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Exicom acquires US EV charging firm Tritium for $37 million
Industry News- Oct 08,24
Tritium specialises in creating hardware and software for DC fast chargers, serving notable clients such as BP Pulse, ChargePoint, and Shell Recharge.
Exicom, an Indian company specialising in EV charging solutions, has acquired US-based Tritium, a leader in DC fast charging technology, for $37 million. Anant Nahata, Managing Director, Exicom confirmed the acquisition and announced plans to establish a manufacturing facility in Hyderabad, which will leverage Tritium's technology to develop innovative electric vehicle solutions.
The new Hyderabad facility is anticipated to commence operations by the end of 2025. Nahata highlighted that this investment bolsters Exicom's international presence and enhances its operational capabilities in key markets, including the UK, the Netherlands, the US, and Australia.
With the acquisition, Exicom gains Tritium's workforce of 300 employees, aiming to drive innovation in the EV charging sector. Nahata noted that Tritium's chargers are well-suited for India's varied climate, thereby improving the reliability of local EV infrastructure.
Tritium specialises in creating hardware and software for DC fast chargers, serving notable clients such as BP Pulse, ChargePoint, and Shell Recharge. Exicom currently holds a 40% share in the residential EV charging market and a 25% share in public charging, collaborating with major automobile brands like Tata and Mercedes Benz.
The acquisition also includes Tritium's facility in Tennessee, with Exicom committed to expanding its manufacturing capabilities in India to meet the rising demand for advanced charging solutions. The company operates three manufacturing units and two research and development centres in India.
(TOI)
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