Exicom to acquire Tritium for USD 29.6 million

Headquartered in New Delhi, India, Exicom Tele-systems Limited (NSE: EXICOM), an Indian manufacturer of Electric Vehicle (EV) chargers, announced that its subsidiary, Exicom Power Solutions B.V. Netherlands, along with other subsidiaries, has entered into a definitive agreement to acquire the business and assets of Tritium, a company specializing in DC Fast Chargers based in Australia.

The Tritium Acquisition, with a total cost of up to USD 29,630,444, involves an initial payment of up to USD 6,130,444 before completion and a final payment of up to USD 23,500,000 upon completion, subject to the Business Sale Agreement. The acquisition is expected to close on or before August 31, 2024, or another mutually agreed date.

Tritium, which has sold over 13,000 DC Fast Chargers in 47 countries, designs and manufactures hardware and software for liquid-cooled DC Fast Chargers for electric vehicles. Founded in 2001, Tritium’s chargers are designed for use in various environments and aim to simplify installation, ownership, and operation.

This acquisition includes Tritium’s manufacturing facility in Tennessee, USA, and its engineering center in Brisbane, Australia. With this expansion, Exicom aims to enhance its global presence and reinforce its focus on research and development in the EV charging sector. The combined product offerings of Exicom and Tritium are expected to support various use cases globally and contribute to the expansion of EV infrastructure.

Anant Nahata, CEO, Exicom said, “This acquisition is in line with Exicom’s strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility. Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions. We look forward to working with Tritium’s employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe.”

According to BloombergNEF’s “Economic Transition Scenario,” which forecasts EV growth based on current techno-economic trends, electric vehicles are projected to account for 45 percent of global passenger-vehicle sales by 2030 and 73 percent by 2040.

Also read: Exicom partners with Hubject to bring Plug&Charge to India