Tritium goes public with Decarbonization Plus Acq Corp II
Tritium, a Brisbane-based developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), and Decarbonization Plus Acquisition Corporation II, today announced a definitive agreement for a business combination that would result in Tritium becoming a publicly listed company.
Upon closing of the transaction, the combined company will be named Tritium and is expected to be listed on the NASDAQ and trade under the new ticker symbol “DCFC.”
The transaction will provide gross proceeds of up to approximately US$403 million (AUD$520 million) to Tritium, assuming minimal redemptions by DCRN’s public stockholders, to fully fund its growth as a technology market leader in the DC fast charging space for electric vehicles.
Tritium is valued at US$1.2 billion (AUD$1.55 billion) in connection with the transaction.
The transaction is expected to provide capital to grow Tritium’s operations to three global, full-scale manufacturing facilities, with investment in a new production facility in Europe, expansion of its Los Angeles site, and further development of the Brisbane facilities.
Tritium is the only pure-play DC fast charging manufacturer, with a global sales and support reach servicing customers in 41 countries across 4 continents.
The boards of directors of both Tritium and DCRN have approved the proposed transaction, subject to, among other things, the approval by DCRN’s stockholders and satisfaction or waiver of the other conditions stated in the definitive documentation, including the waiver or expiration of a Tritium shareholder’s right to acquire Tritium under the shareholder’s deed in relation to Tritium.
Latham & Watkins LLP (US), Corrs Chambers Westgarth (Australia), and the Australian Partnership of Ernst & Young are advising Tritium during the transaction and DCRN is advised by Vinson & Elkins L.L.P. (US) and Clifford Chance LLP (Australia). Credit Suisse served as the exclusive financial advisor to a shareholder consortium that owns a substantial majority and control stake in Tritium and JPMorgan and Citigroup served as financial advisors to DCRN.Read more