By Chris Wack
Tritium DCFC Ltd. shares were up 10% to $7.08 after the company said it has opened its first U.S.-based electric-vehicle fast-charger factory, located in Lebanon, Tenn.
The company, which makes direct-current fast chargers for EVs, said the plant will employ more than 500 people over the next five years.
Tritium’s Tennessee factory will initially produce the company’s RTM fast charger, and is expected to start production on the PKM150 charger early next year, it said.
The company said these chargers are compatible with all EVs, and are expected to fulfill requirements for the recently enacted Inflation Reduction Act, which provides $370 billion for climate-change initiatives to help reduce carbon emissions by roughly 40% by 2030.
Tritium shares ended Monday’s session down 9%, and are down 29% year to date.
Write to Chris Wack at [email protected]
