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Tritium, a global developer of DC fast chargers for electric vehicles, has announced the addition of Edward T. Hightower to its Board of Directors following its merger with Decarbonization Plus Acquisition Corporation II (DCRN). Hightower, an experienced automotive executive, has held significant roles at General Motors, BMW, and Ford. His insights into the automotive industry are expected to enhance Tritium's growth trajectory as a public company. The merger is anticipated to be completed in Q4 2021, subject to customary closing conditions.
Tritium Holdings has announced a AUD$40 million private placement led by Cigna Investments to support its global operations amid its ongoing business combination with Decarbonization Plus Acquisition Corporation II (DCRN). The funds will help fulfill existing customer orders. This follows a previous AUD$45 million placement in June 2020. Tritium, a leader in DC fast charging technology for electric vehicles, has deployed over 4,500 charging stations globally and is focusing on scaling operations in key markets like Norway and California.
Tritium and Electric Era are collaborating on a new energy storage system featuring direct current (DC) fast charging technology. This partnership aims to deploy resilient EV charging infrastructure, encouraging businesses to install more charging stations. The system can reduce power usage by 50% and operating costs by up to 30%. Tritium continues to expand globally, and their technology offers significant cost savings for operators. The agreement aligns with the upcoming U.S. Congress infrastructure bill allocating $7.5 billion for EV charging development.
Tritium has partnered with ReCharge Alaska to deploy DC fast charging solutions in Cantwell, Alaska, addressing the state's growing electric vehicle (EV) adoption and infrastructure needs. The project will utilize Tritium's RT50 chargers, specifically adapted for extreme cold, making it the only fast charging station between Fairbanks and Anchorage. Tritium's technology enables operation in temperatures as low as -31°F, with additional enhancements for even harsher conditions. This initiative supports the Biden Administration's goal of 50% EV sales by 2030.
Tritium, a leader in DC fast chargers for electric vehicles, has partnered with Solcon Industries to enhance EV charging infrastructure in Israel and Palestine. This collaboration aims to address the inadequate EV charging access in the region, supporting the growing demand amidst Israel's commitment to achieving zero carbon emissions by 2050. Notably, Tritium's technology is uniquely designed to perform well under extreme conditions. The partnership follows Tritium's planned business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW), expected to complete in Q4 2021.
Tritium has launched its first project with Miller Technology at the BHP Mitsubishi Alliance (BMA) mine in Queensland, aimed at supporting emissions reduction goals. The partnership introduces innovative fast chargers and electric vehicles for the mining industry. Tritium's RT175-S charger can provide 171 km of range in just 10 minutes and is optimized for harsh mining conditions. Miller Technology's new electric vehicle, the Relay, enhances operational efficiency with regenerative braking. This milestone aligns with BHP Group's commitment to net-zero emissions by 2050.
Tritium has partnered with Evie Networks to install over 300 RTM 50kW fast chargers throughout Australia over the next two years. Each of the 158 selected sites will feature two chargers, adding up to 50 kilometers of range in just 10 minutes. This initiative, supported by federal government policies and funding from the Australian Renewable Energy Agency, aims to enhance Australia's EV charging infrastructure, reducing range anxiety and promoting electric vehicle adoption.
Tritium and Gilbarco Veeder-Root, a Vontier Corporation subsidiary, announced an agreement to waive a call option for Gilbarco to acquire Tritium. This follows Gilbarco's minority investment in Tritium since 2018, indicating a shift towards supporting Tritium's plans to go public through a business combination with Decarbonization Plus Acquisition Corporation II (DCRN). The anticipated transaction is expected to close in Q4 2021, subject to regulatory approvals and other conditions.
Tritium has partnered with Greenlots and Baltimore Gas and Electric (BGE) to expand EV charging options in Central Maryland. The first phase includes 12 sites featuring Tritium's RT50 DC fast chargers, targeting locations like libraries and airports. Eight additional sites are planned. This initiative aims to alleviate range anxiety and support Maryland's goal of 300,000 zero-emission vehicles by 2025. The collaboration enhances BGE's existing EV charging network, which launched in 2019 with 100 fast chargers, promoting electric vehicle accessibility for residents.
Tritium and Decarbonization Plus Acquisition Corporation II (DCRN) announced a PIPE agreement with Palantir Technologies (PLTR) on July 27, 2021. Palantir will invest in Tritium DCFC Limited (NewCo) as part of the business combination with DCRN. The investment is contingent on completing the business combination and aims to enhance Tritium's technology development and market expansion. Palantir's Foundry platform will provide Tritium with advanced data analytics capabilities, supporting its growth in the electric vehicle (EV) sector.
