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Global electric vehicle (EV) fast charger developer and manufacturer Tritium (NASDAQ: DCFC) is on a roll in the UK after a customer upped the ante on its orders, reaching a deal to buy 250 additional rapid chargers from the Brisbane-based company.
The latest agreement with Osprey Charging Network, one of the fastest growing in the sector in the UK, comes within five months of an initial announcement to buy 110 rapid chargers from Tritium.
Just over two weeks ago Tritium also entered into a multi-year contract with BP to supply its network with an initial order of just under 1,000 chargers for the UK, Australian and New Zealand markets.
The announcement overnight follows the release of a new EV charging network strategy set out by the UK government aiming to provide robust and fair access in all major infrastructure areas across the country with improved consumer experience, as well as support for those without access to off-street parking and for fast charging on longer journeys.
According to a recent study by the Competition and Markets Authority, the UK is expected to require at least 280,000 to 480,000 public charging points by 2030 – equivalent to almost five times the number of fuel pumps on our roads today.
"It’s really encouraging to see the UK government proactively driving the transition to electric transportation in such a strategic manner through their Ten Point Plan for a Green Industrial Revolution, creating and supporting up to 250,000 green jobs," says Tritium CEO Jane Hunter.
"In 2021, approximately 190,727 new electric vehicles were sold in the UK, a staggering increase of 76 per cent compared to 2020, setting a new record for the country and a strong indicator of the UK’s technology switch.
"We’re delighted to strengthen our relationship and key partnership with Osprey to support their infrastructure coverage goals and increase access to rapid charging, enabling drivers to transition to EVs with a fast, reliable and convenient charging experience."
The partnership between the two companies has come a long way since Osprey announced the installation of its first Tritium RTM75 charger in April last year, and the next roll-out across 100 new charging destinations will grow Osprey's network by more than half.
"As an independent charge point operator, we have the freedom to work with the very best hardware companies so that we can provide the very best experience for our customers,” says Osprey CEO Ian Johnston.
"We have already installed Tritium rapid chargers at many of our most popular locations, including sites with improved accessibility and at our South London high-power charging hub.
"We are excited to add the dynamic load-balancing PKM chargers to our rapidly expanding UK network, optimising charger output across a number of cars plugged in simultaneously and ultimately improving driver experience. Tritium is an instrumental partner in helping Osprey deliver on our goal of creating a high quality, inclusive, reliable charging network that’s worry free and accessible for all."
Tritium shares rose just 0.46 per cent on the announcement to $8.78, and are down 14.34 per cent over the past month.
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