On 2 February 2021, Decarbonization Plus Acquisition Corporation II ("DCRN") completed its $402.5 million IPO, which was sponsored by an affiliate of REL's investment manager. REL made its $0.6 million investment in DCRN at the time of the IPO, as the blank check company began to pursue merger candidates. On 26 May 2021, DCRN announced its business combination agreement with Tritium, a Brisbane, Australia based pioneer in e-mobility and EV charging infrastructure.
Since announcement of a business combination with DCRN, Tritium has entered into a collaboration agreement with Loop, a California based EV charging network operator, which involves the installation of Tritium's DC fast charger in Los Angeles. The Company is looking to expand its partnership with Loop to Arizona, New York, and New Jersey, along with further installations in California. Additionally, Revel, a Brooklyn, NY based electric transportation company, opened its first EV fast charging station Superhub in Bed-Stuy, Brooklyn on 29 June 2021. Revel chose Tritium's 75kW DC fast chargers for the 25-charger development, and is the first network of Superhubs planned by Revel across New York City. This represents the first time the Tritium model is available in North America and at 75kW, the chargers provide EV drivers with 100 additional miles in ~20 minutes.
The business combination between DCRN and Tritium closed on 12 January 2022.
An additional $15 million commitment to Tritium was funded on 11 February 2022.