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[ad_1] The post Tritium Is the Latest EV SPAC appeared first on Millennial Money. Special purpose acquisition companies (SPACs) have become the preferred way for electric vehicle (EV) startups to go public. The latest EV company to join the SPAC boom is Tritium, which has just announced that it will merge with Decarbonization Plus Acquisition II (NASDAQ: DCRN) in a deal that values Tritium at $1.2 billion. Here’s what EV SPAC investors need to know. What is Tritium? Tritium is an Australian company that specializes in manufacturing EV charging stations. The company was founded back in 2001 and initially focused on developing solar race cars but has since pivoted to working on DC fast charging technology.  The company’s model includes upfront hardware sales combined with recurring revenue from software and services. The majority of current revenue comes from selling charging stations to site hosts. To date, Tritium has sold over 4,400 DC faster chargers (under 50 kW). Tritium has developed what it calls its modular, scalable charging (MSC) platform, which allows charging stations to be upgraded after the initial purchase. The chargers are liquid cooled and available in different power levels ranging from 50 kW to 350 kW. The market for EV charging infrastructure is expected to expand from $3 billion in 2020 to $50 billion in 2026. Tritium notes that the infrastructure build out is expected to occur first while EV adoption among consumers will follow as people are more likely to buy an EV if they’re confident there are enough places to charge. Total revenue was $59 million in 2020, up from $50 million in 2019. That may not seem like particularly impressive growth, but Tritium notes that its supply chain was significantly disrupted last year by the COVID-19 pandemic. Approximately 96% of 2020 revenue came from charger sales, with just 4% coming from software. Like many SPAC deals, Tritium is highlighting extremely optimistic forecasts for future growth. The company is modeling for revenue to soar to over $1.5 billion in 2026, at which point it believes that software and services will comprise over 25% of sales. How the deal is structured Decarbonization Plus Acquisition II currently has roughly $403 million in cash in its trust account and there is no PIPE (private investment in public equity) component of the deal. Tritium currently has around $5 million in cash. The transaction values Tritium at $1.2 billion, with a post-money equity value of $1.7 billion after the merger closes. An estimated $108 million of that total cash will be used to pay down debt and cover transaction expenses, with $300 million going to the combined company’s balance sheet. Existing Tritium shareholders are rolling over their equity and are expected to own 70% of the new company. The SPAC’s public investors will collectively own 24%, while the SPAC sponsors will take home a 6% stake for putting the deal together. Tritium estimates that it will only need $68 million in capital to get to the point where it can start generating positive free cash flow in 2023. Once the merger is completed, the ticker symbol will change to “DCFC.” Pick Like A Pro The next blockbuster IPO? 2021 could be one of the biggest years for IPOs in stock market history. Yet, with just a small fraction of IPOs historically driving nearly all the profits, who will you trust to uncover the most innovative and high-upside IPOs in the coming months? There’s a company that “called” these businesses long before they hit it big. They first recommended Netflix in 2004 at $1.85 per share, Amazon in 2002 at $15.31 per share, and Apple back in the iPod Shuffle era at $4.97 per share. Take a look where they are now. That company: The Motley Fool. For people ready to make investing part of their strategy for financial freedom, take a look at The Motley Fool’s flagship investing service, Stock Advisor. They just announced their top 10 “best buys now” across the entire stock market. Whether you’re starting with $100, $500, or more, you should check out the full details. Click here to learn more The post Tritium Is the Latest EV SPAC appeared first on Millennial Money. [ad_2] Source link

