Exicom acquires US EV charging company Tritium for nearly Rs 310 crore
Source: Business Standard
Home grown EV charging solutions firm Exicom has acquired US-based DC fast charging technology company Tritium for USD 37 million, or about Rs 310 crore, a senior company official said.
Exicom managing director Anant Nahata told PTI that the company is setting up a manufacturing unit in Hyderabad where it will use DC (Direct Current) fast charging technology of Tritium to develop solutions for electric vehicles.
Click here to connect with us on WhatsApp
The Hyderabad facility is expected to be operational by the end of 2025.
“This strategic investment highlights Exicom’s robust positioning in international markets and our commitment to expanding operational capabilities across diverse geographies. The comprehensive deal encompassing four key regions ‘the UK, the Netherlands, the United States, and Australia’ amounts to USD 37 million,” Nahata said.
Exicom has absorbed the entire workforce of 300 people at Tritium in the company.
“With the integration of Tritium’s 300 talented individuals, Exicom will leverage synergies and drive innovation within the EV charging sector. This collaboration will further enhance our ability to deliver world-class solutions to our clients,” Nahata said.
Nasdaq-listed Tritium designs and manufactures proprietary hardware and software to make DC fast chargers for electric vehicles.
Nahata said that Tritium chargers are ideal for India’s challenging weather conditions where temperatures vary from -20 degrees Celsius to 55 degree Celsius and it will further improve the reliability and efficiency of Indian EV infrastructure.
Tritium’s clients include global brands like BP Pulse, ChargePoint, EV Connect, EVCS, and Shell Recharge, Nahata said.
Exicom claims to have 40 per cent share in the EV residential charging and a 25 per cent share in the EV public charging segments. Its automobile partners include MG, Tata, Kia Motors, Mercedes Benz, JBM, Volvo, Mahindra and Hyundai.
“Exicom has successfully acquired Tritium’s facility in Tennessee. We are dedicated to expanding our manufacturing footprint with an upcoming facility in Hyderabad, India, set to become operational by the end of calendar year 2025. This expansion will allow us to localize Tritium’s global expertise and address the increasing demand for innovative charging solutions,” Nahata said.
Exicom operates three manufacturing units and two research and development centres in India.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 06 2024 | 6:59 PM IST
