Olivia Cavallaro Auto 08.24.2022 00:Aug AM EDT

Tritium DCFC Opens First EV Fast Charger Factory in the US, Causing Shares to Rise 10%

The fast charger manufacturer Tritium DCFC has opened the gates of its first US manufacturing facility this week.

Tritium DCFC, a company that manufactures direct current (DC) fast chargers for electric vehicles (EVs), has unveiled its new production hub in Lebanon, Tennessee. This is the company's first factory in the US that hopes to provide over 500 new cleantech jobs in the state in the coming five years and produce up to 30,000 DC fast charger units annually.

As per a press release, Tritium's Tennessee manufacturing plant will first produce the brand's award-winning RTM fast charger and will begin production on its PKM150 in early 2023. Tritium's PKM150 is designed with a modular and scalable DC fast charging system that is compatible with all EVs.

Moreover, Tritium's EV fast chargers are also expected to comply with requirements set by the US government's Inflation Reduction Act (IRA), which allots $370 billion for climate change activities whose goal is to reduce carbon emissions by up to 40% by 2030.

Tritium Launches Factory with Approval from the Biden Administration

Tritium first announced its intentions to build its first EV fast charger factory in the US back in February, when company CEO Jane Hunter met with President Joe Biden, Transportation Department Secretary Pete Buttigieg, Energy Secretary Jennifer Granholm, and National Climate Advisor Gina McCarthy, among others.

According to Electrek, Tritium was founded in 2001 and has grown to be a global manufacturer of hardware and software for DC fast chargers, with operations in Europe and the US. Tritium's products have been used by companies such as Aqua superPower for electric boats and Loop, which specializes in EV charging networks.

Hunter described their first US EV fast charger factory as a "cutting-edge facility for manufacturing" that they believe will "double or even triple" the company's charger production capacity and push forward the distribution of their products in America.

Hunter underscored the importance of Tritium's EV fast chargers in the US, citing a predicted 35 million electric vehicles running by 2030. The Tritium CEO added that by building a manufacturing hub in the US, the company is able to "reduce supply chain and shipping delays."

Tritium Shares Go Up 10% Following Tennessee Factory Opening

Shares of Tritium DCFC Ltd. rose 10% to $7.08 after the company announced its first EV fast charger factory in the US, MarketWatch reported. The company is expected to see growth, especially with the demand for EVs rising. Its shares ended Monday's session with a decrease of 9% and an overall decrease of 29% year to date.

In July, the New York Times reported that the demand for EVs in the US is still on the rise. The report said that American drivers continue to purchase EVs "at a record pace" despite increasing price tags and lengthy waiting times for the actual delivery of the vehicles. From April to June, battery-run vehicles accounted for 5.6% of new car purchases, which is twice the number recorded last year.

Ford alone sold 15,300 electric cars between April and June, recording a 140% increase from the previous year. Ford's Chief Financial Officer John Lawler admitted, "Electric vehicle demand is well beyond what we can supply."