EV fast charger developer Tritium to go public via SPAC merger at $1.2B valuation –
Summary
This time, it’s Tritium, a Brisbane-based developer and producer of direct current fast EV chargers that is taking the SPAC path to the public market in a deal valuing the company at $1.2 billion. Tritium will be listed under the ticker “DCFC.” This particular SPAC deal is unusual in that it does not include private investment in public equity, or PIPE — a fundraising round that typically occurs at the time of the merger and injects more capital into the company. Tritium’s largest market is Europe, which composes around 70% of the company’s revenue, followed by North America at 20% and Asia at 10%, Hunter told investors Wednesday. According to analysts Grandview Research, the EV charging infrastructure market was valued at $2 billion in 2020. President Joe Biden said building out a national EV charging network was a key priority under his proposed $2 trillion infrastructure plan.