Tritium Announces Gilbarco Veeder-Root Makes Minority Investment in Company to Accelerate Global Electric Vehicle Infrastructure Build-Out

08 Oct 2018

Tritium Pty Ltd., the Australian DC electric vehicle charging infrastructure solutions specialists, today announced that Gilbarco Veeder-Root, a Fortive Corporation (“Fortive”) (NYSE: FTV) business, has taken a minority investment in the company.

Since it launched its first DC fast charger in 2014, Tritium, based in Brisbane, Australia, has become a major global supplier with installations in 26 countries around the world.

“Gilbarco Veeder-Root’s interest in Tritium further validates Tritium’s capabilities and technology expertise in the EV space,” said David Finn, Tritium chief executive officer and founder. “This investment also sends a strong message to the industry about the future of EV charging in the retail fueling and convenience market—it’s real, it’s happening and Tritium is at the forefront globally.”

Gilbarco Veeder-Root will sell all Tritium solutions, including Veefil-PK high-power charging (HPC) systems, which are capable of a full charge of an EV in just five to ten minutes. These high-power charging systems have unique and innovative liquid-cooled technology and a significantly smaller footprint than other HPCs on the market. The Tritium cooling system allows for less wear on internal parts to ensure optimal charger lifetime.

Martin Gafinowitz, senior vice president of Fortive, stated, “Our partnership with Tritium is the logical next step in our long history of evolving the Gilbarco Veeder-Root business portfolio to address progressive customer needs. This investment provides early and judicious entry into a market with a growing need for rapid charging, which is one of the top barriers to EV purchase.” 

The investment will enable Tritium to accelerate a number of strategic activities, including operational expansion in Europe and the U.S. to keep pace with a fast-growing market. Global sales are predicted to increase by a third in 2018 compared with the previous year.¹ 

Other activities include expanding production capacity to meet increased demand for the company’s world-leading Veefil-PK High Power Charging System up to 475kW, and new product research and development. Tritium will also look to expand into India, China and the wider Asian region in the medium term, following its success in Europe and the U.S.

Tritium has announced a number of customers across the globe in 2018, including a deal to supply its Veefil-PK HPC systems for the IONITY network. IONITY, a joint venture of the BMW Group, Daimler AG, Ford Motor Co. and the Volkswagen Group, including Audi and Porsche, plans to roll out 400 sites across Europe. Tritium’s deal is to supply high-power chargers to 100 of those sites across Germany, France, UK, Norway and Sweden.

The company also recently signed a deal to supply at least 40 Veefil RT-50kW DC fast chargers for the NRMA’s charging network rollout across the state of New South Wales in Australia, and a separate deal to supply 12 Veefil-RTs to NKM Mobilitas Ltd. (Mobiliti) in Hungary.

[1] Frost & Sullivan: Global Electric Vehicle Market Outlook, 2018

Tritium | http://www.tritium.com.au

Gilbarco Veeder-Root | http://www.gilbarco.com

Fortive | http://www.fortive.com