BRISBANE, Australia / NEW YORK, NY July 27, 2021 – Tritium, a global leader in direct current (“DC”) fast chargers for electric vehicles (“EVs”), and Decarbonization Plus Acquisition Corporation II (“DCRN”) (NASDAQ: DCRN, DCRNW, DCRNU), a special purpose acquisition company, today announced an agreement for a private investment in public equity (“PIPE”) by Palantir Technologies Inc. (“Palantir”) (NYSE: PLTR), a Denver-based software and data analytics company.
In connection with the PIPE financing announced today, Tritium DCFC Limited (“NewCo”), DCRN and Palantir entered into a subscription agreement, which provides for, among other things, the subscription and purchase of ordinary shares of NewCo by Palantir immediately prior to or substantially concurrently with the closing of the Business Combination (as defined below). The PIPE financing is contingent upon, among other things, the consummation of the previously announced business combination among Tritium, NewCo, DCRN and Hulk Merger Sub, Inc., a wholly owned subsidiary of NewCo (the “Business Combination”).
Palantir and Tritium also signed a contract that will provide Tritium with access to the Palantir Foundry platform, the company’s award-winning platform that helps businesses accelerate their end-to-end data transformation and redefine their industries.
“Palantir’s investment in Tritium is another validation of Tritium’s technology and business strategy given Palantir’s own record of identifying and preparing for transformative change,” said Robert Tichio, Partner and Managing Director at Riverstone Holdings LLC and Chairman of the board of directors of DCRN. “Their investment of capital and resources will provide Tritium with support to both continue developing the innovative technologies for which Tritium is known and advance the EV charging hardware and software needed to transition the world to electric transportation.”
“A cutting-edge technology requires a cutting-edge partner, and we feel that we’ve found that in Palantir,” said Tritium CEO Jane Hunter. “As Tritium enters a phase of rapid growth and expansion, we look forward to leveraging Palantir’s investment and insights to expand Tritium’s global e-mobility market share and set the company up for sustained growth and success.”
“Palantir is rooted in harnessing the power of data to help businesses scale, grow, disrupt and win,” said Kevin Kawasaki, Palantir’s Head of Business Development. “The end markets served and targeted by Tritium are experiencing incredible growth, which is expected to continue for years to come as the global race to electrify mobility and decarbonize transportation accelerates. We are eager to partner with Tritium to optimize the incredible wealth of data that comes via the rollout of fast charging infrastructure and to answer complex questions using data science to enable Tritium to further excel in offering solutions to its customers around the globe.”
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.
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As announced on May 26, 2021, Tritium has entered into a definitive agreement with DCRN for the Business Combination, that would result in Tritium becoming a publicly listed company. Completion of the Business Combination is subject to customary closing conditions.
About Decarbonization Plus Acquisition Corporation II
Decarbonization Plus Acquisition Corporation II is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a target whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors. These include the energy and agriculture, industrials, transportation and commercial and residential sectors. DCRN is sponsored by an affiliate of Riverstone Holdings LLC and represents a further expansion of Riverstone’s 15-year franchise in low-carbon investments, having established industry leading, scaled companies with more than US$5 billion of equity invested in renewables.
About Palantir Technologies
Palantir Technologies is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at https://www.palantir.com.
Image courtesy of Tritium