Exicom eyes global footprint, acquires DC fast charger maker Tritium for $30 mn

Exicom Tele-systems Ltd, India's largest manufacturer of electric vehicle chargers, has entered into definitive agreements to acquire Australia-headquartered Tritium, a global leader in the DC fast chargers space, for ~$30 million.

Exicom announced the deal on August 8 and said it would pay up to $6.13 million between the signing of the agreement and the completion of the acquisition, with the remaining $23.5 million to be paid at completion, subject to the terms of the agreement.

The deal would be executed through its Netherlands-based subsidiary Exicom Power Solutions B.V. and other step-down subsidiaries, the company said, adding the acquisition would be an ideal anchor towards building a global EV charger business.

‍Anant Nahata, CEO, Exicom said in a statement announcing the acquisition: "This acquisition is in line with Exicom's strategic vision to be a key contributor to the world of tomorrow by enabling an emission free future for mobility. Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions. We look forward to working with Tritium's employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe."

Tritium, founded in 2001, designs and manufactures advanced, liquid-cooled DC fast chargers for EVs based on proprietary hardware and software. The company has sold more than 13,000 DC fast chargers in over 47 countries, being a recognized industry brand.

Exicom said the acquisition would give it Tritium's manufacturing facility in Tennessee, USA, as well as a world-class engineering center in Brisbane, Australia, complementing Exicom's own presence across Asia, Africa and the Middle East. The New Delhi-based company currently operates in 15 countries, offering a range of smart AC and DC fast chargers catering to all types of vehicles.

The purchase positions Exicom at the forefront of global rollouts of charging infrastructure to support the transitions to electric mobility. BloombergNEF's "Economic Transition Scenario," which forecasts EV growth globally based on current techno-economic trends, predicts electric vehicles will account for 45 percent of global passenger vehicle sales by 2030 and 73 percent by 2040.

Exicom also has a presence in the energy storage sector, providing energy management solutions to telecommunications and industrial customers.