Tritium, an Australian-based leader in direct current fast chargers for electric vehicles, announced Jan. 13 the completion of its business combination with California-based Decarbonization Plus Acquisition Corporation II (DCRN) to take Tritium DCFC Limited public.
Decarbonization Plus Acquisition Corporation is a blank check company that effects a “merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses,” according to its website.
The combined company’s ordinary shares and warrants began trading on NASDAQ Jan. 14 under the ticker symbols ‘DCFC’ and ‘DCFCW,’ respectively,” a recent press release stated. “(The) deal, (combined) with anticipated additional funding, (is) expected to allow Tritium to further its growth in providing leading fast charging hardware and software to EV charging customers.”
Stockholders for DCRN approved the transaction Jan. 12, according to the release.
“Our transaction with DCRN is transformative for the acceleration of electrification,” Tritium’s CEO Jane Hunter said in the release. “We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium’s business operations and to help strengthen our products and services to our customers and continue to advance the e-mobility industry.”
Tritium’s goal is to reduce global emissions by electrifying transportation, Hunter said.
The company, which was founded in 2001, manufactures technology that creates direct current (DC) fast chargers for electric vehicles. It was the first company to implement Plug and Charge (ISO 15118) which enables EVs and charging equipment to communicate, authenticate, and transact seamlessly via a charging cable, according to its website.
“We are extremely pleased to see the completion of this business combination and to support Jane and the Tritium team as they continue to execute on their strategic growth plan as a public company,” Robert Tichio, incoming chairman of the board of Tritium, said in the release.