Palantir SPAC Tritium Charging Lands A Huge UK Deal To Expand
Tritium Charging is one of my favorite Palantir SPACs. The main reason for this is because, well, they execute and get things done.
From Business Australia,
"Brisbane-based electric vehicle (EV) charging technology innovator Tritium (NASDAQ: DCFC) has partnered up with one of the UK’s leading service station operators to add more than 100 fast chargers to Motor Fuel Group’s (MFG) network.
The MFG locations will be equipped with NASDAQ-listed Tritium’s 150kW DC fast chargers which can add 100 miles (160kms) of range to an EV in just 10 minutes."
The electric charging station market is going to be big, really big, as EV's take off. While there will be many different manufacturers of these charging stations, just like there are many different gas station brands, some will rise to the top and be household names (think Exxon, Shell, BP, etc.) in the new world of EV charging as the world fully converts over the next 2 decades.
“We’re proud to partner with Motor Fuel Group to support their parallel goals of electrifying transportation and enabling a greener and cleaner future by providing customers with readily available rapid chargers across their forecourt network in the UK,” Tritium CEO Jane Hunter said.
“This announcement highlights MFG’s recognition that the world is changing, and they are leading the charge towards electric vehicles and low carbon fuels in line with the UK government’s ambitions.”
MFG has also announced it is investing £400 million ($705 million) in its EV strategy, funded entirely by cash on hand. The investment will support its electrification goals to provide reliable and practical EV services for all customers, with the aim to install 3,000-plus ultra-rapid 150kW and 350kW chargers across more than 500 UK sites by 2030.
The unique thing about Palantir's software is that we know they have the ability to integrate in various different ways across all industries.
All though the company is not a pure EV play, one can recogonize how crucial data anaytics is to the ability for EV charging stations to actually be effective and intertwine with a community.
A network of operators needs to communicate with the electric grid, local energy storage units, municipalities, and more in order for the system to actually make sense and be environmentally friendly towards a local neighborhood.
Palantir announced a partnership with another SPAC, WEJO, in order to build an entire operation system for electric vehicle charging stations that can utilize connected vehicle data to make sure charging is happening in the most efficient way.
Investing in Tritium seems to fit with that plan. While not all SPACs will work for Palantir, some might. Out of the 18 investments they made, if 3-4 of them go on to become large companies, it will more than pay for the investment while also showing the use case for the next generation of companies to build their technology on top of Palantir's Foundry.
Tritium has been executing and we'll be covering how they continue to grow and expand.
Here's a video explaining why Palantir ultimately made this investment:
Thanks for reading the article. If you'd like to get in contact, please @ me on twitter here or email me at firstname.lastname@example.org. You can join our Palantir Facebook group here to participate in community discussions, polls, and more.