Tritium Secures EV Fast Charger Purchasing Commitment from Electromin Corporation

Rhea-AI Summary

Tritium DCFC Limited has secured an agreement with Electromin to supply 200 DC fast chargers, including the RTM and PKM150 models, to enhance EV infrastructure in Saudi Arabia. This move aligns with the Kingdom's commitment to achieve net zero carbon emissions by 2060. Tritium aims to leverage this partnership to expand its market presence in the Middle East, facilitating the growth of electric vehicle adoption through improved charging accessibility. The partnership underscores Tritium's focus on innovation in charging technology.

Positive

• Partnership with Electromin to supply 200 fast chargers increases market presence in Saudi Arabia.
• Aligns with Saudi Arabia's net zero emissions goal, signaling strong government support for EV infrastructure.
• Provides Tritium an opportunity to leverage its advanced technology for sustainable growth.

Negative

• None.

Tritium will supply the company’s award-winning RTM and PKM150 fast chargers to increase access to EV infrastructure in the Kingdom of Saudi Arabia

BRISBANE, Australia, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Tritium DCFC Limited (“Tritium”) (Nasdaq: DCFC), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), has entered into an agreement with Electromin, a Saudi-owned company and a leading provider of e-mobility solutions across the Middle East and Africa. This agreement comes on the heels of a pledge by the Kingdom of Saudi Arabia to have net zero carbon emissions by 2060 and increase the uptake of electric vehicles.

“The world is embracing electric transportation, and Electromin is committed to providing greater access to fast charging infrastructure for EVs across our regions of business,” Kalyana Sivagnanam, CEO of Electromin. “As we increase this access, it’s critical that we partner with a technology provider with hardware and software to help our business grow sustainably and cost-effectively – we found that partner in Tritium.”

Through the agreement, Electromin plans to purchase 200 of Tritium’s DC fast chargers. As Electromin builds their network, this deal provides them with access to Tritium’s award-winning RTM and newly released PKM150 fast chargers, designed for more cost-effective operations and infrastructure deployment.

“We see a massive opportunity to help countries and regions build the charging infrastructure needed to support the deluge of EVs anticipated to come to market. Tritium’s investment in differentiated and world-class hardware and software development puts the company in a unique position to enable businesses and governments to develop charging networks in all corners of the world,” said Tritium CEO Jane Hunter. “We’re determined to expand our global reach and market share, and deeper expansion into Middle Eastern markets will greatly help us achieve this goal. Through this new partnership with Electromin, we’ve established a strong foothold to better grow our business.”

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 Electromin

Electromin is a technology led e-mobility solutions provider providing a complete turnkey solution from in depth consultation through to ongoing network operation and maintenance. Electromin works with private individuals, businesses and governments across the Middle East and is creating a public charging network that offers a seamless charging experience for EV drivers.

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 Investor Contact
Caldwell Bailey
ICR, Inc.
TritiumIR@icrinc.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/863bd6ed-3e9f-466e-a1c8-b3d89867206e

FAQ

What is Tritium's recent agreement about in Saudi Arabia?

Tritium has entered an agreement with Electromin to supply 200 DC fast chargers to enhance EV infrastructure in Saudi Arabia.

How many fast chargers will Tritium supply to Electromin?

Tritium will supply 200 fast chargers through its agreement with Electromin.

What are the models of fast chargers Tritium will provide in this deal?

Tritium will provide its RTM and PKM150 models as part of the agreement.

What is the significance of Tritium's partnership with Electromin?

The partnership positions Tritium to expand its presence in the Middle Eastern EV market, aligning with Saudi Arabia's sustainability goals.

How does this agreement impact Tritium's business strategy?

This agreement is part of Tritium's strategy to expand its market reach and support the growth of EV infrastructure worldwide.