Tritium DCFC Ordinary Shares Stock Price, News & Analysis

Tritium DCFC Limited (historically trading under the symbol DCFC, and later referenced as DCFCQ over-the-counter) is described as a global developer and manufacturer of direct current (DC) fast chargers for electric vehicles (EVs). According to company disclosures in multiple news releases, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for EVs. The company notes that its chargers are compact and robust, engineered to be easy to install, own, and use, and to operate in harsh conditions while fitting visually into Main Street environments.

Tritium states that it was founded in 2001. In its public communications, the company repeatedly highlights its focus on DC fast charging technology for electric vehicles, positioning its products for passenger vehicles, commercial fleets, and specialized applications such as port operations and large public charging hubs. Tritium’s business centers on the development, manufacture, and deployment of DC fast charging systems, along with the software capabilities that support charging sessions and payment options.

Business focus and technology

Across its announcements, Tritium describes itself as a company that designs and manufactures DC fast chargers using proprietary hardware and software. Its chargers are used in a variety of contexts, including highway charging, retail locations, fleet depots, ports, and large public charging facilities. The company emphasizes that its technology is engineered to be easy to install, own, and use, and that its chargers are intended to operate reliably in harsh conditions.

Tritium has discussed specific charger models and capabilities in its news releases. For example, the company has referenced RT50 chargers, RTM chargers, and PKM chargers in connection with charging programs and software features. It has also described 75kW DC chargers used in retail charging hubs and 175kW chargers deployed in port operations. These examples illustrate the company’s focus on fast and ultrafast DC charging power levels for different use cases.

Applications and deployments

Tritium’s technology has been featured in a range of deployments described in its news announcements. In Tennessee, the company reported that it was the top-awarded fast charger manufacturer for the first round of the state’s National Electric Vehicle Infrastructure (NEVI) Formula Program funding, with Tritium fast chargers to be deployed across multiple new charging locations. The company indicated that its fast chargers for that program would be manufactured at its factory in Lebanon, Tennessee.

In the United Kingdom, Tritium announced that it would provide rapid chargers for what was described as Wales’ largest EV charging facility, located at the National Library of Wales in Aberystwyth. That site includes five Tritium 75kW DC chargers with 10 connectors as part of a larger hub intended to allow many electric vehicles to charge simultaneously.

In port operations, Tritium reported that it completed installation and operationalization of 33 chargers at SSA Terminals’ container terminal at Pier C in the Port of Long Beach in California. Those 175kW chargers are equipped with mechanized charging connectors to support a fleet of electric-drive terminal tractors. Tritium characterized this project as a large-scale port EV charging program using mechanized charging connectors in North America.

Manufacturing footprint and operations

Tritium has described a manufacturing footprint that includes a factory in Lebanon, Tennessee. In its communications, the company has referred to this facility as a plant or factory that manufactures fast chargers and exports chargers to Europe and the Asia Pacific region. Tritium has also stated that this Tennessee facility has expansion capacity to produce a significant number of units per year and that it is one of the larger fast charger factories globally by unit capacity, based on the company’s own characterization.

In a separate announcement about a strategic plan, Tritium stated that it was consolidating its global manufacturing operations into its plant in Lebanon, Tennessee, and closing a factory in Brisbane. The company indicated that this consolidation was part of a plan to improve operational efficiency and margins, reduce certain expenses, and align manufacturing operations with its largest markets.

Software capabilities and charging experience

Beyond hardware, Tritium has highlighted software capabilities that support the charging experience. The company announced that it offers an Autocharge software capability on its RTM and PKM charger models. According to Tritium’s description, Autocharge allows EV drivers with compatible vehicles at sites where the system has been implemented by a network operator to start a charging session by simply plugging in their vehicle, without tapping or inserting a payment card. Tritium has presented Autocharge as an option that simplifies the charging process, particularly for busy sites and fleet operations.

Tritium has also referenced Plug and Charge capabilities built on the ISO 15118 standard. In its description, Plug and Charge is a certificate-based system that allows customers to authenticate and charge their vehicles via the charging cable with a higher level of data security. The company positions Autocharge as an alternative approach to vehicle authentication that maintains a security level comparable to RFID cards, and notes that the availability of both technologies is intended to give customers flexibility in operating models.

Partnerships and programs

Tritium’s news releases describe collaborations with various partners and customers. For example, the company has mentioned partners such as Lynkwell, which has implemented Autocharge on Tritium RTM chargers at several charging sites for enterprise fleet companies. In another collaboration, Tritium and AmpUp announced a program to modernize and enhance Tritium DC fast-charging infrastructure across North America, including a process to integrate existing Tritium RT50 chargers into the AmpUp network and an upgrade path to newer DC fast chargers.

The company has also referenced partners Universal EV LLC and PowerUp America in connection with NEVI-funded projects in Tennessee, with Lynkwell providing charging software for certain chargers. In port operations, Tritium has worked with SSA Terminals and Stäubli Electrical Connectors on mechanized charging solutions for terminal tractors at the Port of Long Beach.

Corporate and trading status

In its May 22, 2024 announcement, Tritium DCFC Limited reported that it and three Australian subsidiaries were insolvent or likely to become insolvent and that voluntary administrators had been appointed under the Australian Corporations Act 2001. The company stated that receivers and managers had also been appointed for certain entities and had assumed control of the assets, operations, and affairs of those companies, with the powers of the directors suspended during the administration period.

The same announcement described the process leading to the delisting of Tritium’s securities from the Nasdaq Stock Market. Tritium reported that Nasdaq had delivered a staff determination letter on April 18, 2024 indicating that the company’s securities would be delisted, that trading of its ordinary shares and warrants would be suspended at the opening of business on April 22, 2024, and that Nasdaq would file a Form 25-NSE with the U.S. Securities and Exchange Commission to remove the company’s securities from listing and registration on Nasdaq. The company later noted that Nasdaq filed the Form 25 on May 16, 2024 and that the delisting would become effective ten days after that filing, with an effective date referenced as the opening of the trading session on May 28, 2024.

Tritium stated that it did not intend to appeal or otherwise challenge Nasdaq’s determination to delist its securities. The company also reported that, pursuant to section 437F of the Australian Corporations Act 2001, a transfer of shares in the company during voluntary administration is void except with the written consent of the administrator or court approval, and that letters had been sent to Nasdaq and FINRA requesting a trading halt.

Historical context for investors

For investors researching the symbol DCFC, the available information portrays Tritium DCFC Limited as a company focused on designing and manufacturing DC fast chargers for electric vehicles, with proprietary hardware and software, and with deployments in highway charging, retail charging hubs, fleet depots, and port operations. The company has emphasized its Tennessee manufacturing facility and its participation in programs such as the NEVI Formula Program and projects in Wales and California.

At the same time, Tritium has reported insolvency-related proceedings and a delisting from Nasdaq, along with the appointment of administrators and receivers and managers for certain entities. The company has indicated that its securities were removed from listing and registration on Nasdaq following the filing of a Form 25-NSE and that it did not pursue an appeal of the delisting determination. References in later communications to the symbol DCFCQ indicate that Tritium’s securities have been quoted over-the-counter following the delisting from Nasdaq.

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