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%).
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