Tritium and BP Enter Into Multi-Year Contract

Rhea-AI Summary

Tritium DCFC Limited (NASDAQ: DCFC) announced a multi-year contract with bp to supply nearly 1,000 DC fast chargers for bp’s EV charging network in the UK, Australia, and New Zealand. This partnership marks a significant strategic milestone. Tritium CEO Jane Hunter emphasized the importance of collaboration in accelerating the transition to clean transportation, aligning with bp's goal of achieving net zero emissions by 2050. The company's focus is on innovation in reliable EV charging technology to support global access.

Positive

• Multi-year contract with bp for nearly 1,000 chargers, indicating strong demand.
• Strategic partnership with a major player in the energy sector enhances brand visibility.
• Supports Tritium's goal to innovate in the EV charging sector, aligning with global sustainability efforts.

Negative

• None.

LONDON, April 18, 2022 (GLOBE NEWSWIRE) -- Tritium DCFC Limited (“Tritium” or the “Company”) (Nasdaq: DCFC), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), has entered into a multi-year contract with bp (NYSE: BP) for the supply of chargers and related services to support bp’s global EV charging network. This forms a step change in the strategic nature of the relationship between both companies, with an initial order for the UK and Australian & New Zealand markets of just under 1,000 chargers.

“I’m delighted that with this new global agreement with Tritium, it will help bp pulse deliver its mission to provide fast, reliable charging for EV drivers and to accelerate the roll-out of the charging infrastructure needed as the world transitions to decarbonise road transport,” said Richard Bartlett, Senior Vice President, bp pulse.

“The electrification of transportation is entering an incredible era when major companies like bp are providing critical support to transition the world to cleaner more reliable transportation,” said Tritium CEO Jane Hunter. “We’re thrilled to be working with bp to create greater global access to fast charging in support of their mission to become a net zero company by 2050 and to be a leader in helping the world get to net zero emissions.”

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.

About BP

bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner and help the world get to net zero, and a strategy for delivering on that ambition. For more information visit bp.com.

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@tritium.com.au

Tritium Investors Contact
Caldwell Bailey
ICR, Inc.
TritiumIR@icrinc.com 

BP Press Office
bppress@bp.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e6dfdd0e-c329-4168-b171-ad243e531860

FAQ

What is the significance of Tritium's contract with bp?

The contract signifies a strategic partnership to supply nearly 1,000 DC fast chargers for bp’s global EV charging network, enhancing Tritium's market presence.

When was the contract between Tritium and bp announced?

The contract was announced on April 18, 2022.

What are the expected markets for the new chargers from Tritium?

The chargers will be supplied to the UK, Australia, and New Zealand markets.

How does Tritium's partnership with bp align with EV sustainability?

The partnership supports bp’s goal of becoming net zero by 2050 and promotes clean transportation solutions.

How does Tritium innovate in the EV charging space?

Tritium focuses on designing advanced and reliable DC fast chargers aimed at continuous innovation for better user experience.