SUMMARY
- Exicom acquires Tritium for $37M to expand EV infrastructure and strengthen its global market presence.
- The acquisition supports Exicom’s R&D efforts and enhances EV charging solutions in 15 countries.
- Tritium recorded $184.54M in revenue in FY23, while Exicom saw 101.92% profit growth in three years.
Exicom, a power solution provider for digital communication provider acquires Tritium, a DC fast-charging tech company for $37 million (nearly ₹310 crore). Their goal was to increase the uptake of EV infrastructure and broaden its global reach.
The business stated that the acquisition will support its R&D efforts to advance innovation in the EV market and cater to various use cases throughout the globe. With a focus on Africa, the Middle East, and Asia, Exicom now states that it provides energy storage and EV charging services in fifteen countries.
CEO of Exicom, Anant Nahata states, “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”.
Founded in 2001, Tritium produces DC rapid chargers for electric cars using proprietary hardware and software. The company states that it has sold over 13,000 chargers in 47 different countries. For the fiscal year ending June 30, 2023, Tritium reported a revenue of $184.54 million, reflecting a 115% increase from the previous year’s $86 million. The net loss for the period was $121.37 million, down from the previous year’s net loss of $128.92 million.
Exicom, a Gurugram-based business that was established in 1994, offers solutions for EV charging and essential power in addition to supplying sustainable energy storage options through the use of cutting-edge lithium-ion technology. It became a publicly traded business on the National Stock Exchange in March. The firm has seen profit growth of 101.92% and revenue growth of 40.98% over the past three years.
