EV charger maker Tritium going public in SPAC merger deal

[NEW YORK] Tritium, which makes fast chargers for electric vehicles, has reached an agreement to go public through a merger with blank-cheque company Decarbonization Plus Acquisition Corp II, according to people with knowledge of the matter.

The deal with the special purpose acquisition company, or SPAC, values Tritium at US$1.2 billion, the people said, asking not to be identified because the information was private. The transaction is expected to generate proceeds of about US$400 million, said the people.

Unlike most SPAC mergers, Tritium's combination with Decarbonization Plus II didn't include raising a private placement, the people said.

Representatives for Tritium and Decarbonization Plus II declined to comment.

Founded in 2001 and based in Brisbane, Australia, Tritium designs and manufactures hardware and software to DC fast chargers for electric vehicles. The company has been working with automakers to expand charging station networks in Asia Pacific, Europe and the US.

Led by former Boeing executive Jane Hunter, Tritium announced last month that it was selected by the US Army to help its efforts to convert its vehicles - including combat vehicles - to electric power.

The Decarbonization Plus SPAC is backed by an affiliate of Riverstone Holdings LLC. It raised US$402.5 million including so-called greenshoe shares in an initial public offering in February.

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