Exicom Buys Tritium: Evie Networks CEO Discusses Implications

zecar's Neerav Bhatt discusses the implications of the Exicom Tritium deal with Evie Networks Chief Executive Officer Chris Mills.

Mills commented candidly about how the acquisition is positive for Evie Networks current operations and future growth, he also addressed rumours of a restructure at Evie Networks.

Image by - Neerav Bhatt

"Fear of our network being obsolete goes away"

Leading Indian EV charging and Energy storage solutions company Exicom announced today that it had purchased the business and assets of Australian DC Fast Charger manufacturing pioneer Tritium.

Mills said that he was thoroughly pleased for the Tritium team that they have come out of administration, being acquired by Exicom who will recapitalise the business.

"We are a network operator supported by a equipment supplier so it's great news for us. Tritium 2.0 means that the fear of our network being obsolete goes away".

Mills said that Exicom is willing to stand by warranties and Evie Networks can continue to get extra parts eg: modules to expand sites to increase capacity of existing chargers eg another 25kW module to upgrade RTM 50 to 75.

Evie Networks is doing fundraising and there were always questions about the charger network hardware. Those questions go away now.

Image by - Neerav Bhatt

Good risk management and large inventory key to speed of Evie charger rollout

Mills explained that as part of their risk management assessment, Evie Networks recognised late last year that it was appropriate to initiate a risk mitigation strategy understanding that Tritium was having operational issues and began a tender process / RFP to investigate a potential second supplier of chargers.

Mills revealed that

"I've got 14 million dollars of inventory".

He explained the reason for that is the last few years have been dominated by supply chain disruptions.

Having an inhouse source of parts meant Evie Networks didn't suffer from Tritium equipment not being available and could continue to rollout their network quickly.

This would not have been the case if Evie Networks had operated on a less expensive Just In Time parts procurement approach.

Image by - Neerav Bhatt

Future of Evie Networks

Currently the company has 265 sites with 670 bays. The intention is to get to 800-850 bays by the end of 2024. Of that most will be candidate confirmed and site acquisition secured already.

Mills expects Evie Networks to be underlying EBIT (Earnings Before Interest and Taxes) breakeven by the end of 2024, 5 years ahead of other major Australian CPO’s.

Image by - Evie Networks

Evie Networks Restructure

I asked Mills to comment on rumours I had heard earlier today regarding staffing cuts at Evie Networks, he responded as follows:

"Evie Networks has recently undertaken a restructure to streamline operations and further position the company for continued growth. As a result, a number of roles across the business have been affected".

"The Evie Networks team is the backbone of the company, and we recognise the personal impact of this decision. We are committed to supporting those affected through this time".

"Despite these changes we remain dedicated to providing a top-tier charging experience to all EV drivers".