BRISBANE, Australia, April 12, 2023 (GLOBE NEWSWIRE) -- Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that KuroEV, an EV charger installer and management services provider, has purchased Tritium fast chargers to be deployed across Malaysia. With only 600 charging stations currently available for the over 10,000 EVs registered in the country, Tritium's entry into the Malaysian market comes at a crucial time.
The Malaysian government has recognized the need for increased EV charging infrastructure and has pledged to build 10,000 EV charging stations by 2025 in partnership with the private sector. This initiative is part of the government's broader goal to achieve net-zero emissions by 2050, which includes targets for 30% renewable energy capacity by 2025 and maintaining 50% of the nation's land as natural forest.
“We are excited to partner with KuroEV to bring Tritium's world-leading charging technology to the Malaysian market and expanding our footprint in the Asia Pacific region," said Tritium CEO Jane Hunter. "Our fast chargers will provide reliable, high-quality charging solutions to EV drivers in Malaysia, and we look forward to supporting KuroEV in their efforts to create a comprehensive charging network across the country."
KuroEV plans to deploy Tritium chargers at various locations throughout Malaysia, including offices, shopping malls, and commercial hubs. The company also intends to create its own charging network in the future, featuring solar, on-site energy storage, EV charging, cafes, and other premium services available at their sites.
“We are delighted to work with Tritium, a global leader in EV fast charging technology, to offer the latest fast charging solutions to our customers in Malaysia. With Tritium's fast chargers, we can provide a seamless and reliable charging experience to EV drivers across the country, helping to accelerate the transition to a cleaner and more sustainable future,” said KuroEV Founder Ken Too. “This investment is just the first step in our plans to create a world-class charging network that combines solar, storage, and other innovative technologies to offer a truly premium charging experience.”
KuroEV offers affordable lease-to-own options to help business install chargers and launch charge point operator businesses.
Tritium's entry into Malaysia represents another milestone in the company's ongoing commitment to expanding global EV charging infrastructure and becoming the number one manufacturer of electric vehicle fast chargers in the world.
Founded in 2001, Tritium (NASDAQ: DCFC) 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.
For more information, visit tritiumcharging.com
Electric mobility is the smart choice. We make it the easy one, too. We are focused solely on offering the best electric vehicle (EV) charging experience and EV ecosystem for everyone involved in the shift to electric mobility. We design, install, manage EV charging solutions and provide EV fleet leasing for all our customers at offices, shopping malls, commercial hubs, apartments and many more locations so that its available to everyone.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, also known as the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact and generally relate to future events, hopes, intentions, strategies, or performance may be deemed to be forward-looking statements. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “might,” “possible,” “believe,” “predict,” “potential,” “continue,” “aim,” “strive,” and similar expressions may identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expressed or implied forwarding-looking statements, including, but not limited to: our history of losses; the ability to successfully manage our growth; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; the accuracy of our forecasts and projections including those regarding our market opportunity; competition; our ability to secure financing; delays in our manufacturing plans; losses or disruptions in supply or manufacturing partners; risks related to our technology, intellectual property and infrastructure; exemptions to certain U.S. securities laws as a result of our status as a foreign private issuer; and other important factors discussed under the caption “Risk Factors” in the Company’s prospectus filed pursuant to Rule 424(b)(3) filed with the Securities and Exchange Commission (the “SEC”) on August 30, 2022, as such factors may be updated from time to time in the Company’s other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Company’s website at https://investors.tritiumcharging.com/. Any investors should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the SEC as most of the factors are outside the Company’s control and are difficult to predict. As a result, the Company’s actual results may differ from its expectations, estimates and projections and consequently, such forward-looking statements should not be relied upon as predictions of future events. The Company cautions not to place undue reliance upon any forward-looking statements, including projections, which speak only as to management expectations and beliefs as of the date they are made. The Company disclaims any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
This press release is for informational purposes only and it does not represent an offer to sell or the solicitation of an offer to buy any of the Company’s securities. There will be no sale of the Company’s securities in any jurisdiction in which one would be unlawful.
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