US healthcare giant tips $45m into Australian EV charging company Tritium

The Driven.

Australian electric vehicle charging infrastructure company Tritium has secured a $45 million investment from US healthcare giant Cigna Corporation, that will accelerate the company’s expansion into the United States.

Its one of the largest private investments in Australian electric vehicle technologies, and the investment in Brisbane-based Tritium is an enormous vote of confidence for Australia’s emerging electric vehicle capabilities, especially in a period a tough economic environment.

“We are very proud that, despite the deal being negotiated through the worst volatility of the COVID-19 crisis, Cigna recognised the immense value in Tritium’s differentiated technology and global market position, underpinned by exponential sales growth for the last five years,” Tritium head of corporate development David Toomey said.

“Raising a significant amount of debt for a growth company in the midst of a pandemic was extremely challenging, with the transaction being given a low chance of success.”

“It’s a testament to the team and Tritium’s DNA that the company has developed the business fundamentals required to now become a credit-worthy organisation attracting international debt investors,” Toomey added.

The investment has been made by Cigna Investments, the investment wing of healthcare company Cigna Corporation, which has sought out opportunities to gain exposure in environmentally sustainable sectors, that complement its portfolio of healthcare and health insurance businesses.

The investment will be used to refinance an Australian government loan provided to Tritium under Export Finance Australia, and will be put towards expanding Tritium’s production capacity, and expand the company’s reach into the United States and European markets.

Based out of Brisbane, Tritium has emerged as a leading global manufacturer of electric vehicle charging infrastructure, including its Veefil rapid charging stations. Tritium has since established a formal presence in both California, as well as Amsterdam, to support international growth.

Tritium has sold more than 4,500 charging stations that have been installed across 33 countries, and estimates that it represents as much as one-fifth of the global market for DC charging stations.

Tritium CEO Jane Hunter said the investment from Cigna Corporation would be key to expanding the company’s reach, following substantial growth in the company’s back log of orders, with fuel and energy utilities companies driving an expansion of electric vehicle charging infrastructure in the United States.

To read the full version of this story on RenewEconomy’s electric vehicle dedicated site, The Driven, please click here.

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