OK Prepares to Deploy More Than 300 Tritium DC Fast Chargers to Expand Denmark’s EV Infrastructure

Rhea-AI Summary

On February 14, 2023, Tritium DCFC Limited (NASDAQ: DCFC) announced a significant partnership with OK a.m.b.a., Denmark's largest fuel retailer, to supply over 300 Tritium DC fast chargers. These chargers will be installed at fuel stations, highways, and urban areas, supporting Denmark’s goal of 775,000 electric or plug-in hybrid vehicles by 2030. The initiative aligns with Denmark's ambition to cut greenhouse gas emissions by 70%. The deployment of fast chargers aims to enhance the accessibility of electric vehicle infrastructure, complementing Denmark's increasing adoption of electric vehicles, which saw nearly 40% of new car sales in 2022 being electric or hybrids.

Positive

• Partnership with OK a.m.b.a. for over 300 fast chargers strengthens Tritium's market position.
• Supports Denmark's goal of 775,000 electric vehicles by 2030, enhancing demand for chargers.
• Growing network of fast chargers expected to boost electric vehicle adoption in Denmark.

Negative

• None.

• OK a.m.b.a (OK) are preparing to roll out hundreds of Tritium DC fast chargers throughout Denmark.
• Building on several successful installations since summer 2022, Tritium will supply OK, Denmark’s largest fuel retailer, with over 300 fast chargers for use at fuel stations, on highways, in urban areas and retail sites, and with OK’s corporate fleet and fleet customers.
• OK’s plans support objectives to reduce greenhouse gas emissions and put charging infrastructure in place to help meet the Danish government’s goal of at least 775,000 electric or plug-in hybrid vehicles on the roads by 2030.
  

AMSTERDAM, Netherlands, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Global electric vehicle (EV) fast charger manufacturer, Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), today announced that OK a.m.b.a. (OK), Denmark’s largest fuel retailer, has purchased more than 300 fast chargers for use at fuel stations, on highways, in urban areas and retail sites, and with OK’s corporate fleet and fleet customers.

OK currently owns more than 670 fuel stations in Denmark. Many of these fuel stations are co-located with Coop retail outlets, Denmark’s leading consumer goods retailer, and the new charging stations will provide Danish drivers with access to fast and convenient charging infrastructure.

This deployment of Tritium fast chargers is part of OK’s wider plan to support the expansion of Denmark’s public charging infrastructure in both large and small Danish cities, providing the fast charging infrastructure needed to support the Danish government’s goal of at least 775,000 electric or plug-in hybrid cars on the country’s road network by 2030, in a bid to reduce greenhouse gas emissions by 70%.

“In 2022, nearly 40% of cars sold in Denmark were electric or plug-in hybrids, providing evidence of the Danish technology transition and solidifying Denmark’s position as a global leader in the transition to sustainable transportation,” said Jane Hunter, Tritium CEO. “A growing network of public fast chargers will add further momentum to Denmark’s EV uptake, and we’re pleased to support OK’s e-mobility goals. Our partnership with OK will increase drivers’ access to fast chargers in Denmark, enabling a more rapid transition to EVs with all of the environmental benefits they bring.”

OK has already received a portion of this purchase order and successfully launched the first of its Tritium 75kW modular chargers at the Super Brugsen store in Hillerød and the Kvickly store in Odder, Denmark. As chargers are installed at Coop stores across Denmark, customers will be able to pay for their charging session using OK’s award-winning app, providing a seamless and convenient customer experience.

“OK is focused on providing a seamless and authentic customer experience and we are thrilled to be partnering with a leading fast charger manufacturer such as Tritium, giving us the prospect of accelerating our plans of expanding our DC network. OK’s first Tritium sites in Odder and Hillerød have been a success, and OK are looking forward to setting up new sites across Denmark,” said Thor Folmann Krarup, E-mobility Manager, OK a.m.b.a.

Denmark is making positive strides towards phasing out internal combustion engine vehicles. With records broken for the sale of battery electric vehicles (BEV) in 2022, the Danish Car Importers Association (DBI) recently reported that sales of new electric vehicles increased by 23.8% from 2021 and accounted for 38.6% of new vehicles sold in 2022. In mid-October, Denmark reached the significant milestone of 100,000 BEVs registered to drive on Danish roads, a ten-fold increase from three years ago.

In 2022, the number of publicly accessible fast chargers in Denmark tripled to 784, and Tritium is proud to contribute to this rapid growth in charging infrastructure. As this trend continues, Tritium and OK will work collaboratively to provide a fast, reliable, and safe charging network to serve all Danish drivers.

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

About OK a.m.b.a.

OK a.m.b.a. is a Danish cooperative. In addition to the parent company OK, OK also counts subsidiaries such as Kamstrup, EnergiData and OK Plus. OK includes more than 670 gas stations, more than 200 car washes and 80 Truck Diesel stations, and OK is thus Denmark's largest filling station chain. OK is a nationwide supplier of gasoline, diesel, e-mobility, transport diesel, heating oil, lubricants, natural gas and electricity for both business and private individuals. In addition, OK provides consulting, design and installation of heat pump solutions of all sizes. OK has three biogas stations and also provides refueling points for four of Everfuel's hydrogen refueling plants.

More information on OK can be found at www.ok.dk/om-ok

Forward Looking Statements

This 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,” “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. 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 Contact
Jack Ulrich
media@tritiumcharging.com

Tritium Investors Contact
Cary Segall
ir@tritiumcharging.com

OK a.m.b.a. Media Contact
Steffen Toft Spiele
stts@ok.dk

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e6319a08-2bf8-41fd-b193-b148f0581bb0

FAQ

What is Tritium's recent announcement regarding OK a.m.b.a.?

Tritium announced that OK a.m.b.a. will install over 300 DC fast chargers throughout Denmark as part of a partnership to enhance electric vehicle infrastructure.

How many fast chargers will Tritium supply to OK a.m.b.a.?

Tritium will supply more than 300 fast chargers to OK a.m.b.a. for use across various locations in Denmark.

What is Denmark's vehicle target by 2030?

Denmark aims to have at least 775,000 electric or plug-in hybrid vehicles on the roads by 2030.

What percentage of cars sold in Denmark were electric or hybrids in 2022?

In 2022, nearly 40% of cars sold in Denmark were electric or plug-in hybrids.

What is Tritium's stock symbol?

Tritium is traded under the stock symbol DCFC.