Homegrown electric vehicle charging solutions company Exicom has acquired American DC fast charging technology company Tritium for $37 million, or around Rs 310 crore, a top company official said.
Exicom CEO 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 solutions for electric vehicles.
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The Hyderabad facility is expected to be operational by the end of 2025.
“This strategic investment highlights Exicom’s strong positioning in international markets and our commitment to expanding operational capabilities across diverse geographies. The comprehensive agreement covering four key regions – the United Kingdom, the Netherlands, the United States and Australia amounts to 37 million dollars.” Nahata said.
Exicom has absorbed Tritium’s entire 300-person workforce into the company.
“With the integration of Tritium’s 300 talented people, Exicom will leverage synergies and drive innovation within the electric vehicle charging sector. This collaboration will further enhance our ability to deliver world-class solutions to our customers,” said Nahata.
Nasdaq-listed Tritium designs and manufactures proprietary hardware and software to manufacture DC fast chargers for electric vehicles.
Nahata said tritium chargers are ideal for India’s difficult climatic conditions, where temperatures range from -20 degrees Celsius to 55 degrees Celsius, and will further improve the reliability and efficiency of India’s electric vehicle 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 in residential EV charging segments and a 25 percent share in public EV charging segments. Its automotive 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, coming online by the end of calendar year 2025. This expansion will allow us to localize the global expertise of Tritium and address the growing demand for innovative charging solutions,” said Nahata.
Exicom operates three manufacturing units and two research and development centers in India.
(Only the title and image of this report may have been modified by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: October 6, 2024 | 18:59 IS
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