Brian Flannery

AUSTRALIA’S only fast charger manufacturer for electric vehicles (EV) is expanding around the world and poised for further growth through new products following a $10 million capital raising.

Brisbane-based technology company Tritium this month secured the investment in just 10 days from a single investor, prominent Queensland entrepreneur Brian Flannery. In the future it may lead to Tritium seeking a public listing.

The fund raising for Tritium is its third this year. It followed a $A5 million equity raising in March 2017 and a $A2.5 million investment from the Queensland Government’s recently-launched Business Development Fund that was established to support innovative local businesses.

Tritium’s capital raisings have been led and managed by the St Baker Energy Innovation Fund, one of the early investors in Tritium in 2013 alongside the Varley Group.

Tritium is Australia’s only designer and manufacturer of EV fast chargers. Its Veefil charger model is already in use in 22 countries.

In Australia it has nine charge units at universities, town centres, libraries and public spaces, with more planned. These include an Ergon Energy-branded Veefil unit in Cairns, a Veefil unit at the Byron Bay library car park and locations from the University of Western Australia in Perth to the University of Woollongong.

Tritium was started 15 years ago and has grown to have a presence on every continent with use in submarines, unmanned drones flying at over 40,000ft and even working in the extremes of Antarctica.

In January, it opened a sales, manufacturing and service facility in California and will open a European office in Amsterdam later in 2017.

Tritium’s commercial director, Paul Sernia, told GoAutoNews Premium that the company started as a technology firm with interests in EVs and related projects but found its niche when it developed its first charger.

“We were successful because we were, at that time, aware of what the market was doing (with EVs) and what the customer wanted,” he said.

“As we progressed we have improved the technology to stay ahead of the competition.”

David Finn

Mr Sernia said that globally, the EV industry was heading to a “tipping point”.

“The mood has definitely changed in regard to EVs from ‘will it happen’ to ‘when it will happen’,” he said.

The company is now preparing to launch three new products to expand the Veefil range between the fourth quarter of this year and the second quarter of 2018.

The fast chargers include Veefil-PK – an ultra-fast, high-powered charger up to 475kW; Veefil-WP – a DC charger for workplaces, fleets and high-density living; and Veefil-ME – an innovative 12kW bi-directional DC home charger.

Tritium CEO, David Finn, said the latest investment would allow the company to introduce the three new product lines.

He said it would also triple Tritium’s manufacturing capability and further develop its international expansion, particularly in the US and Europe.

The company has 70 employees at its Brisbane head office and is employing more for its Los Angeles and Amsterdam offices.

Of his investment, Mr Flannery said: “I can see that a tipping point has been reached in this market”.

“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.”

Tritium launched its 50kW DC fast charger, the Veefil-RT, in May 2013 and has seen it spread around the world. In October 2016 the company launched two new products, creating a range of Veefil units for private and fleet users.

The chargers are regarded as being the most advanced available because of their ability to support all standards – including Tesla – and unique features such as water cooling that allows them to operate reliably and consistently in ambient temperatures from -35C to +50C.

Customers of Tritium products include EV charging network suppliers ChargePoint, Stromnetz, Fortum Charge and Drive.

The chargers have some similarity to those of Tesla’s superchargers but the Tritium units are designed to suit the whole range of EVs and so have found greater success in Europe.

By Neil Dowling