St Baker’s bet on electric vehicles reaps billion dollar reward

A Brisbane electric vehicle tech firm will create hundreds of local jobs in the next five years following a multi-billion deal which will see it list on the US stockmarket.

Brisbane electric vehicle charging firm Tritium will create hundreds of new jobs in Brisbane over the next five years after striking a deal to list on the US stockmarket.

Tritium will join the Nasdaq in the US following a merger with a US investment firm.

The deal, which values Tritum at $1.8 billion, will not only provide the Brisbane company with a profile on the world’s most famous tech exchange but also give it a substantial war-chest.

The company’s sales are set to soar from $84 million to $1.5 billion over the next five years as the growth of electric vehicles skyrockets around the globe.

The global passenger electric vehicle market is expected to achieve compound annual growth of nearly 20 per cent through to 2040.

The company’s chargers are now used around the world by leading companies including

Harley Davidson, Daimler, Volkswagen and Ford.

Tritum chairman Trevor St Baker and co founder David Finn will remain on the board of the enlarged company, which will substantially increase its manufacturing facilities in the US and Europe to meet expected demand.

Mr Finn said the company’s research and development headquarters along with manufacturing facilities will remain in Brisbane and be substantially increased.

“We would be looking to at least triple our 280 staff in Brisbane over the next five years,” said Mr Finn.

The company, based at Murarrie, currently employs more than 350 people globally.

Mr St Baker’s stake in the soon-to-list company is just under $400 million. He will retain a 17 per cent shareholding in the enlarged company and remain one of its biggest shareholders.

The Brisbane rich-lister, whose wealth now tops a billion dollars, said the Nasdaq listing would allow Tritium to scale up in preparation for an all electric vehicle future.

Trevor St Baker with his Nissan Leaf EV. Photographer: Liam Kidston.

“In 20 years there will be no petrol bowsers - they will all be electric chargers,” he said. “Shell is preparing to buy half a million chargers. There are no global car manufacturers putting any new investment into internal combustion engines.”

But Mr St Baker warned Australia risked being being left behind in electric cars development due to poor policy direction from governments.

“There is a lack of leadership,” said Mr St Baker. “No one is going to get to zero emissions without a move to renewables. They can waffle about hydrogen but it is going to be electric.

Aurora Rivera using a Tritium charging station. Picture: NIGEL HALLETT