Tritium Dcfc Limited · OTC:DCFCQ
Tritium Dcfc — Tritium — SPAC Merger (May 2021)
49 slides from Tritium Dcfc's SPAC merger presentation, May 2021
Slide 1: Fast Charging Infrastructure for the Electric Vehicle Revolution
Fast Charging Infrastructure for the Electric Vehicle Revolution INVESTOR PRESENTATION MAY 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: Additional Information
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 $403 million of cash in trust. DCRN has entered into a business combination agreement with Tritium, Transaction pursuant to which the companies wi
Slide 5: An Established Infrastructure Pioneer in the New Mobility Era with a 20 Year History
An Established Infrastructure Pioneer in the New Mobility Era with a 20 Year History Accumulating Benefits Multiple Avenues Positioned for DCFC Focus Creates Strategic from EV Penetration for Growth Continued Market Leadership & Competitive Advantages • Rapidly growing TAM • Strategic partnerships w
Slide 6: Enabling Clean Energy Through DC Fast Charging
Enabling Clean Energy Through DC Fast Charging Global Reach Intellectual Property Global sales and service The only liquid cooled, IP65 rated footprint across 4 continents charger technology 4,400+ Software Capability DCFC chargers (>50kW) sold Market leading telemetry data streams through Tritium P
Slide 7: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 7
Slide 8: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 8
Slide 9: Energy and Mobility Are Undergoing a Revolutionary Transformation
Energy and Mobility Are Undergoing a Revolutionary Transformation “The auto “Renewable energy, EVs, fuel “The federal government also owns industry will cells, batteries, charging, green an enormous fleet of vehicles, which change more in hydrogen … it’s all undergoing we’re going to replace with cl
Slide 10: The Electric Vehicle Transition Is Here
The Electric Vehicle Transition Is Here EVs Will Soon Cost Less Than ICE Cars and Have Lower Fuel and Maintenance Costs EV Battery Price v EV Battery Demand Medium Car Segment EV Price v ICE Price (GWh) ($ / kWh) ($ in thousands) 2,500 140 $35 120 $30 2,000 100 $25 1,500 80 $20 1,000 60 $15 40 500 $
Slide 11: 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 12: 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 Onboard AC Charging Slow Due to Size and Cost Off-board Fast DC Charging Enables Driver Freedom 3.7kW 7.7kW 50kW 350kW TIME TO ADD 20 MILES
Slide 13: 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) +35x Global excl. China global expansion by 2040 e
Slide 14: 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 ultimately expand the TAM significantly CURRENT 2021 FIRST MOVERS CPOs FAST FOLLOWERS ULTIMATE OPPORTUNITY US
Slide 15: 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 Ancillary Ancillary Services Software DC Charging Providers 5 - 10 Major Players 100’s of Major Players Site Prep and Energy F
Slide 16: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 16
Slide 17: Delivering Innovative Power Electronics for over 20 Years
Delivering 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 Tritium
Slide 18: Global Leader in DC Fast Charging
Global Leader in DC Fast Charging World-Leading IP Protections World-Leading Differentiated One of Few Truly Expertise in Place Rapid Product Technology Global Players Development Exclusively focused Highly talented engineering Key components of leading Opening highest power Strategically located, o
Slide 19: Leading Global Market Share
Leading Global Market Share TRITIUM GLOBAL OFFICES North America % OF TOTAL SALES ~15% United States ~20% Market Share(1) 29 Staff Europe ~20% European ~70% Market Share(1) 50 Staff Asia Pacific >75% Australian & New Zealand ~10% Market Share(1) 269 Staff (1) Based on public DC chargers, excluding T
Slide 20: 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. 20
Slide 21: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 21
Slide 22: 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 22
Slide 23: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 23
Slide 24: Why Customers Choose Tritium Technology
Total Cost of Ownership High density, Small modular footprint electronics Why Customers Opportunity Choose Tritium Performance Cost Technology Liquid cooling Ingress protection 65 rating Scalability 24
Slide 25: 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 26: Maximum Revenue and Real Estate Usage
Maximum Revenue and Real Estate Usage Small footprint allows chargers to be installed anywhere and ensures site hosts do not lose car parking spaces NO NO PARKING PARKING Tritium Chargers Keep Parking Real Estate Lost Using Valuable Car Parking Spaces Larger Competitor Products 26
Slide 27: Modular, Scalable, Charging ("MSC") Platform
Modular, Scalable, Charging (“MSC”) Platform Next Generation Products Leverage Tritium’s MSC Platform CUSTOMER BENEFITS DC Meter Tritium’s DC Meter is available across the TRITIUM BENEFITS MSC platform Upgradeable Modular System allows you to grow as your Standardized Base customer demand does Compo
Slide 28: Product Roadmap
Product Roadmap EASY ON SITE GRID-SCALE BATTERY INTEGRATION 2021 75kW 150kW 2022 150kW 360kW 1MW Retail Applications Charging Park Applications Depot Charging Applications Self-Contained System Sitewide System Configured Plug‘n’Play System Convenience Charge Essential Charge Specialized Charging Req
