REG - Riverstone Energy Ld - REL Commits $10M to Tritium Capital Package

Riverstone EnergyAnnouncement

06/09/2022 17:45

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RNS Number : 5047Y  Riverstone Energy Limited  06 September 2022

LEI: 213800HAZOW1AWRSZR47

 
Riverstone Energy Limited
6 September 2022
 
REL Commits $10M to Tritium Capital Package

Riverstone Energy Limited (REL) is pleased to announce a US$10 million
commitment to Tritium DCFC Limited, which will contribute to extending
Tritium's existing $90 million senior debt facility from Cigna & Barings
by $60 million to $150 million. In addition to an extension of its existing
debt facility, the Company has established a $75 million committed equity
facility with B. Riley Principal Corporation. REL's $10 million investment
represents an incremental debt commitment to an extant February 2021 equity
investment consisting of Founder Shares and Warrants, valued at 1.07x Gross
MOIC as of 30 June 2022.

The facility has a three-year term and 8.5 per cent. cash coupon supplemented
with the issuance to the lenders or their affiliates of warrants for the
purchase of ordinary shares of the company. The consortium providing the
facility comprises long-term supporter Cigna Investments, Inc. (Cigna), the
investment arm of Cigna Corporation, a U.S.-based global health services
company, in addition to Barings LLC (Barings), a leading global financial
services firm and subsidiary of MassMutual, a U.S.-based mutual insurance
company, and REL.

This $60 million capital injection will be used to fund working capital,
product development, and operational support and expansion. The working
capital will position the Company to accelerate production and satisfy the
large number of orders on hand from the Company's diversified blue-chip
customer base. In addition to tremendous EV industry growth over the past year
backed by government incentives and carbon reduction targets, Tritium
continues to see high demand from new and existing customers across the globe
as the Company continues its growth trajectory and expansion in the Americas,
Europe, and Asia.

Tritium DCFC Limited ("Tritium" or "the Company"), a global developer and
manufacturer of direct current (DC) fast charging technology for electric
vehicles (EVs), is a portfolio company of REL. Tritium represents one of 16
decarbonisation investments in REL's current portfolio, many of which have
been completed in pursuit of REL's modified investment programme. The modified
programme dictates that REL invest in five critical areas of decarbonisation,
including electrification of transport, grid flexibility, agriculture, next
generation fuels, and next horizon resource use plays.

 

About Tritium

Founded in 2001, Tritium (NASDAQ: DCFC) 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
(https://www.tritiumcharging.com/)

 

About Riverstone Energy Limited

REL is a closed-ended investment company which invests in the energy industry
that has since 2020 been exclusively focused on pursuing and has
committed $181 million to a global strategy across decarbonisation sectors
presented by Riverstone's investment platform. REL's ordinary shares are
listed on the London Stock Exchange, trading under the symbol RSE.  REL has
20 active investments spanning decarbonisation, oil and gas, renewable energy
and power in the Continental U.S., Western Canada, Gulf of
Mexico and Europe.

 

For more information, visit riverstonerel.com (https://www.riverstonerel.com)

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