Biden backs Australian Tritium's move to build EV charging plant in US

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Biden backs Australian Tritium's move to build EV charging plant in US

Electric Vehicle manufacturer Tritium
Image source: © Ezthaiphoto | Megapixl.com

Highlights

  • Australian EV start-up Tritium to set up EV charging plant in US.
  • US President Joe Biden backs the move as the move will create over 500 jobs.
  • US’s focus on electric mobility is the key catalyst for Tritium’s decision

Australian EV startup Tritium is set to build a new production plant in Tennessee, US in the upcoming months. Tritium’s new plant in the US will make approximately 30,000 electric-vehicle (EV) fast chargers a year and create roughly 500 local jobs.

Reasons behind Tritium’s decision to expand in US?

Tritium’s CEO Jane Hunt appeared besides US President Biden at the White House yesterday (February 8), while she talked about the EV company’s expansion plans in the US. According to Hunt, the e-mobility facilitator’s shift to US is a direct result of US President Biden’s electric vehicle policies. According to reports, Biden administration is expected to annouce a statewise allocation for a US$5 billion funding for EV chargers.

Tritum also has seen an uptick in demand for its chargers in North America and this is one of the main reason why the Brisbane-based electric car charging manufacturer has turned to the US. Tritium’s Tennessee factory is to begin production by Q3-22. In the next five years, the new plant would create over 500 jobs in the region and over 10,000 DC fast charger units will be manufactured in a year.

Biden Backs Australian Tritium's Move To Build EV Charging Plant In US

Tritium CEO said that Australian markets where electric cars represented only 1.9% of the light vehicle market, was lagging behind developed nations. She noted that the government should frame policies aimed at boosting EV take up rather than offering ‘parking space’.

While Hunt seemed disappointed with the Australian government’s policies, the Morrison government welcomed Tritium’s move noting that it was also supporting EV charging infrastructure in the country.

Also read- Rectifier (ASX:RFT) stock skyrockets 104% on Tritium deal

Meanwhile, Tritium DCFC Limited's (NASDAQ:DCFC) shares closed 39.47% higher as the Australian startup announced its expansion plans in the US. The DCFC stocks closed at US$9.54 each on 8 February 2022 in the US market.

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