The Aussie EV charging station maker opens its own state-of-the-art testing facility…
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Yesterday was an electrifying day for Tritium as the fast-charging station maker for electric vehicles (EVs) opened its own world-class testing facility. Yet, Tritium isn’t planning on an ASX listing anytime soon.
Accompanied by Queensland deputy premier and minister for state development Steven Miles, the Tritium team officially opened one of the world’s largest and highest-powered testing facilities. The key development comes as the company readies for its Nasdaq listing.
Additionally, the opening is less than two weeks after Tritium’s CEO shared an upbeat belief for an EV future. At a summit held by the Australian Financial Review, CEO Jane Hunter shared the expectation that EVs will be cheaper than internal combustion vehicles in the next four years.
Tritium brings testing capability in-house
In an exciting move for the Australian EV charging company, Tritium opened its own electromagnetic compatibility (EMC) testing chamber yesterday. In simple terms, this facility enables the testing of EV charging equipment under a wide range of conditions. Unfortunately for investors, the Tritium opportunity can’t be found on the ASX.
According to the release, Tritium will be able to test both full charging systems and individual components under a range of temperatures, power loads, and impacts. For example, one of the facility’s thermal chambers can produce temperatures between -70 degrees celsius and 180 degrees celsius.
This enhanced in-house capability means the company will now be able to accelerate testing, prototyping, compliance, and certification. As a result, the road from design to market for Tritium products will be much shorter.
The company highlights how many EV charger manufacturers rely on publicly accessible EMC testing facilities. Because of this, companies must book in ahead of time and wait their turn for assessing a design. This process can be strenuous and time-consuming.
Commenting on the new facility, Tritium chief technology officer and co-founder James Kennedy said:
We now have the freedom to test a charger at a moment’s notice and for as long as we need, to ensure our chargers not only meet the thresholds required for compliance but exceed them.
Additionally, the facility is capable of delivering up to 720 kilowatts of regenerative power from its integrated system. This ensures the company is able to test even the most power-demanding of devices.
Tritium on the Nasdaq, not ASX
Some investors might be wondering how to get their hands on Tritium shares. Currently, the company is expected to merge with a special purpose acquisition company (SPAC) known as Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN). This is set to occur sometime between December 2021 and January 2022.
The listing has been highly anticipated since we first covered the Tritium story back in June this year. However, ASX investors who want a slice will need to keep their eyes on the US Nasdaq exchange. Until then, the EV charging company remains a private company.
The post Tritium opens world-class facility in Brisbane but still no plans for ASX listing appeared first on The Motley Fool Australia.
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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.