The company announced the merger in May, with the subsequent IPO expected to provide proceeds of around A$520 million to Tritium to fully fund its growth in the DC fast-charging sector.
DCRN shareholders approved the transaction at a special meeting held earlier this week. Latham & Watkins LLP (US), Corrs Chambers Westgarth (Australia) and Ernst & Young advised the transaction.
"Our transaction with DCRN is transformative for the acceleration of electrification," Tritium's CEO, Jane Hunter said.
"We expect the capital raised through the transaction, together with anticipated additional funding, to support Tritium's business operations and to help strengthen our products and services to our customers, and continue to advance the e-mobility industry.
"The goal in our industry is to reduce global emissions and this transaction will support our mission to electrify transportation."
The company said Hunter will continue to lead its operations, alongside co-founders James Kennedy as chief technology officer and David Finn as chief vision officer.
As part of the merger DCRN chairman Robert Tichio will join Tritium's board as chairman.
"We are extremely pleased to see the completion of this business combination and to support Jane and the Tritium team as they continue to execute on their strategic growth plan as a public company," Tichio said .
The company said the funds from the transaction will go towards expanding its three manufacturing facilities, hire sales and service operation staff and maintain capital needs.
Tritium booked record orders of approximately $55 million in the September quarter last year, with a backlog of around $78 million, or an increase of 333% compared to the backlog at the end of 2020.
The company notes EV sales surpassed 6.3 million last year, with passenger EV sales expected to grow at a compound annual growth rate of 17% through to 2040.
"Sufficient public charging infrastructure will be critical to enabling this transition to e-mobility, and fast charging provides the greatest value across the EV charging value chain," the company said.
There are concerns however that the raw materials needed for such a transition will be woefully undersupplied.
Speaking at the inaugural Future Minerals Forum in Riyadh, Saudi Arabia, yesterday, Ivanhoe Mines founder Robert Friedland said the world is heading for a "massive deficit" of copper, even without accounting for increased demand from electrification.
By 2030, it is estimated the world will have 20 million charging points for electric vehicles which would consume 250% more copper than in 2019.
Friedland said a plug-in electric vehicle required about 109 kilograms of copper, a fivefold increase from a standard internal combustion car.
"Now we're talking about electric trucks and electric trucks will need a truckload of copper," he said.
Friedland noted the strength in the copper price so far in 2022, which has seen prices of more than US$10,000 per tonne this week.
"And we haven't even started to electrify the world economy," he said.
He estimates the world needs a tenfold increase in copper by 2030.
Friedland said it would take just 22 years for the next 700Mt to be required - without factoring in electrification.
"Where are we going to find it?" he asked.
"Those of us in the mining industry are scared.
"We just don't have the copper mines the world requires to talk about electrification."
