The share price of Aussie electric vehicle (EV) fast-charging leader Tritium DCFC Ltd (NASDAQ: DCFC) launched 14% overnight amid news the doors of its maiden United States factory have been thrown open.
The facility, located in Lebanon, Tennessee, is expected to help meet US government goals and electrify transportation across the continent and beyond.
Tritium CEO Jane Hunter made the announcement alongside US President Joe Biden in February.
Right now, shares in Tritium are priced at US$7.31 apiece.
Let's take a closer look at the latest news from the Brisbane-born outfit.
Image source: Getty Images
Tritium share price surges 14% as factory opens
The share price of NASDAQ-listed tech stock Tritium rocketed higher overnight amid the opening of its first US manufacturing facility.
The facility will initially produce the company's award-winning RTM fast-charging device. Additionally, it expects to branch out and produce the company's PKM150 in early 2023.
The PKM150 fast charger boasts a simpler install and more options for consumers, says the company.
Hunter said the facility's opening is an "important milestone" for the company, Tennessee, and US drivers. She continued:
As many as 35 million electric vehicles are expected to be in use by 2030 and those vehicles will require more powerful and convenient charging infrastructure.
Americans will rely on [EV charging infrastructure] to get to work, to school, to doctor's appointments, and more. It needs to be reliable, and it needs to be able to grow to meet their needs.
The chargers are expected to meet the requirements of the US's new Inflation Reduction Act. The legislation offers US$370 billion for climate-friendly initiatives. The PKM150 fast charger is also expected to meet the standards for US National Electric Vehicle Infrastructure program funding in the March quarter.
Furthermore, Tritium chief operating officer Glen Casey said the factory's set-up was one of the fastest he'd seen in his 30-year career. It took just five months. Casey said:
I can truly say that this new facility is world-class. Like our products, we've designed our manufacturing process to be modular and scalable.
Sadly, its overnight gains weren't enough to boost the Tritium share price back into the long-term green. It has slumped 21% since listing on the NASDAQ in January.
