Tritium Announces Gilbarco Veeder-Root Makes Minority Investment in Company to Accelerate Global Electric Vehicle Infrastructure Build-Out
Torrance, California, Oct. 08, 2018 (GLOBE NEWSWIRE) -- 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 (Frost & Sullivan, 2018 Global Electric Vehicle Market Outlook ).
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.
ABOUT TRITIUMTritium is a fast-moving technology company specializing in the design and manufacture of DC fast-charging solutions for electric vehicles (EVs). Established in Australia in 2001 to provide power-electronic systems and battery energy-storage applications, it launched its first DC fast charger (Veefil-RT) in 2014. Since then it has become a leading global supplier with installations in 26 countries. The U.S. is one of Tritium’s major markets, and it opened a manufacturing, R&D and sales facility in Torrance, California, in 2017. Its products are Buy America compliant and Tritium’s Veefil-RT 50kW fast charger is currently installed in EV charging networks on major routes across the U.S. In Europe, Tritium holds around 50 percent of the Norwegian market and around 15 percent of the wider European market for 50kW rapid chargers. Customers include Charge.net.nz, EDF Lumins, Fortum, Grønn Kontakt, IONITY, Proterra and Stromnetz. Tritium’s headquarters and main manufacturing plant is in Australia, and it has an additional facility in Amsterdam serving the European market. For more information, please visit www.tritium.com.au /.
ABOUT GILBARCO VEEDER-ROOTGilbarco Veeder-Root is the worldwide technology leader for retail and commercial fueling operations, offering the broadest range of integrated solutions from the forecourt to the convenience store and head office. For over 150 years, Gilbarco Veeder-Root has earned the trust of its customers by providing long-term partnership, uncompromising support and proven reliability. Major product lines include fuel dispensers, point-of-sale systems, payment solutions, tank gauges, retail software development and integration and fleet management systems. For more information, please visit www.gilbarco.com /.
ABOUT FORTIVEFortive is a diversified industrial growth company comprised of professional instrumentation and industrial technologies businesses that are recognized leaders in attractive markets. With 2017 revenues of $6.7 billion, Fortive’s well-known brands hold leading positions in field instrumentation, transportation, sensing, product realization, automation and specialty, and franchise distribution. Fortive is headquartered in Everett, Washington, and employs a team of more than 26,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of the company’s operating model is the Fortive Business System. For more information, please visit www.fortive.com.
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