Categories: Stock Market

EV charger maker Tritium wins order from Hawaii under federal funding program By Reuters


© Reuters. FILE PHOTO: Car chargers at a Tesla Super Charging station are shown in Carlsbad, California, U.S. Sept. 14, 2018. REUTERS/Mike Blake/File Photo

By Abhirup Roy

SAN FRANCISCO (Reuters) – Tritium DCFC said on Tuesday it had won an order from Hawaii to make high-speed electric vehicle chargers – the first funds to roll out in a federal program meant to blanket the country with charging infrastructure and boost EV adoption.

The U.S. government plans to dole out $5 billion to states over five years as part of the National Electric Vehicle Infrastructure Program (NEVI) to electrify highways and interstates with 500,000 chargers.

Hawaii, which was granted access to $2.6 million in September as part of the first round of funding, is buying 32 150-kilowatt Tritium chargers and 16 power units, the company said.

“These fast chargers are expected to be among the first funded and installed under the NEVI program,” Brisbane, Australia-based Tritium said in a statement.

While several states, including Ohio and Texas, are in various stages of seeking proposals from companies, Tritium said Hawaii was using an existing contract with Sustainability Partners, an infrastructure-focused public benefit company to place the order.

Hawaii is estimated to receive a total of over $17.6 million under NEVI.

The federal funding – seen critical to President Joe Biden’s plans to tackle climate change and create local jobs – requires companies to offer the U.S. standard Combined Charging System (CCS) in the chargers.

But Hawaii’s order comes at a time when several states such as Texas and Washington have said they plan to mandate EV market leader Tesla (NASDAQ:)’s charging standard along with CCS to be eligible for the funds after major automakers embraced the technology.

That has sparked a pushback from some charging companies against mandating Tesla’s the North American Charging Standard (NACS) for the first round of funding, saying more time was needed to standardize, test, and certify the safety and interoperability of Tesla connectors.

However Tritium, which said it would offer NACS connectors on its chargers by late 2023 or early 2024, supported the move in a letter sent to Texas on Monday and seen by Reuters.

Source link

nasdaqpicks.com

Share
Published by
nasdaqpicks.com

Recent Posts

Ashish Kacholia portfolio: Fineotex Chemical approves interim dividend of ₹0.40 per share while declaring Q3 results

Fineotex Chemical Dividend: Ashish Kacholia's portfolio stock, Fineotex Chemical Limited, announced an interim dividend issue…

48 seconds ago

Income tax law: Semantics and beyond

The Finance Minister has announced that a new simplified income tax law will be tabled…

5 minutes ago

Gains of green economy – The Hindu BusinessLine

The Budget focus on MSME, energy security and innovation can translate into a green economy…

11 minutes ago

Trump says US and Russia to start talks on Ukraine war ‘immediately’

Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election…

14 minutes ago

With eye on 2026 Assembly polls, West Bengal govt presents ₹3.89-lakh crore budget

With an eye on the 2026 Assembly elections in the State, the West Bengal government…

20 minutes ago

AI-driven data centres in India to lean on gas-based energy solutions

India’s growing use of artificial intelligence (AI) and a fast expanding digital economy has led…

27 minutes ago