Slide 29: 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 Hardware regulations product optimisation & standards Customer offering & market insights Credit Card Payment DC Meter Local laws and Driver requirements
Slide 30: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 30
Slide 31: Business Model Built for Long-Term Product Lifecycle
Business Model Built for Long-Term Product Lifecycle Deep customer partnerships and recurring revenue Initial Purchase 2 Years + 1, 2 or 3 Years 10+ Years Expected Asset Lifetime End of Asset Life Services Tritium Integrated Charging Solutions Upfront 2 year Paid warranty Replacement hardware warran
Slide 32: Strong Revenue Base with History of Rapid Growth
Strong Revenue Base with History of Rapid Growth Track record of successfully Numerous R&D successes and Mature operations growing operations through key business wins enable next phase of multiple periods of rapid growth Reputation for relentless execution and business expansion ability to overcome
Slide 33: Revenue Scales with Industry Growth
Revenue Scales with Industry Growth $ IN MILLIONS ~4% ~10% REVENUE GROWTH IS DRIVEN BY: ~17% Diversified blue-chip customer base ~96% 2020A 2026E • Accelerating investment and providing $1,522 continued momentum ~73% Charge point operators installing ahead of EV uptake for ‘land grab’ purposes or to
Slide 34: Robust Growth and Near-Term Positive Cash Flow Conversion Profile
Robust Growth and Near-Term Positive Cash Flow Conversion Profile Differentiates Tritium from EV Charging Peers ($ in millions) Revenue ($ in millions) Gross Profit $654 $1,522 $432 $982 $283 $603 $359 $162 $84 $170 $8 $46 2021E 2022E 2023E 2024E 2025E 2026E 2021E 2022E 2023E 2024E 2025E 2026E % gro
Slide 35: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 35
Slide 36: Transaction Overview
Transaction Overview Key Transaction Terms Illustrative Sources and Uses ($ in millions) Sources Uses $1.4B $1.2B $403M Cash in trust $403(1) Rollover equity $1,200 Pro-forma enterprise value transaction value DCRN cash in trust(1) Implied 4.0x 2026E EBITDA Rollover equity 1,200 Cash to balance shee
Slide 37: 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 Leading OEMs across the diversified Sustainable Growth on the charging inf
Slide 38: Attractive Relative Valuation Opportunity
Attractive Relative Valuation Opportunity 2026E Illustrative EBITDA Implied Future Enterprise Illustrative Discounted Deal Value Revenue EBITDA Reference Range(1) Value Enterprise Value(2) Enterprise Value $2.1 billion – $2.5 billion $1,522 million $348 million 14.0x – 16.0x $4.9 billion – $5.6 bill
Slide 39: Selected Equity Comparables
Selected Equity Comparables Diversified Electrical Electric Vehicle Charging Peers Electric Vehicle Charging De-SPAC Transactions Equipment Mean: 7.4x | Median: 8.7x Mean: 1.7x | Median: 1.7x Mean: 2.4x | Median: 2.6x Mean: 2.7x | Median: 2.4x EV / Revenue 9.3x 8.7x 4.3x 3.6x 3.2x 2.8x 2.6x 2.9x 2.4
Slide 40: Discounted Future Enterprise Value
Discounted Future Enterprise Value $ IN MILLIONS FUTURE DISCOUNTED POST-MONEY $5,568 / $34.46 ~260% NTM at Midpoint Premium December 2025 $4,872 / $30.37 $1,522 Revenue million $348 EBITDA $2,451 / $16.15 million ~60% Midpoint Premium $2,145 / $14.36 $1,404 / $10.00 ~28-31% ~28-32% compoundin compou
Slide 41: Table of Contents
Table of Contents THE EV INFRASTRUCTURE OPPORTUNITY TRITIUM OVERVIEW OPERATIONS TECHNOLOGY FINANCIALS VALUATION APPENDIX 41
Slide 42: 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 Comprehensive vehicle compatibility Remote device monitoring Connected on-device sensors and telemetry Interactive data platform and error diagnosis and
Slide 43: 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 44: 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 45: 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
Slide 46: Attractive Relative Valuation Opportunity
Attractive Relative Valuation Opportunity 2026E EV / EBITDA EV / REVENUE Reference range: 15.0x(1) Revenue $1,522 million Diversified Electrical Diversified Electrical Equipment 15.6x Equipment 2.7x (2021E) (2021E) EBITDA $348 million 4.0x | $1.4bn 0.9x | $1.4bn Pro-Forma Value Pro-Forma Value (2026
Slide 47: Risk Factors
Risk Factors The below list of risk factors has been prepared as part of the proposed Business Combination between DCRN, NewCo and Tritium. All references to “Tritium” refer to the business of Tritium Holdings Pty Ltd and its consolidated subsidiaries. The risks presented below are certain of the ge
Slide 48: Risk Factors (cont.)
Risk Factors (cont.) The EV market currently benefits from the availability of rebates, tax credits and other financial incentives from governments, utilities and others in many countries around the world to offset the purchase or operating cost of EVs and EV charging stations. Tritium’s sales and
Slide 49: Risk Factors (cont.)
Risk Factors (cont.) The ability of New Tritium to utilize net operating loss and tax credit carryforwards following the Business Combination is conditioned upon New Tritium attaining profitability and generating taxable income. Tritium has incurred significant net losses since inception and it is