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.
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.