Tritium Combines Business with DCRN; Soon to List on Nasdaq

Brisbane-based electric vehicles (EVs) fast chargers manufacturer, Tritium has signed a definitive agreement to combine its business with Decarbonization Plus Acquisition Corporation II (DCRN), which would result in Tritium becoming a publicly listed company.

May 27, 2021. By Manu Tayal

Brisbane-based electric vehicles (EVs) fast chargers manufacturer, Tritium has signed a definitive agreement to combine its business with Decarbonization Plus Acquisition Corporation II (DCRN), which would result in Tritium becoming a publicly listed company.

DCRN is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination.

Upon closing of the transaction, Robert Tichio, Chairman of DCRN will join the Board of the combined company, which will be named as Tritium and is expected to be listed on the Nasdaq under the new ticker symbol ‘DCFC’.

Founded in 2001 by e-mobility pioneers Dr. David Finn, James Kennedy, and Dr. Paul Sernia, Tritium designs, develops, and manufactures proprietary hardware for advanced and reliable DC fast charging.

The company has a two-decade history in advanced power electronics and electric transportation, starting as a developer of technology for solar race cars and other extraordinary projects. 

Commenting on the partnership, Jane Hunter, Chief Executive Officer of Tritium said, “the agreement between Tritium and DCRN is a vote of confidence in Tritium’s vision and market viability as well as the e-mobility industry as a whole. We plan to expand to three global manufacturing facilities, expedite product development, grow our global sales and service operations teams, and so much more. This agreement funds that growth plan, enabling us to expand our business operations, enhance our products, and provide even more services to our customers.”

“As the wave of investment capital directed to environmental, social, and corporate governance (ESG) goals continues its acceleration, we believe a publicly traded Tritium will serve as a valuable core holding for ESG investors. We look forward to working with Jane and the entire Tritium team to speed the efficient electrification of global transport,” Robert Tichio, Chairman of DCRN added.

The transaction is anticipated to generate gross proceeds of approx US$403 million cash, assuming minimal redemptions by DCRN’s public stockholders. The funds will be used to fund operations and growth. The pre-money enterprise value of the combined company is US$1.4 billion at the price of US$10 per share, excluding cash to go to the balance sheet.

Former Boeing executive Jane Hunter will continue as the CEO of Tritium, alongside co-founders James Kennedy as Chief Technology Officer and Dr. David Finn as Chief Growth Officer.

The boards of directors of both Tritium and DCRN have approved the proposed transaction, subject to, among other things, the approval by DCRN’s stockholders and satisfaction or waiver of other conditions stated in the definitive documentation, including the waiver or expiration of a Tritium shareholder’s right to acquire Tritium under the shareholder’s deed in relation to Tritium.

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