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Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN) announced that over 96% of stockholders voted in favor of the business combination with Tritium Holdings Pty Ltd during a special meeting held on January 12, 2022. The business combination is set to close on January 13, 2022, and Tritium DCFC Limited's shares will begin trading on NASDAQ under the symbols "DCFC" and "DCFCW" on January 14, 2022. Tritium designs and manufactures DC fast chargers for electric vehicles, focusing on continuous innovation in its offerings.
Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW, DCRNU) announced that Tritium Holdings and its new entity, NewCo, have waived the minimum cash condition for their upcoming business combination. This condition previously required a minimum cash amount of $200 million. Following the closing expected on January 13, 2022, NewCo plans to pursue further financing, including a possible $45 million backstop commitment from existing shareholders. Post-closing, NewCo aims to have approximately $120 million in cash, but faces significant deferred fees and long-term indebtedness totaling around $90 million.
Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN,DCRNU) announced that 52.35% of outstanding shares and 96.69% of voted shares approved the Business Combination proposal with Tritium. The special meeting is set for January 12, 2022, at 10:00 a.m. ET. The majority voted in favor of the NewCo Constitution and Adjournment proposals as well. Tritium specializes in DC fast chargers for electric vehicles, emphasizing innovation and reliability. This merger aims to advance decarbonization efforts in various sectors.
Tritium Holdings reported record sales and revenue in its latest press release, revealing $41 million in Q4 2021, leading to an annual total of $78 million. Sales surged 136% from 2020, totaling $141 million. Despite logistics challenges impacting revenue forecasts, Tritium's backlog grew to $82 million, indicating strong future demand. The company is advancing its production capacity and recently secured a major contract with Shell. A meeting regarding its merger with Decarbonization Plus Acquisition Corporation II (DCRN) is scheduled for January 12, 2022.
Decarbonization Plus Acquisition Corporation II (DCRN) urges its stockholders to support the merger with Tritium Holdings Pty Ltd, a key player in DC fast charging technology for electric vehicles. Stockholders of record as of December 6, 2021, are encouraged to vote ahead of the Special Meeting on January 12, 2022. DCRN's board recommends voting 'FOR' the business combination. The proxy statement has been mailed, and stockholders can vote online, at the meeting, or by mail. This merger is seen as a strategic move to enhance DCRN's position in the low-carbon technology sector.
Aqua superPower and Tritium Holdings have partnered to establish the first global marine fast charging network for electric boats. Aqua is expanding its network with installations in popular locations and plans to add 150 chargers next year. Tritium's DC fast chargers will enhance charging speed and efficiency, critical to e-boat adoption. The collaboration aims to electrify marine transportation, reducing environmental impact while supporting both commercial and recreational use. The electric boat market is projected to exceed $20 billion by 2027, with over 1 million electric boats anticipated by 2030.
Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW, DCRNU) has filed a definitive proxy statement regarding its business combination with Tritium Holdings Pty Ltd, a developer of DC fast charging technology for electric vehicles. The Special Meeting for stockholders is set for January 12, 2022, to approve the merger. Stockholders must vote by January 11, 2022, to participate. The DCRN Board recommends voting in favor of the combination to facilitate a smooth transition and capitalize on market opportunities.
Tritium will supply 110 rapid electric vehicle chargers to Osprey Charging Network, boosting its UK network by 25% across 40 new locations. This expansion addresses the UK's anticipated 10-fold increase in charging points needed by 2030, as highlighted by the Competition and Markets Authority. With 15% of British car sales being electric in September, Tritium's technology aims to facilitate the transition to electric transport, aligning with London's climate goals for net zero emissions by 2030.
Tritium has launched the PKM150, the first charger in its innovative PKM line, which features a unique shared power architecture aimed at enhancing EV charging efficiency. This modular fast charging system allows operators to reduce capital investments while increasing the number of available charging stations. The PKM150 is designed to handle power outputs of 50kW, 100kW, or 150kW, leveraging Tritium's established DC fast charging technology. This announcement coincides with Tritium's reported strong sales in Q3 2021 and an upcoming public listing on Nasdaq through a merger with Decarbonization Plus Acquisition Corporation II (DCRN, DCRNW, DCRNU).
Tritium Holdings has entered a US$90 million debt facility with Cigna Investments and Barings LLC. This funding aims to bolster Tritium's liquidity and provide additional working capital, essential for its growth and operational stability. The proceeds will refinance existing debts and extend funding availability until 2024, coinciding with the anticipated business combination with Decarbonization Plus Acquisition Corporation II (DCRN). The facility will not impact cash from DCRN's trust account and is expected to enhance Tritium's financial foundation.
