This is a very interesting business that was started in Brisbane in 2001 and last year they listed on the Nasdaq via a Special Purpose Acquisition Company (SPAC), valuing the stock at $1.2bn. They are now the world’s 2nd largest fast-charging company for electric vehicles and this week they announced a deal with BP for ~1,000 charges to go into service stations in the UK, Australia, and New Zealand – a good start but we would expect more to come. While financial terms were not provided, this is a big vote of confidence for Tritium’s product which is now being successfully commercialised. Tritium has a market cap of US$1.6bn, is unprofitable, and not for the faint-hearted, however, analysts that cover the stock (6 in total) all have buys on it with price targets ranging from $US11 to $US21. On consensus projections, FY23 should see revenue of $321m with the company breaking even at that point. This is a high-growth company in a growth sector that has a line of sight to profitability.
MM is bullish DCFC as a high risk, speculative play
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