Brisbane-headquartered Tritium (NASDAQ: DCFC) will play a role in energy giant BP's (NYSE: BP) transition to electrification after entering a multi-year contract to supply the multinational with direct current (DC) chargers and related services as it rolls out a global electric vehicle (EV) charging network.
Tritium shares surged 12.21 per cent to $9.56 following the announcement that forms a "step change in the strategic nature of the relationship between both companies", with an initial order for the UK and Australian & New Zealand markets of just under 1,000 chargers.
The news comes three weeks after BP announced plans for its largest-ever EV charging expansion to invest £1 billion ($1.77 billion) over 10 years through its pulse business in the UK, where in 2018 it acquired the country's industry leader Chargemaster for £130 million ($230 million).
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