Tritium Dcfc Limited · OTC:DCFCQ
Tritium Dcfc — SPAC Merger (September 2021)
50 slides from Tritium Dcfc's SPAC merger presentation, September 2021
Slide 1: Fast Charging Infrastructure for the Electric Vehicle Revolution
Fast Charging Infrastructure for the Electric Vehicle Revolution ANALYST DAY PRESENTATION September 2021
Slide 2: Disclaimer
Disclaimer This presentation (together with oral statements made in connection herewith, the “Presentation”) is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Business Combination”) between Decarboni
Slide 3: Disclaimer
Disclaimer Additional Information In connection with the proposed Business Combination, DCRN and NewCo, which will be the going-forward public company, intend to file a registration statement on Form F-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/prospectus, an
Slide 4: Transaction Summary
Transaction Summary Decarbonization Plus Acquisition Corporation II (“DCRN”) is a publicly-listed special purpose acquisition company with an estimated $403 million of cash in trust. DCRN has entered into a business combination agreement with Tritium, pursuant to which the companies will combine a
Slide 5: Enabling Clean Energy Through DC Fast Charging Infrastructure
Enabling Clean Energy Through DC Fast Charging Infrastructure Global Reach Intellectual Property Global sales and service The only liquid cooled, IP65 rated charger footprint across 4 continents technology 5,250+ Software Capability DCFC chargers (>50kW) sold Market leading telemetry data streams th
Slide 6: An Established Infrastructure Pioneer in the New Mobility Era
An Established Infrastructure Pioneer in the New Mobility Era with a 20 Year History Accumulating Benefits from Multiple Avenues for Positioned for DCFC Focus Creates Strategic & EV Penetration Growth Continued Market Leadership Competitive Advantages Rapidly growing TAM driven by Strategic part
Slide 7: EV / Revenue Cumulative
Tritium is valued at a ~67% discount to peers in 2023 CY 2021 CY 2022 CY 2023 Cum. FCF (CY’21-’23) ($ in millions) Mean: 54.4x | Median: 61.6x Mean: 25.2x | Median: 23.4x Mean: 12.2x | Median: 11.1x 84.7x 72.4x 61.6x EV / Revenue Tritium at a ~67% discount to mean peer EV / 2023E revenue 41.2x 25.8x
Slide 8: DCFC Hardware Total Addressable Market (2022-2026)
DCFC Hardware Total Addressable Market (2022-2026) Conservatively forecast market share relative to industry TAM estimates that offer significant upside Total Addressable Market Assumptions % $ Non-China Energy Demand Charging Additional DCFC Tech Split (4) Utilization (5) DCFC ASP (7) BEV Fleet (1)
Slide 9: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 9
Slide 10: Energy and Mobility Are Undergoing a Revolutionary Transformation
Energy and Mobility Are Undergoing a Revolutionary Transformation “The auto industry “Renewable energy, EVs, fuel cells, “The federal government also owns an will change more batteries, charging, green hydrogen enormous fleet of vehicles, which we’re … it’s all undergoing a dramatic going to replace
Slide 11: The Electric Vehicle Transition Is Here
The Electric Vehicle Transition Is Here EVs Will Soon Cost Less Than ICE Vehicles and Have Lower Fuel and Maintenance Costs EV Battery Price v EV Battery Demand(1) Medium Car Segment EV Price v ICE Price(2) (GWh) ($ / kWh) ($ in thousands) 3,000 150 $35 2,000 100 $25 1,000 50 $15 – – $5 2020 2021 20
Slide 12: And the Charging Infrastructure Needs to Be Ready
And the Charging Infrastructure Needs to Be Ready The global transition to an EV-based transportation network is Front-loading of charger build-out by CPOs, utilities, fleets, retailers and reliant upon the availability of sufficient charging infrastructure governments will ensure sufficient infrast
Slide 13: DC Fast Charging Has Clear Advantages Over AC
DC Fast Charging Has Clear Advantages Over AC DC fast chargers reduce range anxiety and charging time, making EV charging more equivalent to filling up with gas BNEF forecasts ~30% of energy delivered in 2026 will Strong potential for higher DC penetration as DC chargers be on fast home and public c
Slide 14: DC Fast Chargers are Critical to Meet EV Energy Demand
DC Fast Chargers are Critical to Meet EV Energy Demand 4.6 million DCFC chargers are needed by 2040 and Tritium’s charging system is uniquely positioned to supply ALL charging operators PROJECTED DC FAST CHARGER BUILD-OUT DC FAST CHARGERS (IN 000’S) +64x Global excl. China global expansion by 2040 e
Slide 15: Expanding Universe of Customers is Driving DC Fast Charging Deployment
Expanding Universe of Customers is Driving DC Fast Charging Deployment Land-grab for control of charger deployments and energy supply is expected to accelerate DC fast charger demand and may significantly expand TAM CURRENT 2021 FIRST MOVERS CPOs FAST FOLLOWERS ULTIMATE OPPORTUNITY USA EU Asia Elect
Slide 16: A Leader Among Few, Supplying Many
