The deal with the Special Purpose Acquisition Company, or SPAC, values tritium at $ 1.2 billion, the people said, asking not to be identified because the information was private. The transaction is expected to generate approximately $ 400 million in proceeds, the people said.
Unlike most PSPC mergers, the combination of Tritium with Decarbonization Plus II did not include the lifting of a private placement, the people said.
Representatives for Tritium and Decarbonization Plus II declined to comment.
Tritium, based in Brisbane, Australia, produces charging software and equipment – including electric pumps the size of large refrigerators – deployed in shopping malls to motorway rest areas in nearly 40 countries, and supplied networks being deployed by Volkswagen AG et Ford Motor Co. The company’s fastest units can add about 217 miles of range on a 10-minute charge, according to the company.
Founded in 2001 by members of a solar car racing team, the company has promoted ex-Boeing Co. executive Jane Hunter to general manager in 2020, and has grown beyond Australia to add design and manufacturing facilities in California and Europe. Tritium announced last month that it had been selected by the U.S. military to assist in its efforts to convert its vehicles – including combat vehicles – to electric power.
Read more: The fastest electric car chargers waiting to recharge the batteries
Adding electric car charging infrastructure is seen as vital for automakers to drive sales, and crucial for governments looking to phase out combustion-engine vehicles to help meet climate targets. President Joe Biden has signaled plans to spend billions of dollars on tax credits and charging stations to support the transition away from gasoline-powered cars.
The competing supplier ABB Ltd. said last month that he plans to divide its electric vehicle charging activity into a separate legal structure and prepare the unit for possible registration.
SPAC Decarbonization Plus is supported by a subsidiary of Riverstone Holdings LLC. He raised $ 402.5 million, including so-called greenshoe stocks, in an initial public offering in February.
– With the help of David Stringer
(Add the details of the fifth paragraph.)