Streetwise Live! Presents Algernon Pharmaceuticals on 02/10/2022. Learn More

Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

TICKERS: DCFC

Australian Co. to Build EV Charger Mfg. Plant in US
Trending Company

Share on Stocktwits

Source:

Shares of Tritium Dcfc Ltd. traded 35% higher after the company reported it plans to open a new electric vehicle fast charger manufacturing facility in Tennessee.

Global manufacturer of direct current (DC) fast chargers for electric vehicles (EVs) Tritium DCFC Ltd. (DCFC:NASDAQ) today announced plans to expand its footprint in the United States by creating a new manufacturing facility in Lebanon, Tenn. The primary goals of the new facility will be to help increase sales, localize production, and expand U.S. EV charging infrastructure.

The company stated that the newly commissioned manufacturing operation will include up to six production lines to make its DC fast chargers, including "Tritium's award-winning RTM and all-new PKM150 models."

The new production facility expects to add 500 new jobs to the local economy over the next five years. The company plans to initially make 10,000 DC fast charger units per year and will strive to grow that amount to a peak capacity of around 30,000 units.

The firm indicated that "all chargers produced at the facility are expected to comply with applicable Buy America Act provisions under Federal Highway Administration (FHWA) requirements for domestic sourcing."

Tritium explained that the U.S. Infrastructure Investment and Jobs Act is expected to include $7.5 billion for building a network of 500,000 EV chargers on U.S. highways.

Bill Lee, Governor of the State of Tennessee commented, "I welcome Tritium to Tennessee and thank the company for its commitment to create more than 500 new jobs in Wilson County…Our state's highly-skilled workforce and position as a leader in the EV industry continue to attract companies like Tritium to Tennessee."

The firm stated that its expansion in the U.S. is part of a global trend to make fast and convenient EV charging solutions available to the masses.

The company advised that production at the new facility is expected to commence in Q3/22. The Tennessee location is expected to serve as a hub to increase Tritium's sales and distribution in the U.S.

Tritium stated that to date it has already successfully delivered more than 3.6 million high-power charging sessions in 41 countries. In the latter half of 2021, the firm increased its presence in the U.S. market. During CY/21, the company generated approximately 43% of its revenues in the U.S. and an equal amount of 43% in Europe.

The firm advised that it also intends to increase its manufacturing capacity in Europe in 2023 either through expansion of existing facilities or by adding new ones.

The company's Chief Executive Officer Jane Hunter remarked, "Tritium's investment in a U.S.-based, cutting-edge facility for manufacturing is part of our strong push toward global growth in support of the e-mobility industry. … 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 U.S.," Hunter added.

Tritium designs, sells, and manufactures proprietary hardware and software that goes into making advanced DC fast chargers for electric vehicles. The company stated that its chargers are built to be compact and reliable with the capability to operate under harsh usage and weather conditions. The firm says that "its chargers are designed to look great on Main Street."

Tritium started the day with a market cap of around $926 million with approximately 135.4 million shares outstanding. DCFC shares opened more than 15% higher today at $7.89 (+$1.05, +15.35%) over yesterday's $6.84 closing price and reached a new 52-week high price this morning of $11.90. The stock has traded today between $6.85 and $11.90 per share and is currently trading at $9.22 (+$2.38, +34.80%).

[NLINSERT]

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.




Want to read more about Alternative Energy investment ideas?
Get Our Streetwise Reports Resources Report Newsletter Free and be the first to know!

A valid email address is required to subscribe