EV charger maker Tritium to go public in $1.2 bln SPAC deal

ACN 650 026 314

26/05/2021 15:04

May 26 (Reuters) - Brisbane, Australia-based Tritium agreed
to go public in the United States through a merger with a
blank-check firm, valuing one of the world's largest electric
vehicle charging-station makers at $1.2 billion, the company
said on Wednesday.
    The merger with Decarbonization Plus Acquisition Corp II
 DCRN.O , a special purpose acquisition company (SPAC), will
provide Tritium with gross proceeds of up to $403 million.
    Unlike most SPAC mergers, the deal does not include raising
a private placement or PIPE, adding to concerns that investors
are no longer flocking to what was until recently one of Wall
Street's hottest trends.  urn:newsml:reuters.com:*:nL4N2N13S5
    Investors worry that SPACs have taken many companies, often
loss-making or even those without revenue, public at too-high
valuations. 
    Founded in 2001, Tritium's customers include Ionity - the EV
charging joint venture of Volkswagen AG  VOWG_p.DE , BMW
 BMWG.DE , Daimler AG  DAIGn.DE , Ford Motor Co  F.N  and
Hyundai Motor Co  005380.KS  - as well as Nissan Motor Co Ltd
 7201.T , Honda Motor Co Ltd  7267.T  and Harley-Davidson Inc
 HOG.N .
    Tritium started as a developer of technology for solar race
cars and projects such as the management system for "Titanic"
film director James Cameron's "Deepsea Challenger" submersible.
    Cameron in 2012 used the submersible to complete the world's
first solo dive to the deepest-known point on Earth, reaching
the bottom of the Pacific Ocean's Mariana Trench. 
    Tritium, which has installed chargers in more than 40
countries, said the combined company will list its stock on the
Nasdaq and trade under the ticker symbol "DCFC".
    The coldest charging climate that Tritium has serviced is
-35 degree Celsius, and the hottest charging climate of more
that 50 degrees Celsius, according to its website. 

 (Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Shailesh Kuber)
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