The Tritium DCFC Ltd (NASDAQ: DCFC) share price has exploded today on the back of news that has sparked interest from the highest office in the United States.
Tritium is an Australian electric vehicle (EV) fast-charging company now listed on the NASDAQ.
The company's share price rocketed 39.47% on the NASDAQ today to finish the session at US$9.54. In after-hours trading, it has soared a further 11.01% to US$10.59 at the time of writing.
Let's take a look at what has buoyed the Tritium share price today.
Tritium CEO meets with US President Joe Biden
Today, the Tritium CEO Jane Hunter met with President Joe Biden for an important announcement.
Tritium will establish a new DC fast charger manufacturing facility for EVs in Tennessee, US. This will include up to 6 production lines. The facility will employ more than 500 people in the next 5 years.
The facility will also produce more than 10,000 fast charger units per year. This could expand to up to 30,000 at peak capacity.
In remarks at the White House, US President Joe Biden said:
The new manufacturing facility Tritium is — that it's announced today is more than just great news for Tennessee.
This is great news for workers across the country, for an economy, and, frankly, for the planet. When we wrote the — and passed the Bipartisan Infrastructure Law, we included $7.5 billion for electric vehicle chargers, like the one Jane brought along today.
And later this week, we're going to announce a state-by-state allocation for $5 billion of the funding for these chargers. So states can start making plans to build out what will become a national network of electric vehicle chargers.
Tritium's new facility is going to produce up to 30,000 of these chargers every year.
Amazing month for Aussie company
The meeting with the President follows an incredible month for Tritium. On Australia Day, Hunter rang the closing bell at the NASDAQ MarketSite in New York's Times Square. Tritium was listed on the NASDAQ on 14 January.
Tritium said its US expansion is part of a global trend to provide fast EV charging solutions to the "masses".
In a media release put out by Tritium, CEO Jane Hunter said:
Tritium's investment in a U.S.-based, cutting-edge facility for manufacturing is part of our strong push toward global growth in support of the e-mobility industry.
We are thrilled to work with the U.S. Federal government and the State of Tennessee on this initiative. With the help of the hard-working residents of Tennessee, we expect to double or even triple our charger production capacity to further our product distribution throughout the United States.
Tritium share price snapshot
The Tritium share price has climbed 3.47% since the company was listed on the NASDAQ on 14 January. For perspective, the benchmark Nasdaq Composite Index (NASDAQ: IXIC) has lost 4.7% since this date.
Tritium has a market capitalisation of about US$926 million based on the current share price.
