Tritium Secures Largest Order in Company History from bp

Rhea-AI Summary

Tritium DCFC Limited (Nasdaq: DCFC) has announced its largest order to date from bp, aimed at expanding EV charging infrastructure globally. This multi-year contract includes the provision of Tritium’s advanced 50kW RTM and 150kW PKM chargers for deployment in the US, UK, Europe, and Australia. The company will manufacture the chargers in its Tennessee and Brisbane facilities, supporting a production capacity of 30,000 units per year at full maturity. This order follows a previous agreement established in April 2022, aligning with bp's commitment to enhance its bp pulse EV charging network.

Positive

• Largest order in Tritium's history from bp, enhancing revenue potential.
• Multi-year contract indicates sustained business relationship with bp.
• Production capacity of 30,000 units per year at the Tennessee facility supports growth.

Negative

• None.

Tritium’s largest order to date will deliver fast chargers across the United States, United Kingdom, Europe, and Australia.

BRISBANE, Australia, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that bp has placed the largest ever order from a single customer in Tritium’s history. bp will install the chargers for fleets and the general public in the United States, the United Kingdom, Europe, and Australia as bp expands its EV charging business, bp pulse.

"As bp’s EV charging infrastructure grows worldwide, Tritium is a natural choice for this order,” said Richard Bartlett, CEO bp pulse. “Tritium has a global presence and industry-leading DC fast charging technology - we’re looking forward to putting these chargers to work across three continents.”

Tritium is supplying the chargers for bp pulse as part of a multi-year contract between the two companies, announced in April 2022, for chargers and related services to support bp’s growth in electrification.

“Tritium envisions a world in which fast EV charging is everywhere,” said Tritium CEO Jane Hunter. “We’re grateful to the bp team for their order and look forward to working together to support bp pulse as they build a reliable, accessible fast charging network around the world.”

bp's order includes a mix of Tritium’s 50kW RTM and 150kW PKM chargers. Tritium’s RTM is the company’s first modular charger and one of the most advanced DC fast chargers on the market. Ideal for network operators, dealerships, and the retail and hospitality industries, the RTM uses a single person lift power module system for easier power upgrades, maintenance, and serviceability.

Tritium’s high-powered and modular 150kW PKM charger leverages a pool of shared power to deliver higher charger availability and power output, through Tritium’s innovative micro-grid design. The model is popular across fleets, network operators, heavy commercial units, retail, and hospitality.

"As a result of bp’s order, Tritium’s industry-leading fast EV chargers will make it easier than ever before for commercial and everyday drivers to join the e-mobility transition,” Hunter continued.

Tritium anticipates manufacturing the chargers destined for bp’s European and American markets in the company’s Lebanon, Tennessee facility, which opened in August 2022 and is expected to reach a production capacity of 30,000 units per year at full maturity. The chargers for bp’s Australia markets are expected to be manufactured in Tritium’s Brisbane factory, which has a capacity of 5,000 units per year.

This announcement comes two months after Tritium CEO Jane Hunter joined bp CEO Bernard Looney for the Australia launch of bp’s global electrification brand, bp pulse. The executives appeared together to officially open the new bp pulse fast charge points at bp Bayside at Brighton East in Melbourne.

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

Forward Looking Statements

This press release includes “forward-looking statements.” 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.

Media Contacts
Jack Ulrich
media@tritium.com.au

Investor Contact
Cary Segall
ir@tritiumcharging.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b790b08-9663-48fa-9f22-e7ddb4d4aa32

FAQ

What is Tritium's largest order to date?

Tritium's largest order to date is from bp for EV charging infrastructure, covering the US, UK, Europe, and Australia.

What types of chargers are included in the bp order?

The order includes Tritium’s 50kW RTM and 150kW PKM chargers.

Where will Tritium manufacture the chargers for bp?

Tritium will manufacture the chargers at its facilities in Lebanon, Tennessee, and Brisbane, Australia.

When was the contract between Tritium and bp originally announced?

The contract between Tritium and bp was announced in April 2022.

What is the expected production capacity for Tritium's Tennessee facility?

The Tennessee facility is expected to reach a production capacity of 30,000 units per year.