipartisan
Infrastructure Law”) is expected to provide $7.5 billion of
investment for deploying a network of 500,000 EV chargers along
highway corridors in the United States. This network is intended to
facilitate long-distance travel, as well as shorter distance travel
within communities, to provide convenient charging options and
encourage the electrification of transportation across the
country.
“I welcome Tritium to Tennessee and thank the company for its
commitment to create more than 500 new jobs in Wilson County,” said
Tennessee Governor Bill Lee. “Our state’s highly-skilled workforce
and position as a leader in the EV industry continue to attract
companies like Tritium to Tennessee.”
EVENT VIDEO: Tritium CEO Jane Hunter Joins
President Biden at White House (livestream: 1:30 p.m. EST)
Tritium’s U.S. expansion is part of a global trend bringing
convenient and fast EV charging solutions to the masses. Production
is expected to start at the Tennessee facility sometime in the
third quarter of 2022, and is anticipated to help the Company
facilitate distribution of its products throughout the United
States, where the Company has recently seen revenue expansion as a
proportion of its overall revenue mix, and expand its global impact
beyond the more than 3.6 million high-power charging sessions
across 41 countries that it has already provided. Based on
preliminary revenue figures for the twelve months ended December
31, 2021, the United States and Europe accounted for approximately
43% and 43% of the Company’s revenue, compared to approximately 23%
and 68%, respectively, for the twelve months ended June 30, 2021.
The Company expects to announce expansion of its European
manufacturing capacity, through expansion of existing facilities or
establishment of new facilities, in 2023.
“Tritium’s investment in a U.S.-based, cutting-edge facility for
manufacturing is part of our strong push toward global growth in
support of the e-mobility industry,” said Tritium CEO Jane Hunter.
“We are thrilled to work with the U.S. Federal government and the
State of Tennessee on this initiative. With the help of the
hard-working residents of Tennessee, we expect to double or even
triple our charger production capacity to further our product
distribution throughout the United States.”
Last month, Tritium announced it had completed its previously
announced business combination with Decarbonization Plus
Acquisition Corporation II. Tritium’s ordinary shares and warrants
commenced trading on the Nasdaq on January 14, 2022, under the
ticker symbols “DCFC” and “DCFCW,” respectively.
About the Tennessee Department of Economic and Community
Development
The Tennessee Department of Economic and Community Development’s
mission is to develop strategies that help make Tennessee the No. 1
location in the Southeast for high quality jobs. To grow and
strengthen Tennessee, the department seeks to attract new corporate
investment to the state and works with Tennessee companies to
facilitate expansion and economic growth. For more information,
visit tnecd.com.
About Tritium
Founded in 2001, Tritium (Nasdaq: DCFC; DCFCW) 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
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1996. The Company’s actual results may differ from
its expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believe,” “predict,” “potential,”
“target,” “continue,” “aim” and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, the Company’s expectations,
hopes, beliefs, intentions or strategies for the future. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. In particular, statements
about peak production capacity are subject to risks including, but
not limited to, supply chain shortages or disruptions, worker
shortages and the ability of the Company to maximize quality
control and minimize inefficiencies in the production process.
There is no guarantee the Company will achieve peak production
capacity. You should carefully consider the risks and uncertainties
described in the documents filed by the Company from time to time
with the U.S. Securities and Exchange Commission. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Most of these
factors are outside the Company’s control and are difficult to
predict. The Company cautions not to place undue reliance upon any
forward-looking statements, including projections, which speak only
as of the date made. The Company does not undertake or accept any
obligation to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Tritium Media ContactJack
Ulrichmedia@tritium.com.au
Tritium Investor ContactCaldwell BaileyICR,
Inc.TritiumIR@icrinc.com
TNECD Media ContactLindsey TiptonPublic
Information Officer(615) 339-6608Lindsey.Tipton@tn.gov
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1c350e81-bc70-4481-b7ac-b6368a880430
Tritium DCFC (NASDAQ:DCFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tritium DCFC (NASDAQ:DCFC)
Historical Stock Chart
From Apr 2023 to Apr 2024