The Australian state of Queensland has announced an investment of $2.5 million ($1.86 million US) in Brisbane-based charger manufacturer Tritium, the first investment under a new Business Development Fund (BDF) scheme established to encourage innovative businesses.
The BDF investment has been matched by an additional $2.5 million raised from private investors, and will be used to expand the international market for Tritium’s Veefil fast charger. The Veefil is already operational in the US, Europe and the Asia-Pacific region.
“Having the government invest in our company demonstrates confidence in our advanced technology and the company’s international expansion plans,” said David Finn, Tritium’s Managing Director. “We can now accelerate our programme to increase capacity and develop better services and support to our customers around the world. Tritium is the only Australian company to design and manufacture EV charging stations and our Veefil units are now installed globally on major charging networks and fast-charging highways.”
Queensland Treasurer Curtis Pitt explained the decision to award Tritium the maximum investment available: “This home-grown company is the first to receive funding from the Business Development Fund and it’s exactly the type of innovative business that the BDF is looking to invest in. The investment will help this world-leading Queensland business bring its innovative tech products onto the market sooner.”