A Leader Among Few, Supplying Many Market structure drives robust EV adoption beta; Tritium’s superior technology and product roadmap generate alpha Current product offering DC Charging OEMs 5 - 10 Major Players Ancillary Services Ancillary Software Charging Network Operators Site Prep and Energy Fl
Slide 17: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 17
Slide 18: Delivering Rugged, Innovative Power Electronics for over 20 Years
Delivering Rugged, Innovative Power Electronics for over 20 Years Everyday Reliability Experience has delivered robust and reliable DC fast chargers Hottest Coldest Highest Deepest Tritium RT Tritium PK350 Ionity Custom Tritium RT175-S Gold Controller WaveSculptor20 WaveSculptor200 50kW 350kW 350kW
Slide 19: Global Leader in DC Fast Charging
Global Leader in DC Fast Charging Differentiated Leading IP Protections Leading Rapid Product One of Few Truly Technology Expertise in Place Development Global Players Exclusively focused Highly talented engineering team Key components of leading Opening highest power Strategically located, on devel
Slide 20: Leading Global Market Share
Leading Global Market Share TRITIUM GLOBAL OFFICES % OF TOTAL North America YTD 2021 SALES ~15% United States ~41% Market Share(1) 30 Staff Europe ~20% European ~45% Market Share(1) 59 Staff Asia Pacific >75% Australian & New Zealand ~14% Market Share(1) 370 Staff Note: Based on calendar year figure
Slide 21: Diverse Blue-Chip Customer Base
Diverse Blue-Chip Customer Base “ We chose to partner with Tritium because they have a world-leading technology and have shown they can develop and deliver their products quickly Michael Hajesch IONITY CEO Note: Non-exhaustive customer list. 21
Slide 22: Recent Commercial Announcements
Recent Commercial Announcements Provided charging solution to BHP Partially funded by the Australian Long-term Tritium customer with projects Ride-share company focussing on EV’s Mitsubishi Alliance (BMA) in conjunction Renewable Energy Agency (ARENA) across the USA using Tesla Model Y and e
Slide 23: Tritium Integrated Charging Solutions
Business Model Built for Long-Term Product Lifecycle Deep customer partnerships and recurring revenue 10+ Years Expected Asset Lifetime Lifecycle Initial Purchase 2 Years End of Asset Life Services Upfront 2 year Tritium Integrated Charging Solutions Site expansion, add chargers or power units Rep
Slide 24: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 24
Slide 25: Localized Manufacturing Strategy
Localized Manufacturing Strategy Localized Production – Planned for 2022 Ramp up production Increase speed to market Reduce supply chain and Increased flexibility for capacity via proximity freight costs customer orders New Facility – Estimated USA New Facility – Estimated EUR Current Facility – wil
Slide 26: From Design Through Support
1 2 3 4 R&D Product Development & Prototyping Supply Chain & Production Software Development From Design Through Support 5 6 7 8 Quality Assurance Vehicle Testing & Interoperability Sales, Marketing & Distribution 24/7 Support & Warranty 26
Slide 27: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 27
Slide 28: Why Customers Choose Tritium Technology
Total Cost of Ownership High density, Small modular footprint electronics Why Customers Opportunity Cost Choose Tritium Performance Technology Liquid cooling Ingress protection 65 rating Scalability 28
Slide 29: Lowest Total Cost of Ownership
Lowest Total Cost of Ownership Small footprint, sealed enclosure and liquid cooled technology results in up to 37% TCO reduction over 10 years of operation compared to all other competitors who use air-cooled systems TCO Comparison over 10 years of Operation Standby Energy Preventative Maintenance A
Slide 30: Established Historic Product Portfolio
Established Historic Product Portfolio 30
Slide 31: Tritium's Future Modular, Scalable, Charging (MSC) Platform
Tritium’s Future Modular, Scalable, Charging (“MSC”) Platform The new platform maximizes the value of the operator’s business NO REGRETS GROWTH LOWER OPERATING COST RETURN ON CAPITAL DEPLOYED Easily plan and flexibly scale Tritium design principles focus on Tritium’s MSC architecture optimizes the c
Slide 32: The RTM75 is The First Tritium MSC Product To Be Released
The RTM75 is The First Tritium MSC Product To Be Released Next generation products leverage Tritium’s MSC platform CUSTOMER BENEFITS DC Meter Tritium’s DC Meter is available across the MSC platform Upgradeable Modular System allows you to grow as your customer demand does Liquid Cooling ensures quie
Slide 33: The MSC Platform Will Deliver a Broad Product Range From Common Components
The MSC Platform Will Deliver a Broad Product Range From Common Components RTM Platform - Standalone DC Fast Charging PKM Platform – Distributed DC Fast Charging AC Input – DC Output 75kW 150kW DC Input – DC Output 150kW 360kW 1000kW DC -> DC Modules DC -> DC Modules AC -> DC Modules TRITIUM BENEFIT
Slide 34: Overview of MSC Platform Future Anticipated Releases
