Image source: Getty Images
Key points
- Direct-current fast-charger manufacturer Tritium is now on the Nasdaq
- Shares in the company have slipped to the downside since listing
- Plans to construct a manufacturing facility in the United States are underway
It has nearly been two weeks since electric vehicle fast-charging company Tritium listed on the Nasdaq.
The Brisbane startup-turned-DC-fast-charger icon has shared in the excitement of becoming a publicly listed company after merging with the Decarbonization Plus Acquisition Corporation II SPAC. As a result, Tritium now trades as Tritium DCFC Limited (NASDAQ: DCFC).
But what has the honeymoon period been like for Tritium?
Let's take a closer look.
How's Tritium been tracking?
After receiving approval from shareholders, Tritium joined forces with its SPAC and hit the Nasdaq decks on 14 January. Since then, the company's shares have succumbed to some selling pressure on the market. As a result, the Tritium share price is down 12.3% to US$8.09 since listing.
Though, the disappointing start to its listed life was not enough to wipe the smile off the faces of Tritium's team during the honorary ringing of the closing bell. This took place yesterday at the Nasdaq exchange in New York's Times Square.
Commenting on this milestone moment, Tritium CEO Jane Hunter said:
The transport industry is being electrified, which means it is more important than ever for EV owners to have access to rapid, reliable charging infrastructure. We are proud to provide this networked infrastructure to our customers. As a public company, we expect to continue to expand our product suite and global footprint, which has already enabled more than 3.6 million high-power charging sessions across 41 countries — delivering over 55 GWh of energy.
I want to thank the Tritium team and Board of Directors, our investors, our partners at DCRN and our transaction advisors for their support and dedication through this process.
What's next?
Not ones to rest on their laurels, the Tritium team is already looking ahead to the next achievement to tick off the list. This time around the company is seeking to set up a manufacturing facility in the United States before the end of September.
The selected site for the US facility is expected to be announced within the next few weeks. According to Tritium co-founder and executive director David Finn, the development will be essential to achieving significant production growth.
Finn said:
It will be massive for us. The capacity at our Brisbane facility is about 5000 pieces per annum, and the US facility will double that. It will be huge.
Following this, Tritium plans to look towards Europe to build upon its growth even further.
