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Tritium taps coal baron to ‘triple’ manufacturing of EV fast chargers

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Brisbane-based designer and manufacturer of electric vehicle fast chargers, Tritium, has raised $10 million from Queensland businessman and BRW Rich Lister, Brian Flannery, a man who happens to have first made his fortune investing in coal.

The fund-raising will be used by Tritium to finance the launch of three new products, including an ultra-fast, high powered charger up to 475kW; a DC charger for work places, fleets and high-density living; and a 12kW Bi-directional DC home charger.

Tritium copy

The money will also be used to “triple” Tritium’s manufacturing capacity, and to build on its global expansion, with its award-winning range of Veefil chargers already currently operational across 22 countries world-wide, including Germany, China, the UK and the US.

Flannery – who in May was ranked number 67 on the 2017 BRW 200 Rich List, and who now has a diverse investment portfolio across a broad range of sectors – said he had been watching the progress of Tritium and the EV infrastructure sector for some time, and admired the company’s management team.

“I can see that a tipping point has been reached in this market,” he said in comments on Monday. “Tritium has been at the forefront of innovative development in the fast-charging sector and its sustained growth and future expansion programme has convinced me that this is the right time to invest.”

“Suppliers like Tritium, with good products, will lead the market. The fact that it is an Australian-designed product, makes this investment even more attractive to my family investment company”, he said.

The $10 million cash injection from Flannery follows a $5 million equity raise in March 2017, and a $2.5 million investment from the Queensland government’s recently-launched Business Development Fund.

“Our unique technology has been recognised as the most advanced in its class,” said Tritium CEO David Finn, on Monday.

“This latest investment will facilitate the delivery of our sales pipeline for three new products, the tripling of our manufacturing capability and the further development of our international expansion – particularly in the US and Europe.”

Between Q4 2017 and Q2 2018, Tritium will extend its Veefil range of fast chargers with three products:

– Veefil-PK: an ultra-fast, high powered charger up to 475kW;

– Veefil-WP: a DC charger for work places, fleets and high-density living;

– Veefil-ME: an innovative 12kW Bi-directional DC home charger.

Flannery made most of his fortune from the $530 million  sale of Felix Resources to Chinese firm Yanzhou Coal in 2009. He is also managing director of White Energy, a coal miner which has lost 50 per cent of its share value in past 12 months.  

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  • RobertR

    Given that there is currently only one non-Tesla fast charging station (at Byron Bay) between the Gold Coast and Wollongong, maybe Tritium will now be able to invest in filling in a few gaps.

  • raaj

    fast charging means how …as fast as filling the gas tank or like car battery

    • Rob Longmore

      475Kwh charger will charge my car to full in about 2.5 minutes.

      • Alastair Leith

        Geez! Can the battery take it?

    • Miles Harding

      Probably not.
      This sort if charger will be most useful for a bus fleet, where the ‘cars’ have 300 to 500 kwh batteries.

      In reality, once the charge rate gets to 200 or 300 kph, it becomes largely irrelevant. – it’ll add the next 2-hour leg in your pee & tea break. For a car like a Zoe, this means about 50kw.

      It looks that the motoring press have forgotten “RaAaAAnge anxeity” and have seized on another piece of nonsense, so they can continue to say “electric cars won’t work in the real world until we have X” from their vantage point of high speculation and ignorance.

  • Marc Talloen

    Sophie, I wonder what the market target is for the 12kW Bi-directional DC home charger. Could you ask them to reveal a little more about that?