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RNS Number : 5047Y
Riverstone Energy Limited
06 September 2022



Riverstone Energy Limited

6 September 2022


REL Commits $10M to Tritium Capital Package

Riverstone Energy Limited (REL) is pleased to announce a US$10 million commitment to Tritium DCFC Limited, which will contribute to extending Tritium's existing $90 million senior debt facility from Cigna & Barings by $60 million to $150 million. In addition to an extension of its existing debt facility, the Company has established a $75 million committed equity facility with B. Riley Principal Corporation. REL's $10 million investment represents an incremental debt commitment to an extant February 2021 equity investment consisting of Founder Shares and Warrants, valued at 1.07x Gross MOIC as of 30 June 2022.

The facility has a three-year term and 8.5 per cent. cash coupon supplemented with the issuance to the lenders or their affiliates of warrants for the purchase of ordinary shares of the company. The consortium providing the facility comprises long-term supporter Cigna Investments, Inc. (Cigna), the investment arm of Cigna Corporation, a U.S.-based global health services company, in addition to Barings LLC (Barings), a leading global financial services firm and subsidiary of MassMutual, a U.S.-based mutual insurance company, and REL.

This $60 million capital injection will be used to fund working capital, product development, and operational support and expansion. The working capital will position the Company to accelerate production and satisfy the large number of orders on hand from the Company's diversified blue-chip customer base. In addition to tremendous EV industry growth over the past year backed by government incentives and carbon reduction targets, Tritium continues to see high demand from new and existing customers across the globe as the Company continues its growth trajectory and expansion in the Americas, Europe, and Asia.

Tritium DCFC Limited ("Tritium" or "the Company"), a global developer and manufacturer of direct current (DC) fast charging technology for electric vehicles (EVs), is a portfolio company of REL. Tritium represents one of 16 decarbonisation investments in REL's current portfolio, many of which have been completed in pursuit of REL's modified investment programme. The modified programme dictates that REL invest in five critical areas of decarbonisation, including electrification of transport, grid flexibility, agriculture, next generation fuels, and next horizon resource use plays.


About Tritium

Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium's compact and robust chargers are designed to look great on Main Street and thrive in harsh conditions, through technology engineered to be easy to install, own, and use. Tritium is focused on continuous innovation in support of our customers around the world.

For more information, visit tritiumcharging.com


About Riverstone Energy Limited

REL is a closed-ended investment company which invests in the energy industry that has since 2020 been exclusively focused on pursuing and has committed $181 million to a global strategy across decarbonisation sectors presented by Riverstone's investment platform. REL's ordinary shares are listed on the London Stock Exchange, trading under the symbol RSE.  REL has 20 active investments spanning decarbonisation, oil and gas, renewable energy and power in the Continental U.S.Western CanadaGulf of Mexico and Europe.


For more information, visit riverstonerel.com

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