Tritium, the Brisbane-based EVSE manufacturer, has received 10 million Australian dollars ($8 million) in new capital from Queensland entrepreneur Brian Flannery.
“I can see that a tipping point has been reached in this market,” said Flannery. “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.”
The company raised 5 million AUD in March 2017 and was recently awarded 2.5 million AUD from the Queensland Government’s Business Development Fund.
Tritium’s Veefil DC fast chargers are operating in 22 countries, and the company recently expanded its market to the US, China, the UK and Germany.
“Since our initial investment in Tritium in 2013, the company has experienced tremendous international growth, developing, manufacturing and marketing its Veefil range to an impressive customer base of international infrastructure providers, including ChargePoint, Stromnetz and Fortum Charge & Drive,” said Trevor St Baker, founder of the St Baker Energy Innovation Fund.
“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,” says David Finn, Tritium’s CEO.