Gilbarco Veeder-Root, a Fortive Corp. business, made a minority investment in Tritium, a privately held electric vehicle (EV) charging manufacturer, the company announced during the 2018 PEI Convention at the NACS Show in Las Vegas.
Tritium specializes in the design and manufacture of DC fast charging solutions for EVs. Established in 2001, it launched its first DC fast charger in 2014. Since then, it has become a leading global supplier with installations in 26 countries.
“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,” said Martin Gafinowitz, senior vice president of Fortive. “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 can fully charge an EV in five to 10 minutes. These high-power charging systems have liquid-cooled technology and a significantly smaller footprint than other HPCs. The 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 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, CEO and founder of 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 2018 partnerships include 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 Co. and the Volkswagen Group with plans to roll out 400 sites across Europe.
ABOUT GILBARCO VEEDER-ROOT
Gilbarco Veeder-Root manufactures technology for global retail and commercial fueling operations from the forecourt to the convenience store and head office. For over 150 years, Gilbarco Veeder-Root has provided 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.
Tritium specializes in the design and manufacture of DC fast-charging solutions for EVs. 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 then, it has become a global supplier with installations in 26 countries. The U.S. 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 installed on EV charging networks on major routes across the U.S. In Europe, Tritium holds some 50 percent of the Norwegian market and some 15 percent 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. An Amsterdam office services Europe.
Fortive is a diversified industrial growth company composed of Professional Instrumentation and Industrial Technologies businesses. With 2017 revenues of $6.7 billion, Fortive 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.