Tritium DCFC Ltd (NASDAQ:DCFC) shares surged nearly 40% Tuesday, and over 30% in Wednesday's pre-market session after the Australian EV charging company announced its new manufacturing facility will be located in the United States. Tritium CEO Jane Hunter appeared at the White House to make the announcement yesterday.
The new manufacturing location in Tennessee is expected to house up to six production lines for Tritium’s DC fast chargers and bring more than 500 jobs to the region over the next five years.
"Tritium’s investment in a U.S.-based, cutting-edge facility for manufacturing is part of our strong push toward global growth in support of the e-mobility industry," Hunter said. "We are thrilled to work with the U.S. Federal government and the state of Tennessee on this initiative."
President Joe Biden expressed similar sentiment on Twitter Tuesday morning. The stock soared shortly after Biden said he was looking forward to hosting Tritium at the White House.
I’m looking forward to hosting the folks from Tritium at the White House today. Like manufacturers large and small, they’re creating good-paying jobs building the future right here in America. Investments like these are why I fought so hard for the Bipartisan Infrastructure Law. https://t.co/T5HRWRFT2Y
— President Biden (@POTUS) February 8, 2022
Last month, Tritium completed its previously announced SPAC merger with Decarbonization Plus Acquisition Corporation II. Tritium shares began trading on the Nasdaq on Jan. 14. The company is focused on designing and manufacturing hardware and software to create advanced and reliable DC fast chargers for electric vehicles.
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DCFC Price Action: Tritium has traded as low as $6.42 since making its public debut last month. It made new highs when it traded up to $11.90 Tuesday.
The stock closed up 39.47% at $9.54 on Tuesday and was up another 31.76% to $12.54 in Wednesday's pre-market session.
Photo: bixusas from Pixabay.
