Australian electric vehicle (EV) charging technology manufacturer Tritium has closed a $45 million debt private placement to US-based investor Cigna Corporation.
Brisbane-based Tritium says the funds will be used to refinance a trade finance facility and to increase production capacity as the business expands into the Americas, Europe and Asia.
This investment will accelerate Tritium's production in the coming months to satisfy the large number of orders on hand from a diversified blue-chip customer base.
To date Tritium has deployed more than 4,500 charging stations and provided over 600,000 plus charging sessions in more than 33 countries.
"We are very proud that, despite the deal being negotiated through the worst volatility of the COVID-19 crisis, Cigna recognised the immense value in Tritium's differentiated technology and global market position, underpinned by exponential sales growth for the last five years," says David Toomey (pictured right), Tritium's head of corporate development.
"Raising a significant amount of debt for a growth company in the midst of a pandemic was extremely challenging, with the transaction being given a low chance of success.
"It's a testament to the team and Tritium's DNA that the company has developed the business fundamentals required to now become a credit-worthy organisation attracting international debt investors."
According to Tritium CEO Jane Hunter (pictured left), the company's order backlog has tripled thanks to some large deals in Europe, the US and Australia.
"This is a welcome capital injection as the company continues to grow operations and invests in new product development and global marketing," says Hunter.
"There are some exciting deals and product launches ahead for Tritium, and we have an incredibly dedicated team helping to grow this Australian manufacturing success story.
"The recent orders are on the back of more traditional sectors such as fuel retail, automotive and utilities joining the rollout of EV charging infrastructure and the general acceleration of electric vehicle uptake in Europe and the US."
Business News Australia
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