Exicom acquires Tritium for $37 million, expanding EV charging solutions with a new Hyderabad facility and global market presence.
Tritium, a US based DC fast charging solutions company has been bought by Indian electric vehicle charging solutions provider Exicom for USD 37 million (approximately Rs 310 crore). Exicom’s Managing Director Mr. Anant Nahata agreed on it and this was another step to expand their business network in global strategic locations including UK, Netherlands, US, and Australia.
New Manufacturing Unit in Hyderabad
Exicom is also planning a new manufacturing plant in Hyderabad, for which it hopes to get up and running by the end of 2025. The centre will use Tritium’s DC fast charging tech to build solutions for EVs which are modern day solutions. Nahata speaks of the possibility to localize Tritium’s experience and notes that the addition of new markets will cater to the rising demand for sophisticated EV charging networks in India.
Integration of Workforce and Cooperation
Employees from Tritium have been assimilated into Exicom as the latter completed the deal and hired Tritium’s 300 employees. ‘‘This will improve on the innovation aspect and build on our capability to provide competitive solutions to the market,” added Nahata. Tritium’s products have the quality of withstanding extreme cold temperatures which are favorable for the Indian climate.
Tritium’s Service Areas and Customers
Tritium, which is also based on NASDAQ, develops and manufactures dedicated hardware and software for electric vehicle direct current (DC) fast chargers. Its customers include BP Pulse, ChargePoint, EV Connect, EVCS, Shell Recharge, etc.
Market Share of Exicom and Expansion
Currently, Exicom commands 40% of the EV residential charging market in India and 25% of the public charging market with major car manufacturers such as Tata, Kia, Mercedes Benz and Hyundai. The facility of Tritium in Tennessee and the upcoming plant in Hyderabad can help Exicom expand its manufacturing capacity in the international market.
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