Richlister Trevor St Baker gets $250m boost from Biden‘s Tritium endorsement

The wealth of a Brisbane-based tech entrepreneur has surged, along with the value of shares in his manufacturing business thanks to a major development that’s just happened in the US.

Veteran investor Trevor St Baker.

Brisbane richlister Trevor St Baker’s stake in Tritium surged more than a quarter of a billion dollars after President Joe Biden backed the electric vehicle charging company’s manufacturing expansion in the US.

St Baker and his St Baker Energy Innovation Fund’s 31.5 million shares in the company are now worth about $US494m (A$688m) after Tritium shares climbed a whopping 65 per cent to $US15.70 on the Nasdaq overnight on Wednesday.

The rally came after President Biden appeared at the White House with Tritium chief executive Jane Hunter to announce the company’s plan for a giant factory in Tennessee.

The stock debuted at $US9.33 on Nasdaq on January 14 following Tritium’s $1.8bn merger last year with a US investment firm.

St Baker, who is the founder of the St Baker Energy Innovation Fund, has long backed the potential of Tritium that was founded in 2001 by three PhD graduates who won a solar-powered car competition.

Energy billionaire Trevor St Baker recharges his Nissan Leaf with one of Tritium’s charging stations near his home in Brisbane.

President Biden praised the investment by Tritium, which will create 500 jobs in Tennessee, and forms part of the US Administration’s plan for a national chain of EV charging stations across the country.

“The US will lead the world in electric vehicles,” Biden said with a proud Ms Hunter looking on. “Up until now, China had been in the front but that is about to change.

“Up and down the country, people will have easy access to quick and easy electric charging stations made by Tritium with American parts and labour.

“It also will save American drivers billions of dollars of gasoline, reduce air pollution and keep families healthier as we tackle climate change.”

OLYMPIC PAIN

It’s going to be a long 11 years with people already objecting to Olympic planning decisions.

A petition against a proposal for an Olympic training ground at Kangaroo Point’s popular Raymond Park has already attracted almost 2000 signatures on Change.org after being posted by local Melissa Occhitpinti and other concerned residents.

Angry residents claim Kangaroo Point is growing rapidly with limited green space and the park is effectively “our backyard used for running, walking and general exercise including group training sessions.”

Residents say the importance of green space in the inner city was highlighted during Covid-19 with an increase in the use of the park and its facilities by the local community.

The proposed Gabba redevelopment for the Olympics

“Inner city green space is rare, and vital to the liveability and mental health of local residents,” residents say. “Many of us have chosen to live in Kangaroo Point specifically for the access to the park and all of its facilities”

City Beat hears Olympics training facilities for athletics usually consist of an eight-lane, 400m circuit warm up track and field – which could take up an area of around 17 000 square metres.

Further, many locals are doubtful the park will be returned to the community – having just paid to build expensive athletics facilities, there would be resistance to tear it down after the games.

Occhitpinti tells your diarist that there has been a lack of transparency at both state and local level of government with no clarity on whether homes will need to be resumed to make way for the track.

Kangaroo Point residents fear loss of green space due to Olympics.

A State Government spokesperson tell City Beat that the proposed warm-up facilities at Raymond Park would be removed immediately following the Games and the park will be restored back to the community.

A State Government spokesperson says that a range of locations have been considered for temporary warm-up facilities and in consultation with the Brisbane City Council, Raymond Park had been identified as the preferred site based on its scale and proximity to the Gabba.

“The Brisbane 2032 Olympics are still 10 years away and the Organising Committee will consult with locals regarding planning and operational activities to ensure any short-term impacts are minimised,” the spokesperson says.

Originally published as Richlister Trevor St Baker gets $250m boost from Biden‘s Tritium endorsement