"Exicom Acquires US EV Charging Company Tritium for Approximately ₹310 Crore"

Homegrown electric vehicle (EV) charging solutions firm Exicom has announced its acquisition of US-based DC fast charging technology company Tritium for $37 million, approximately ₹310 crore. Anant Nahata, Managing Director of Exicom, shared the news with PTI, highlighting plans to establish a manufacturing unit in Hyderabad, where Tritium's Direct Current (DC) fast charging technology will be utilized to develop innovative solutions for electric vehicles. The new facility is expected to be operational by the end of 2025.

"This strategic investment underscores Exicom's strong positioning in international markets and our commitment to expanding operational capabilities across diverse regions, including the UK, the Netherlands, the United States, and Australia," Nahata said.

As part of the acquisition, Exicom has integrated Tritium's entire workforce of 300 employees, which Nahata believes will drive innovation and enhance the company's capacity to deliver world-class EV charging solutions. Tritium, listed on Nasdaq, specializes in designing and manufacturing proprietary hardware and software for DC fast chargers.

Nahata also noted that Tritium's chargers are well-suited for India’s extreme weather conditions, with temperatures ranging from -20 to 55 degrees Celsius, enhancing the reliability and efficiency of the country's EV infrastructure. Tritium's client roster includes major global brands like BP Pulse, ChargePoint, EV Connect, EVCS, and Shell Recharge.

Exicom holds a significant market share in the EV sector, claiming 40% of the residential charging market and 25% of public charging segments. Its automotive partners include MG, Tata, Kia Motors, Mercedes Benz, JBM, Volvo, Mahindra, and Hyundai.

The company has successfully acquired Tritium’s facility in Tennessee and is committed to expanding its manufacturing footprint in India. With the upcoming Hyderabad facility, Exicom aims to localize Tritium's global expertise to meet the growing demand for innovative charging solutions. Currently, Exicom operates three manufacturing units and two research and development centers in India.

BS