Gilbarco Veeder-Root Makes Minority Investment in Tritium to Accelerate Global Electric Vehicle Infrastructure Build Out
GREENSBORO, N.C. – Gilbarco Veeder-Root, a Fortive Corporation (“Fortive”) (NYSE: FTV) business, announced today that it has made a minority investment in Tritium, a privately held electric vehicle (EV) charging manufacturer.
Tritium specializes in the design and manufacture of DC fast charging solutions for electric vehicles. Established in 2001, it launched its first DC fast charger in 2014, since when it has become a leading global supplier, with installations in 26 countries.
Martin Gafinowitz, Senior Vice President of Fortive, stated, “Our partnership with Tritium is the logical next step in our long history of evolving the Gilbarco Veeder-Root business portfolio to address progressive customer needs. This investment provides early and judicious entry into a market with a growing need for rapid charging, which is one of the top barriers to EV purchase.
Gilbarco Veeder-Root will sell all Tritium solutions, including Veefil-PK high power charging (HPC) systems, which are capable of a full charge of an EV in just five-to-ten minutes. These high power charging systems have unique and innovative liquid-cooled technology and a significantly smaller footprint than other HPCs on the market. The unique cooling system allows for less wear on internal parts to ensure optimal charger lifetime. Tritium’s leadership in EV development creates a seamless path for Gilbarco Veeder-Root customers to begin building out their charging networks.
“Gilbarco Veeder-Root’s interest in Tritium further validates Tritium’s capabilities and technology expertise in the EV space,” said David Finn, Chief Executive Officer and founder, Tritium. “This investment also sends a strong message to the industry about the future of EV charging in the retail fueling and convenience market.”
Tritium has announced partnerships with a number of new customers across the globe in 2018, including a deal to supply its Veefil-PK high power charging systems for the IONITY network. Together with IONITY, Tritium is globally the first in the ground with 350KW high power chargers. IONITY is a joint venture of the BMW Group, Daimler AG, Ford Motor Company and the Volkswagen Group with plans to roll out 400 sites across Europe.
ABOUT GILBARCO VEEDER-ROOT
Gilbarco Veeder-Root is the worldwide technology leader for retail and commercial fueling operations offering the broadest range of integrated solutions from the forecourt to the convenience store and head office. For over 150 years, Gilbarco Veeder-Root has earned the trust of its customers by providing long-term partnership, uncompromising support, and proven reliability. Major product lines include fuel dispensers, point-of-sale systems, payment solutions, tank gauges, retail software development and integration and fleet management systems. For more information, please visit: www.gilbarco.com
Tritium is a fast-moving technology company specializing in the design and manufacture of DC fast-charging solutions for electric vehicles (EV). Established in Australia in 2001, to provide power-electronic systems and battery energy-storage applications, it launched its first DC fast charger (Veefil-RT) in 2014, since when it has become a leading global supplier, with installations in 26 countries. The US is one of Tritium’s major markets and it opened a manufacturing, R&D and sales facility in Torrance, California in 2017. Its products are Buy America compliant and Tritium’s Veefil-RT 50kW fast charger is currently installed on EV charging networks on major routes across the US. In Europe, Tritium holds around 50% of the Norwegian market and around 15% of the wider European market for 50kW rapid chargers. Customers include Charge.net.nz, EDF Lumins, Fortum, Grønn Kontakt, IONITY, Proterra and Stromnetz. Tritium’s headquarters and main manufacturing plant is in Australia and it has a further facility in Amsterdam, servicing the European market. For more information, please visit: www.tritium.com.au
Fortive is a diversified industrial growth company comprised of Professional Instrumentation and Industrial Technologies businesses that are recognized leaders in attractive markets. With 2017 revenues of $6.7 billion, Fortive’s well-known brands hold leading positions in field instrumentation, transportation, sensing, product realization, automation and specialty, and franchise distribution. Fortive is headquartered in Everett, Washington and employs a team of more than 26,000 research and development, manufacturing, sales, distribution, service and administrative employees in more than 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information, please visit: www.fortive.com.