Tritium Delivers First Fast Chargers to evyve for Planned 10,000 Charger Network

Rhea-AI Summary

Tritium DCFC Limited (NASDAQ: DCFC) has secured a partnership with evyve, a UK-based EV charging network, to become its preferred fast charger provider. evyve aims to establish 10,000 charging stations by 2030, with an initial order of 350 Tritium fast chargers and a £25 million investment planned over two years. Currently, 60 of these chargers are operational. This strategic collaboration positions Tritium at the forefront of the UK's growing EV infrastructure market as the demand for fast chargers surges, driven by a 40% increase in registered battery-electric cars in 2022.

Positive

• Agreement with evyve to supply 350 fast chargers.
• Investment of £25 million over two years for expansion.
• evyve's goal of 10,000 charging stations by 2030 enhances Tritium's market position.
• 60 chargers already operational, indicating immediate revenue potential.

Negative

• None.

• Tritium, a global leader in direct current (DC) fast chargers for electric vehicles (EVs), has executed an agreement with evyve, an EV charging network in the UK, to become the network’s preferred fast charger technology provider.
• evyve has informed Tritium that it plans to install 10,000 EV charging stations by 2030, with the goal of becoming the country's largest charger network.
• evyve placed initial purchase orders for 350 Tritium fast chargers as part of the charging network’s plans to invest £25 million in Tritium fast and ultra-fast charging stations over the next two years.        

AMSTERDAM, Netherlands, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global EV fast charger manufacturer, and evyve, a UK charging network, have entered into an agreement to make Tritium the network’s preferred fast charger provider. The agreement includes initial total orders for 350 Tritium fast chargers and evyve has received first deliveries of these chargers, 60 of which are now installed and operational. evyve currently projects to install thousands more chargers by the end of 2025 and 10,000 chargers by 2030. The evyve charging network is planned to consist of Tritium's innovative modular chargers, including the company's award-winning 75kW charger and highly scalable 150kW fast charger.

"With the number of registered battery-electric cars in the UK growing by more than 40% in 2022, it's more important than ever that drivers have access to fast and reliable charging technology to ensure a convenient driver experience and a seamless transition to e-mobility," said Tritium CEO Jane Hunter. "We're proud to be the preferred fast charger provider for the evyve charging network, and we look forward to helping them accomplish their goal to become the largest destination and enroute charging network in the UK. For Tritium, this announcement is a reflection of an increasing number of conversations with customers looking to address anticipated multi-year demand and secure product availability beyond just the next 12 months."

evyve has stated that it intends to become the largest destination and enroute charging network in the UK and the company has ambitious growth plans to own and operate 10,000 charging stations by 2030. evyve continues to build a customer network consisting of retail parks owned by regeneration business Peel L&P and leading hospitality providers like Greene King, the UK’s leading pub retailer and brewer operating over 2,700 pubs, restaurants, and hotels across England, Wales, and Scotland.

James Moat, CEO of evyve, said: "evyve is focused on providing a seamless and reliable customer experience and we are thrilled to be partnering with a leading fast charger manufacturer like Tritium, giving us the confidence to accelerate our plans to become one of UK’s leading charge point service providers.

“Due to its compact design and modularity, Tritium’s innovative fast charger technology has enabled us to roll out our network across multiple locations quickly and efficiently, providing us with the foundation to support the UK's transition to electric vehicles today and 20 years from now.”

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 evyve – Charging Ahead

Established by EVY Infrastructure Partners and Peel NRE, part of regeneration business Peel L&P, which is at the heart of the nation’s activity around clean growth and a circular economy. evyve is developing a new nationwide network of high quality fast and ultra-fast electric vehicle (EV) charge points powered by 100% renewable energy, providing important infrastructure to support the growing number of electric vehicles on UK roads.

With plans for around 10,000 chargers by 2030, evyve is set to become one of the largest EV charging networks in the UK with facilities across key retail, food and drink, leisure and commercial business locations throughout England, Scotland and Wales.

For more information and partnership opportunities, visit www.evyve.co.uk

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 US 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
Cary Segall
ir@tritiumcharging.com

evyve Media Contact
Katy Davison
kdavison@peellandp.co.uk

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2bccaa2e-5e8c-4b10-9053-638ec27d97f3

FAQ

What is Tritium's role in the evyve charging network?

Tritium is the preferred fast charger technology provider for evyve's UK EV charging network.

How many EV charging stations does evyve plan to install?

evyve plans to install 10,000 EV charging stations by 2030.

What is the initial purchase order value from evyve to Tritium?

The initial purchase order from evyve includes 350 Tritium fast chargers, part of a £25 million investment.

How has the demand for EV chargers changed in the UK?

The demand for fast chargers has surged, with registered battery-electric cars in the UK growing by over 40% in 2022.

What type of chargers is Tritium supplying to evyve?

Tritium is supplying its award-winning 75kW and 150kW fast chargers.