Tritium and Enel X Way Expand Partnership to Electrify Transportation as US Increases Funding
Tritium DCFC Limited (Nasdaq: DCFC) has partnered with Enel X Way to deploy over 250 fast chargers across the United States, marking a significant step under a new global framework agreement. This initiative aims to enhance EV infrastructure, crucial for meeting the estimated need for 1.2 million public chargers by 2030. The chargers are expected to qualify for a 30% tax credit under the Inflation Reduction Act. Enel X Way's JuiceNet platform will work with Tritium's chargers to provide scalable and flexible charging solutions, supporting the growth of electric vehicle adoption.
- Partnership with Enel X Way enhances access to EV infrastructure and strengthens Tritium's market position.
- Purchase of over 250 fast chargers opens opportunities for future contracts and expansions.
- Charger deployment aligns with the growing demand for EV chargers, supported by federal incentives.
- None.
- Enel X Way purchased more than 250 fast chargers for deployment across the United States (US).
- This purchase is the first under the companies' new global framework agreement, pairing Tritium's DC fast charging technology with Enel X Way's smart EV charging platform to deliver fast, flexible, and scalable charging solutions.
- Enel X Way is the smart charging solutions subsidiary of the global energy company, Enel, and the announced global framework agreement follows those Tritium announced with BP and Shell, as the company deepens its relationship with the largest multinationals dedicated to the rollout of EV infrastructure in the coming decade.
- McKinsey & Company estimates the US will need 1.2 million public EV chargers by 2030 to meet federal targets.
TORRANCE, Calif. and SAN CARLOS, Calif., Aug. 17, 2022 /PRNewswire/ -- Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), and Enel X Way, the Enel Group's global business line that offers smart EV charging solutions and services, today announced the signing of a global framework agreement and first contract in the US, deepening Enel X Way's access to Tritium's fast charging hardware and software. Enel X Way is a global leader in smart EV charging solutions with over 380,000 charging ports worldwide.
Under the agreement, Enel X Way will pair its JuiceNet software platform with Tritium's 175kW fast charger and a 50kW variant of the company's award-winning RTM to deliver smart fast charging solutions for fleets, automakers, utilities, and public charging sites along highways. The more than 250 fast chargers are expected to qualify for a tax credit that was recently modified and extended as part of the Inflation Reduction Act (IRA). Under the Alternative Fuel Vehicle Refueling Property Credit, commercial projects now qualify for a maximum incentive of
"The electrification of transportation requires the removal of key barriers to EV adoption, most notably access to charging, both at home and in public," said Chris Baker, Head of Enel X Way North America. "This agreement will enable Enel X Way to expand its DC fast charging offering with Tritium's flexible, scalable, US manufactured DC fast chargers and infrastructure that makes deploying charging sites easier for businesses and cities.This fantastic partnership with Tritium will help Enel X Way meet the increasing demand for fast charging and achieve our mutual goal of electrifying transportation."
In the future, the companies intend to further expand their relationship to meet the National Electric Vehicle Infrastructure (NEVI) Formula Program objectives, which will support the Biden-Harris Administration's goal to develop a national network of 500,000 EV chargers. To meet NEVI demand, Enel X Way intends to deploy Tritium's Buy America-compliant PKM150 DC fast chargers. Tritium's PKM150 and RTM are expected to begin US production at the company's Tennessee factory this fall and meet the Federal Highway Administration's Buy America compliance requirement in the first quarter of 2023.
"As the world moves toward electrification at unprecedented speeds, it's imperative that our industry rises to the challenge to ensure everyone has access to fast and convenient EV charging," said Jane Hunter, Tritium CEO. "We believe that Enel X Way is an ideal company to accelerate deployment of our charging technology, as they have entities throughout the world and are well equipped and committed to the expansion of electric vehicle infrastructure."
Through smart charging, utilities can manage and benefit from this growth while ensuring a reliable, balanced, and clean electric grid for all users. Enel X Way offers site hosts and partners a complete line of interoperable, hardware agnostic, OCPP compliant, SOC-2 compliant, smart grid EV charging solutions, meeting the highest industry standards.
Tritium and Enel X Way have a long-standing business relationship with the common goal to decarbonize transportation, and this new agreement is the latest success in the companies' partnership. The companies plan to sign additional regional contracts to further expand access to fast charging around the world.
In North America, Enel X Way is qualified for more than 60 commercial utility and state incentive programs, including 30 DC fast charging incentive programs. The Enel X Way software platform allows utilities to monitor and analyze demand from participating charging stations and manage charging to respond to and align with real-time grid conditions. Enel X Way has also received AICPA SOC 2® certification, which safeguards customer and driver data demonstrating its commitment to the highest cyber security standards.
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.
Enel X Way is a global leader in smart electric vehicle charging solutions with over 380,000 charging ports worldwide, including roaming agreements. As a subsidiary of Fortune 200 renewable energy leader, the Enel Group, Enel X Way is committed to providing smart mobility solutions for drivers, businesses and partners to make driving electric simple. Enel X Way's flagship home charging station, the JuiceBox, has been named the "best EV charger overall" in 2022 by CNET, Car and Driver, This Old House, and Road & Track.
For more information, please visit our website and follow us on Twitter, Instagram and Facebook @enelxwayna.
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. 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," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations, hopes, believes, 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 Investor Contact
Caldwell Bailey
ICR, Inc.
TritiumIR@icrinc.com
Enel X Way North America Contact
Matt Epting
+1 405 358 3446
Matt.Epting@enel.com
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