Exicom Acquires US-Based EV Charging Firm Tritium for Rs 310 Crore to Boost Global and Domestic Operations

NEWSINVESTMENT

10/7/20242 min read

Homegrown electric vehicle (EV) charging solutions company Exicom has made a significant acquisition, purchasing US-based DC fast-charging technology firm Tritium for USD 37 million (approximately Rs 310 crore), according to Exicom Managing Director Anant Nahata.

The acquisition is part of Exicom’s expansion strategy, which includes the establishment of a new manufacturing facility in Hyderabad. This facility will leverage Tritium’s expertise in DC fast-charging technology to produce advanced charging solutions for electric vehicles in India. The Hyderabad plant is expected to be operational by the end of 2025.

“This strategic investment underscores Exicom’s strong presence in international markets and reflects our commitment to scaling operational capabilities across diverse geographies,” Nahata said. The acquisition spans four key regions—the UK, the Netherlands, the United States, and Australia—totaling USD 37 million.

As part of the deal, Exicom will absorb Tritium's workforce of 300 employees, further strengthening the company’s talent pool. “With the integration of Tritium's talented individuals, Exicom will capitalize on synergies to drive innovation in the EV charging sector. This partnership will enhance our ability to deliver cutting-edge Tritium, which is listed on Nasdaq, designs and manufactures proprietary hardware and software for DC fast chargers tailored to electric vehicles. Its chargers are renowned for their durability in extreme weather conditions, making them ideal for use in India, where temperatures can range from -20°C to 55°C. Tritium’s global clientele includes leading brands like BP Pulse, ChargePoint, EV Connect, EVCS, and Shell Recharge.

Exicom, which holds a 40% share of the EV residential charging market and a 25% share of the EV public charging market in India, counts major automakers such as MG, Tata, Kia Motors, Mercedes Benz, JBM, Volvo, Mahindra, and Hyundai among its partners.

The company has also acquired Tritium’s manufacturing facility in Tennessee, USA, as part of its broader strategy to expand its global footprint. “With our upcoming Hyderabad facility, we are poised to localize Tritium's global expertise and address the growing demand for innovative charging solutions,” Nahata noted.

Exicom currently operates three manufacturing units and two research and development centers in India, making it a key player in the country’s evolving EV infrastructure landscape.