It's been a big week of news for Tritium DCFC Ltd (NASDAQ: DCFC), and today is no different.
While most of Australia slept last night, the Brisbane-based designer and manufacturer of electric vehicle fast chargers saw its stock take off, gaining 64.57% in Wednesday's session.
That's on top of Tuesday's 40% gain. As of Wednesday's close, which occurs on Thursday morning AEDT, the Tritium share price is US$15.70.
However, it's dropped 8% in after-hours trading.
Let's take a look at what's been driving the Tritium share price and the company's future plans.
Image source: Getty Images
What's electrifying the Tritium share price this week?
As The Motley Fool Australia reported yesterday, Tritium CEO Jane Hunter met with United States President Joe Biden on Tuesday to announce a new manufacturing facility to be built in Tennessee.
The facility will produce 10,000 electric fast chargers each year, with the capacity to produce up to 30,000 annually.
The news came as President Biden announced that US$5 billion of a US$7.5 billion fund package will be dispatched to states this week.
The funds will go towards installing what he says will be "a national network of electric vehicle chargers" across the United States.
What's next for Tritium?
Tuesday's news is just the start of what could become a series of exciting updates to boost the Tritium share price.
The company is expecting production at its new Tennessee facility to begin in the September quarter of 2022. Hunter said the facility will help Tritium double or triple its United States production in the United States.
Tritium also said it's planning to announce the expansion of its European manufacturing capacity in 2023. It will do so either through expanding its existing facilities or establishing new facilities.
Additionally, it announced that preliminary figures show 43% of its 2021 revenue came from the United States. Another 43% came from Europe.
For comparison, for the 12 months ended 30 June 2021, 23% of Tritium's revenue came from the United States while 68% came from Europe.
