Exicom acquires Tritium to expand EV charging facilities

Exicom Tele-Systems Limited, one of the biggest producers of electric vehicle (EV) chargers in India, revealed its intentions, on Thursday, to acquire assets and business of DC fast charger maker Tritium. The deal, which could be worth up to $29.63 million, would help Exicom grow its EV charger business internationally.

At 10:25 am on Thursday, Exicom Tele-Systems Limited's share price was up 7.95 points (2.03%) on the BSE and ₹19.45 (4.99%) on the NSE.

The business sale agreement between Exicom's wholly owned subsidiaries and Tritium Group businesses in the United States and Australia was authorised by Exicom's Board of Directors on August 7, 2024. The finalisation of the deal is scheduled to be finished by August 31, 2024.

Following the acquisition, Exicom will have access to Tritium's engineering centre in Brisbane and Australia. Moreover, the company can also access Tritium’s production facilities in Tennessee, USA. The update is expected to expand Exicom's research and development capabilities in the EV charging sector and its reach on the global market.

"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," said Anant Nahata, CEO of Exicom.

He further added, “Exicom and Tritium have gained leadership in their respective regions and have complementary sales and product footprints. We are eager to collaborate with Tritium's staff, clients, partners, and other stakeholders to expand the company and give EV consumers everywhere quicker, more dependable charging experiences.”

According to BloombergNEF, EV sales are expected to soar, with EVs accounting for 45% of passenger car sales globally by 2030 and 73% by 2040.