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Two weeks after listing on the NASDAQ, Brisbane-based electric vehicle (EV) DC fast charger manufacturer Tritium (NASDAQ: DCFC) has announced plans for expansion of its US presence with a new manufacturing facility in Tennessee.
The facility, in the town of Lebanon, is expected to house six production lines for the company’s DC fast chargers and is also anticipated to bring more than 500 jobs to the region over the next five years.
The company says the move is part of an effort to increase sales, localise production and expand EV charging infrastructure in the US, as well as tap into a $7.5 billion investment pool from the US government established to deploy a network of 500,000 EV chargers along highway corridors.
Production is expected to start at the Tennessee facility sometime in the third quarter of 2022.
Following release of the announcement, shares in DCFC closed up nearly 40 per cent, pricing Tritium at $9.54 per trade.
According to after hours data, shares in the company have spiked by a further 12.68 per cent to hit $10.75 per share - back above the company’s debut price of $9.32.
The announcement comes as Tritium has seen its US revenue flourish. Based on preliminary revenue figures for the year ended 31 December 2021, the US accounted for approximately 43 per cent of its revenue, compared to 23 per cent the year prior.
“Tritium’s investment in a US-based, cutting-edge facility for manufacturing is part of our strong push toward global growth in support of the e-mobility industry,” Tritium CEO Jane Hunter said.
“We are thrilled to work with the U.S. Federal government and the State of Tennessee on this initiative.
“With the help of the hard-working residents of Tennessee, we expect to double or even triple our charger production capacity to further our product distribution throughout the United States.”
The move has also been welcomed by the Governor of Tennessee Bill Lee.
“I welcome Tritium to Tennessee and thank the company for its commitment to create more than 500 new jobs in Wilson County,” Lee said.
“Our state’s highly-skilled workforce and position as a leader in the EV industry continue to attract companies like Tritium to Tennessee.”
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