Overview of MSC Platform Future Anticipated Releases 75kW 150kW 150kW 360kW 1MW 25kW Released 2020 2022 2021 2022 2023 2023 Retail Applications Charging Park Applications Depot Charging Applications Low Power DC Charging Self-Contained System Sitewide System Configured Plug‘n’Play System Distributed
Slide 35: Integrated Software, Firmware and Data as Barriers to Entry
Integrated Software, Firmware and Data as Barriers to Entry Tritium Data Advantage Barriers to Entry Charging network optimisation Operations and product Hardware regulations & optimisation standards Customer offering & market insights Credit Card Payment DC Meter Local laws and requirements Driver
Slide 36: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 36
Slide 37: Strong Revenue Base with History of Rapid Growth
Strong Revenue Base with History of Rapid Growth Track record of successfully growing Numerous R&D successes and key Mature operations operations through multiple periods of business wins enable next phase of business Reputation for relentless execution and ability rapid growth to overcome hurdles e
Slide 38: 2021 and 2022 Update
2021 and 2022 Update $ IN MILLIONS Sales Backlog Revenue $170 Production has ramped despite the effects of COVID-19 on supply chain and freight $84 Q4’21E YoY projected $66 revenue growth of 174% $42 $42 $44 $40 $34 $34 $25 $27 $26 $18 $16 $19 $13 $13 $17 $17 $11 Strong 2022 growth outlook $7 $9 $9
Slide 39: Revenue Scales with Industry Growth
Revenue Scales with Industry Growth $ IN MILLIONS ~4% ~10% ~17% REVENUE GROWTH IS DRIVEN BY: Diversified blue-chip customer base ~96% 2020A 2026E Accelerating investment and providing $1,522 continued momentum ~73% Charge point operators installing ahead of EV uptake for ‘land grab’ purposes or to
Slide 40: Robust Growth and Near-Term Positive Cash Flow Conversion Profile
Robust Growth and Near-Term Positive Cash Flow Conversion Profile Differentiates Tritium from EV Charging Peers ($ in millions) Revenue ($ in millions) Gross Profit(1) $654 $1,522 $432 $982 $283 $603 $359 $162 $84 $170 $8 $46 2021E 2022E 2023E 2024E 2025E 2026E 2021E 2022E 2023E 2024E 2025E 2026E %
Slide 41: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 41
Slide 42: Transaction Overview
Transaction Overview Key Transaction Terms Illustrative Sources and Uses(1) ($ in millions) Sources Uses $1.4B $1.2B $403M Cash in Trust Account $403(1) Rollover equity $1,200 Pro-forma enterprise value transaction value DCRN cash in trust(1) Implied 4.1x 2026E EBITDA Cash to balance sheet 274 Inves
Slide 43: Differentiated Business Model and Financials
Differentiated Business Model and Financials ELECTRIC VEHICLE CHARGING PEERS DIVERSIFIED ELECTRICAL EQUIPMENT Public Comps De-SPACs Leading DCFC Technology Blue-Chip Customer Base Leading mobility technology peers focused on the Leading OEMs across the diversified electrical Sustainable Growth c
Slide 44: Discounted Future Enterprise Value
Discounted Future Enterprise Value $ IN MILLIONS FUTURE DISCOUNTED POST-MONEY $5,568 / $34.46 ~261% NTM at Midpoint Premium December 2025 $4,872 / $30.37 $1,522 Revenue million $348 EBITDA $2,451 / $16.15 million ~59% Midpoint Premium $2,145 / $14.36 $1,444 / $10.00 ~28-31% ~28-32% compounding compo
Slide 45: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 45
Slide 46: Leading Telemetry Data Streams and Interactive Software Platform
Leading Telemetry Data Streams and Interactive Software Platform On-Charger Firmware and IoT Off-Charger Software Platform Tritium Firmware and Comprehensive vehicle compatibility Remote device monitoring Connected on-device sensors and telemetry Interactive data platform and error diagnosis
Slide 47: 24/7 Global Customer Support
24 / 7 Global Customer Support Tritium Provides Global Service Coverage from 3 Locations All chargers connected and monitored in real-time via 4G Customer support team staffed by qualified and trained engineers 8 years and 40 million hours cumulative charger uptime Warranty extensions availa
Slide 48: Select Future Product Adjacencies
Select Future Product Adjacencies Benefits to fleet operators include: Low Power DC Chargers (25kW) Low power AC charging requires an onboard AC/DC converter within the vehicle, typically limited to ~7-11kW. Onboard charging speeds are limited due to weight, size and heat constraints within the ve
Slide 49: Maximize Revenue and Real Estate Usage
Maximize Revenue and Real Estate Usage Small footprint design allows chargers to be installed almost anywhere and reduces or eliminates the number of car parking spaces lost to charging stations for site hosts NO NO PARKING PARKING Tritium Chargers Keep Valuable Car Parking Real Estate Lost Using La
Slide 50: DC Fast Charging Everywhere
DC Fast Charging Everywhere Parking arrangement Work Destination Charging need (e.g. office, govt property) (e.g. mail, supermarket, car park) Shared parking Public parking Contractual party 2-10 hours <4 hours Business owner Business owner or municipality Multi-Family Home On-The-Go (e.g. apartment