Gilbarco Veeder-Root feels the end of fuel dispensers is near.
Gilbarco Veeder-Root, one of the major suppliers of fuel dispensers, decided to invest in Tritium, the Australian-based manufacturer of fast chargers.
There are no details about the purchase of minority stake, but it's understood that Gilbarco Veeder-Root will use its sales channels for Tritium products, as many customers are now considering adding ultra-fast chargers at fuel stations. It's smart to be prepared for the upcoming market changes.
Thanks to the investment, Tritium should be able to increase sales and expand its presence in new markets. Currently, Tritium's chargers were installed in 26 countries around the world.
Tritium fast chargers
"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 Tritium cooling system allows for less wear on internal parts to ensure optimal charger lifetime."
"The investment will be enable Tritium to accelerate a number of strategic activities, including operational expansion in Europe and the USA to keep pace with a fast-growing market, with global sales tipped to increase by a third in 2018 compared with the previous year.¹
Other activities include expanding production capacity to meet increased demand for the company’s world-leading Veefil-PK Up To 475kW High Power Charging Systems, and new product research and development. Tritium will also look to expand into India, China and the wider Asian region in the medium turn, following its success in Europe and the USA."
David Finn, Chief Executive Officer and founder, Tritium said:
“Gilbarco Veeder-Root’s interest in Tritium further validates Tritium’s capabilities and technology expertise in the EV space. This investment also sends a strong message to the industry about the future of EV charging in the retail fueling and convenience market– it’s real, it’s happening and Tritium is at the forefront globally.”
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”.