Electric vehicle (EV) fast charger manufacturer Tritium (Nasdaq: DCFC) has this week celebrated the opening of its first US-based facility in Lebanon, Tennessee, building out its capacity to electrify transportation across America and beyond.
The facility, which boasts six production lines, will employ more than 500 Tennesseans over the next five years and produce up to 30,000 DC fast-charger units per year at peak capacity.
Tritium expects to start production on its fast charger ‘PKM150’ early next year, which is compatible with all EVs and is expected to fulfil US government requirements for the recently enacted Inflation Reduction Act (IRA).
The IRA provides $370 billion for climate-change initiatives to help reduce carbon emissions by roughly 40 per cent by 2030. In addition, Tritium says the PKM150 is expected to meet Federal Highway Administration (FHWA) Buy America Act standards in Q1 2023, making the charger an “ideal candidate” for future federal government funding.
“The opening of our Tennessee factory is an important milestone for Tritium, for Tennessee and, most importantly, for American drivers. As many as 35 million electric vehicles are expected to be in use by 2030 and those vehicles will require more powerful and convenient charging infrastructure,” says Tritium CEO Jane Hunter.
“It’s crucial that America’s charging infrastructure is built right here in the US. Americans will rely on it to get to work, to school, to doctor’s appointments, and more. It needs to be reliable, and it needs to be able to grow to meet their needs.
“And when we make chargers here in the US, we reduce supply chain and shipping delays, and we help build the manufacturing ecosystem that will employ more Americans.”
The milestone comes two months after Tritium secured a key partnership with one of the UK’s leading service station operators to add more than 100 fast chargers to Motor Fuel Group’s (MFG) network.
It also follows rapid expansion in the US by the dual-listed, Brisbane-based EV charging technology innovator, which even received a shout-out from President Joe Biden for the company’s role in building the nation’s charging infrastructure.
The announcement saw shares in Tritium rise 13.85 per cent at the close of trade in the US to $7.31 per share. However, the share price is still half of its historic peak of around $15, achieved in February shortly after the company made its Nasdaq debut.
Tritium COO Glen Casey describes the newly opened facility as “world-class”.
“I’ve worked in manufacturing for more than 30 years and I can truly say that this new facility is world-class,” Casey says.
“Like our products, we’ve designed our manufacturing process to be modular and scalable. This design allowed us to bring the Tennessee factory online in five months, which is one of the fastest setup times I’ve experienced in my career.
“Our Tennessee staff are exceptionally well trained and experienced, and I look forward to continuing to work with them to build the fast-charger infrastructure required to electrify global transportation.”
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