Australia’s leading independent law firm, Corrs Chambers Westgarth, had advised Tritium DCFC Limited (Tritium) (Nasdaq:DCFC) on its new capital package, comprising an increased US$150 million debt facility and a committed equity facility of up to US$75 million.
Tritium is a global developer and manufacturer of direct current (DC) fast charging technology for EVs. The entity listed on the Nasdaq in January this year – the first successful merger between an Australian company and a US SPAC.
The new debt facility is provided by a syndicate of lenders comprising Cigna Investments Inc., Barings LLC and Riverstone Energy Limited funds, who have extended the existing US$90 million by $US60 million. The committed equity facility has been established with B. Riley Principal Capital I, LLC.
The transaction will provide Tritium with a net injection of incremental capital of up to US$135 million to fund working capital, accelerate product development and to support Tritium’s operations and expansion around the world.
In advising Tritium on the Australian aspects, Corrs drew on the expertise of the banking and finance and corporate teams, led by partners Clare Corke and Alexandra Feros, supported by special counsel Julie Myers and Annabel Doneley. The team worked closely with Latham & Watkins LLP as the US and UK legal advisers to Tritium.
Commenting on the matter, partner Alexandra Feros said: “Having worked with Tritium for a number of years, including their SPAC merger and Nasdaq listing, it has been a pleasure advising the team on their new capital package. With increasing global demand for electric vehicles and Tritium’s DC technology, the capital will support their growth trajectory.”
Tritium CEO Jane Hunter said: “We look forward to using this investment to accelerate production, expedite product development, and, ultimately, to continue our pursuit of becoming the number one fast charger manufacturer on the planet.”