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Tritium Closes Business Combination with Decarbonization Plus Acquisition Corp. II.

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MANews-(C)2009-2022

Australia-based electric vehicle charging systems provider Tritium has completed its business combination with US-based blank check company Decarbonization Plus Acquisition Corp. II to take Tritium DCFC Ltd. Public, the company said.

Tritium's ordinary shares and warrants are expected to commence trading tomorrow, January 14, 2022, on the NASDAQ, under the ticker symbols "DCFC" and "DCFCW," respectively.

DCRN's stockholders approved the transaction at a special meeting of stockholders held on January 12, 2022.

As a public company, Tritium's position as a leader in DC fast chargers for EVs is further strengthened. Jane Hunter, chief executive officer, will continue to lead Tritium's operations, alongside co-founders James Kennedy (chief technology officer) and Dr. David Finn (Chief Vision officer), and executives David Toomey (Chief Strategy officer) and Michael Hipwood (chief financial officer).

As part of the business combination, Robert Tichio, previously the chairman of the board of directors of DCRN, will join Tritium's board of directors as chairman.

EV Charging Sector Expected to Experience Significant Growth to 2040 and Beyond

With global EV sales expected to have surpassed 6.3m last year and with global passenger EV sales expected to grow at a compound annual growth rate of 17% through 2040, the world's transportation is rapidly electrifying.

Sufficient public charging infrastructure will be critical to enabling this transition to e-mobility, and fast charging provides the greatest value across the EV charging value chain.

Through fast charging, drivers can get back on the road within minutes instead of hours, and charge point operators are able to set prices appropriately for this premium experience.

Tritium said it expects the capital raised through the transaction, together with its anticipated additional funding, to help fund its growth as a...

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