Homegrown EV charging solutions company Exicom has acquired US-based DC fast charging technology company Tritium for $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 Tritium’s DC (Direct Current) fast charging technology to develop electric vehicle solutions.
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The plant in Hyderabad is expected to be operational by the end of 2025.
“This strategic investment underlines Exicom’s robust positioning in international markets and our commitment to expanding operational capabilities in diverse regions. The comprehensive agreement covers four key regions, ‘the United Kingdom, the Netherlands, the United States and Australia’ , amounts to $37 million.” said Nahata.
Exicom has absorbed the entire workforce of 300 people at Tritium into 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 customers,” said Nahata.
Nasdaq-listed Tritium designs and produces its own hardware and software to make DC fast chargers for electric vehicles.
Nahata said Tritium chargers are ideal for India’s challenging weather conditions, where temperatures range from -20 degrees Celsius to 55 degrees Celsius, and will further improve the reliability and efficiency of India’s EV infrastructure.
Tritium’s customers include global brands such as BP Pulse, ChargePoint, EV Connect, EVCS and Shell Recharge, Nahata said.
Exicom claims to have a 40 percent share of home EV charging and a 25 percent share of public EV charging segments. Its automotive partners include MG, Tata, Kia Motors, Mercedes Benz, JBM, Volvo, Mahindra and Hyundai.
“Exicom has successfully acquired the Tritium plant in Tennessee. We are committed to expanding our manufacturing footprint with a future factory in Hyderabad, India, which will be operational by the end of the 2025 calendar year. This expansion will allow us to localize Tritium’s global expertise and meet the increasing demand for innovative charging solutions,” said Nahata.
Exicom operates three manufacturing units and two research and development centers in India.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First publication: Oct 6, 2024 | 6:59 PM IST