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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.
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.
Tritium has opened a state-of-the-art compliance testing facility in Brisbane, Australia, to expedite the testing and certification of its DC fast chargers for electric vehicles. This facility features one of the world's highest power electromagnetic compatibility (EMC) testing chambers, enabling efficient product development and compliance with global standards. With capabilities to test charging systems under extreme temperatures, Tritium aims to meet the increasing demand for higher-powered DC fast chargers as the EV market grows. The facility enhances Tritium's innovation and market competitiveness.
Tritium Holdings has partnered with EVCS to expand electric vehicle charging infrastructure in California, Oregon, and Washington. EVCS will purchase over 400 Tritium fast chargers, increasing its fleet to more than 1,500 chargers, with a focus on DC fast charging. This partnership aims to alleviate range anxiety for EV drivers and capitalize on state incentives promoting EV technology adoption. Notably, Tritium recorded orders of approximately
Tritium has been awarded the title of Chargepoint Manufacturer of the Year at the Electric Vehicle Innovation & Excellence (EVIE) Awards. The company has launched several products, including the Modular Scalable Charging platform, achieving record demand and the largest order backlog in its history. Tritium's liquid cooling technology was praised by the award judges. Notable milestones include the largest universal fast charging station in the U.S. and the UK's largest high-power motorway charging site. The company is on track to complete a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW, DCRNU) in late 2021 or early 2022.
Tritium Holdings, a leader in DC fast chargers for electric vehicles, announced record results for Q3 2021, with orders reaching $55 million, up 31% from projections. Their backlog also surged to $78 million, an increase of 333% year-over-year. Production hit a record $22 million, reflecting a 64% rise from the previous quarter. The company plans to meet rising demand by expanding production capacity in the U.S. and Europe. Tritium's partnership with Decarbonization Plus Acquisition Corporation II (DCRN) is expected to finalize by early 2022, further enhancing its market presence.
