Tritium shares surge 65 per cent after Biden's White House shout-out

Tritium shares surge 65 per cent after Biden's White House shout-out

Leading electric vehicle DC fast charger manufacturer Tritium (NASDAQ: DCFC) premiered on Wall Street late last month to establish itself as yet another Brisbane-founded unicorn, but a press conference with its CEO Jane Hunter alongside US President Joe Biden in the White House yesterday has accelerated its value past US$2 billion. 

After announcing plans for a new manufacturing facility in Tennessee that will produce up to 30,000 fast chargers a year, in step with US Government plans to roll out a network of 500,000 EV chargers, Hunter was invited to the White House as Biden highlighted his administration's ambitious electrification plans that involve companies like Tritium.

"The new manufacturing facility of Tritium as announced today is more than just great news for Tennessee. Yes it's going to create more than 500 good paying jobs in Tennessee, but it going to deliver greater dignity and a little more breathing room for workers and their families, and it's going to have a ripple effect far beyond the one state," President Biden said.

"This is great news for workers across the country, for an economy and frankly, for the planet. When we passed the bipartisan infrastructure law, we included US$7.5 billion for electric vehicle chargers, like the one Jane brought along today," he said.

"Later this week we're going to announce a state by state allocation for $5 billion in the funding for these chargers, so states can start making plans to build out what will become a national network of electric vehicle chargers."

Hunter said Tritium's mission was simple and could be summarised in two words - "electrify transportation".

"It would be an understatement to say that this has been a very exciting month for Tritium. We listed on the NASDAQ, we rang the bell on Australia Day on the 26th, and now we have this opportunity to share Tritium's US manufacturing plans with the American people," she said.

"This vision of transport powered by renewable energy has inspired our team since 2012 when we built our first fast charger - a seismic technology.

"Change is on foot here - electric cars, vans, buses, aircrafts, boats, these are the future of transportation and for nations to prosper and gain economic benefit from this transition, they must be leaders in both the EV uptake on one hand, and the supporting infrastructure and energy roll-out on the other."

Hunter said nations that are at the forefront of this electric future will benefit economically and see a very substantial improvement in human health and the environment "by acting rapidly and with courage".

"That's what America will achieve with President Biden's bipartisan infrastructure law. In the 1950s, the United States had the foresight to build the unparalleled US highway system - this administration's forward thinking vision to electrify that system is going to help American families," she said.

"It decouples the cost of running the family car or driving to work from the fluctuations of the price per barrel of foreign oil. 

"With this charging network in place, Americans are going to have access to fast, safe and reliable charging, enabling drivers to cross the wide open plains of the US; the mountains, the national parks, and navigate the metropolises from New York to LA."

She said production at the Tennessee facility would begin during the northern hemisphere autumn, with an initial capacity to build more than 10,000 fast charger units per year with room to expand to 30,000.

"By enabling EV owners to drive anywhere, Tritium is going to help fulfil the US target for 50 per cent of new cars sold to be electric by the year 2030, and will support US economic ambitions to grow on-shore advanced manufacturing in advanced technologies, while also growing jobs that don't leave anyone behind," Hunter explained.

"We look forward to powering American EVs with American made fast chargers designed and hardened in the world's toughest conditions Down Under. Tennessee, we can't wait to get started."

After a lacklustre start to its IPO, completed through a special purpose acquisition company (SPAC), shares fell initially just below $10 per share down to a low of $6.50. DCFC shares jumped back close to earlier levels following the Tennessee manufacturing announcement and propelled 65 per cent higher overnight to $15.70.

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