TRITIUM, the Brisbane-based technology company developing infrastructure solutions for electric vehicle (EV) markets globally, has raised A$10 million in the record time of just 10 days.
Completing the capital raising was a single investor – prominent Queensland entrepreneur Brian Flannery. The funding boost came after a $5 million equity raise in March 2017 and a $2.5 million investment from the Queensland Government’s recently-launched Business Development Fund.
Tritium’s capital raises have been led and managed by the St Baker Energy Innovation Fund, which itself was one of the early investors in Tritium in 2013 alongside the Varley Group.
Tritium is Australia’s only designer and manufacturer of EV fast chargers and its award-winning range of Veefil chargers is currently operational across 22 countries.
“Our unique technology has been recognised as the most advanced in its class,” Tritium CEO David Finn said.
“This latest investment will facilitate the delivery of our sales pipeline for three new products, the tripling of our manufacturing capability and the further development of our international expansion – particularly in the US and Europe.”
Trevor St Baker, frounder of the St Baker Energy Innovation Fund, said, Since our initial investment in Tritium in 2013, when the company first entered the EV charging market, the company has experienced tremendous international growth; developing, manufacturing and marketing its Veefil range to an impressive customer base of international infrastructure providers, including ChargePoint, Stromnetz, Fortum Charge & Drive.
“This latest round of investment will enable future growth and development that will firmly establish the company as one of the world’s leading players in this rapidly expanding sector.”
Investor Brian Flannery, has been watching the development of Tritium and the EV infrastructure sector for some time.
“I can see that a tipping point has been reached in this market,” Mr Flannery said. “Tritium has been at the forefront of innovative development in the fast-charging sector and its sustained growth and future expansion programme has convinced me that this is the right time to invest.
“I like the experience of the management and the product they export from Queensland. The fast charger market for EVs is only just emerging both in the home and along the highways.
“Suppliers like Tritium, with good products, will lead the market. The fact that it is an Australian-designed product, makes this investment even more attractive to my family investment company,” Mr Flannery said.
Tritium’s new product releases include three new Veefil models in its fast charger range: Veefil-PK, an ultra-fast, high powered charger up to 475kW; Veefil-WP, a DC charger for work places, fleets and high-density living; and Veefil-ME, a 12kW Bi-directional DC home charger.