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Tuesday, January 31, 2023

Tritium (NASDAQ: DCFC) Confirm Expansion Plan in America

Tritium DCFC Limited Ordinary Shares (NASDAQ: DCFC) disclosed that it has decided to strengthen its position in America by growing its American footprint. The company has launched a new manufacturing facility in Lebanon, Tennessee. The location is anticipated to lodge more than six production lines for Tritium’s DC fast chargers, including the Company’s award-winning RTM and all-new PKM150 models.

Tritium’s presence in the United States is part of a global trend aimed at making electric vehicle charging more accessible to the general public. Production is due to commence in the third quarter of 2022 at the Tennessee facility. Moreover, the new facility is presumed to help the Company widen its worldwide effect beyond the more than 3.6 million high-power charging sessions it has already offered across 41 countries and enable delivery throughout the United States, where the Company has recently witnessed revenue growth as a proportion of its overall revenue mix.

Furthermore, the new plant is expected to bring more than 500 employment to the area over the next five years. All chargers made at the factory are intended to meet Buy America Act requirements for domestic sourcing as forth by the Federal Highway Administration (FHWA). Additionally, the Infrastructure Investment and Jobs Act (Bipartisan Infrastructure Law) is likely to give $7.5 billion of investment for installing a network of 500,000 EV chargers along highway corridors in the United States.

Tritium revealed that its investment in a cutting-edge manufacturing plant in the United States is part of the company’s massive push toward worldwide growth in support of the e-mobility industry. On this project, the company is delighted to collaborate with the federal government and the state of Tennessee. The company expects to double or possibly triple its charger manufacturing capacity with the support of Tennessee’s industrious people, allowing it to expand its product distribution across the United States.

Earlier, Tritium confirmed that it had finalized its earlier declared business merger with Decarbonization Plus Acquisition Corporation II. Tritium’s ordinary shares and warrants have started trading on the Nasdaq on January 14, 2022, under the ticker symbols “DCFC” and “DCFCW,” respectively.

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