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Riverstone Energy backs fast-charging business Tritium

Riverstone Energy Limited is making a $10m debt commitment to Tritium DCFC Limited, which will contribute to extending Tritium’s existing $90m senior debt facility from Cigna & Barings by $60m to $150m. In addition, Tritium has established a $75m committed equity facility with B. Riley Principal Corporation.

The new debt investment complements an existing equity investment (made by Riverstone Energy in February 2021) consisting of founder shares and warrants, which was valued at 1.07x gross MOIC as of 30 June 2022.

The facility has a three-year term and an 8.5% cash coupon plus warrants for the purchase of ordinary shares of the company. The consortium providing the facility comprises long-term supporter Cigna Investments, Inc., the investment arm of Cigna Corporation, a U.S.-based global health services company, in addition to Barings LLC (Barings), a leading global financial services firm and subsidiary of MassMutual, a U.S.-based mutual insurance company, and Riverstone Energy.

About Tritium

Founded in 2001, Tritium tritiumcharging.com (traded on NASDAQ with the ticker DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles (EVs).

The $60m capital injection will be used to fund working capital, product development, and operational support and expansion. The working capital will allow Tritium to accelerate production with the aim of satisfying a large number of orders already on hand. The EV industry is growing quickly, supported by government incentives and carbon reduction targets. Tritium says that it continues to see high demand from new and existing customers across the globe.

Tritium represents one of 16 decarbonisation investments in Riverstone Energy’s current portfolio, as it focuses new investments in five critical areas of decarbonisation, including electrification of transport, grid flexibility, agriculture, next generation fuels, and next horizon resource use plays.

RSE : Riverstone Energy backs fast-charging business Tritium

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