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[ad_1] After unprecedented winter storms ravaged large parts of Texas in February, Florida native Aaron Davis — always one to volunteer his time for those in need — found himself in the thick of the devastation in Harper, Texas, a decision that led eventually to national coverage of his selfless deeds. “The weight of snow and ice on trees, roofs, and structures — it was incredibly similar to a hurricane, which I’m accustomed to preparing for on a regular basis, being from Florida,” he said. “This was the equivalent of a week-long hurricane, mixed with Arctic temperatures, and no power.” Aptly nicknamed the “Tampa Chainsaw Man,” Davis, who is the CEO of AMD Enterprises, a conglomerate of title business ventures, including Florida Agency Network and Premier Data Services, was ready to help in the disaster relief efforts in Texas. “What I witnessed in Harper the day after I arrived was amazing,” he said. “Truckloads of food and supplies arriving, people from neighboring towns showing up to help their neighbors, whether to offer a shower, help cut tree limbs, donate funds, and do whatever was needed to help.” And how did Davis end up in Harper? He wanted to go somewhere he could be of use and even told his job he was “taking a month off” to volunteer in Texas. Davis’ girlfriend lives in Austin, and he flew to the city following a pipe bursting in her home due to the winter storms. Once she was secure with friends and family helping, as Davis explained, he started looking for some additional opportunities in the area to volunteer. That’s when he was led to Lakeway Church, near Lake Travis in the Austin area. This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 per day. Your HW+ Membership includes: Unlimited access to HW+ articles and analysis Exclusive access to the HW+ Slack community and virtual events HousingWire Magazine delivered to your home or office BECOME A MEMBER TODAY Already a member? log in The post Florida Title CEO spurred to action after Texas winter storms appeared first on HousingWire. [ad_2] Source link

[ad_1] The post Chinese EV Maker Li Auto Surges on Q1 Earnings appeared first on Millennial Money. Electric vehicle (EV) stocks have been especially volatile in recent months, but investor sentiment seems to be improving following solid earnings reports from some prominent EV companies. China’s Li Auto (NASDAQ: LI) reported first-quarter results on Wednesday, and the stock has surged despite modestly missing Wall Street’s forecast for the bottom line. As of 12:50 p.m. EST, shares were up 13%. How Li Auto fared in Q1 Total revenue in the first quarter was $545.7 million, beating the consensus estimate of $522.5 million in sales. That resulted in an adjusted net loss per American Depository Share (ADS) of $0.03, slightly worse than the $0.02 per ADS in adjusted losses that analysts were expecting. Vehicle deliveries, which Li Auto had previously announced, were 12,579 in the first quarter. As of the end of April, the company had 73 retail stores and 143 service centers. Li Auto currently only makes one vehicle, the Li Xiang One SUV (the Li One).  Yesterday, Li Auto unveiled a new 2021 model of the Li One that features more range (up to 1,080 kilometers) and includes more active safety features as well as an improved advanced driver-assistance system (ADAS) with Level 2 semi-autonomous functionality. The 2021 Li ONE also has more legroom in the third row. The company finished the quarter with $4.6 billion in cash on its balance sheet, and then proceeded to raise an additional $862.5 million in cash in April by issuing convertible senior notes that come due in 2028. Li Auto plans to use that money to help fund R&D as well as other general corporate purposes like working capital. Slowly overcoming the chip shortage On the conference call with analysts, exec Kevin Shen acknowledged that Li Auto is suffering from chip shortages that are creating a component bottleneck, similar to peer EV companies in China. Production capacity at Li Auto’s factory in Changzhou is currently 500 units per day, but the current supply chain challenges are preventing the company from achieving that manufacturing volume. Conditions should improve in the months ahead though, and Shen expects monthly production to increase to 10,000 by September. That monthly production rate is meaningfully higher than the 5,539 vehicles that Li Auto delivered in April. Looking ahead Guidance for the second quarter calls for revenue in the range of $609 million to $651.7 million, which is shy of the $704.5 million in sales that Wall Street is currently looking for. Vehicle deliveries are forecast to be between 14,500 to 15,500. While the outlook was a little lacking, investors seem to be impressed with the 2021 Li One as well as the upcoming production ramp later this year. Management is confident that the refreshed model will bolster demand. Pick Like A Pro Where to invest $500 right now Lots of new investors take chances on long shots instead of buying shares of great companies. I prefer businesses like Amazon, Netflix, and Apple — they’re all on my best stocks for beginners list. There’s a company that “called” these businesses long before they hit it big. They first recommended Netflix in 2004 at $1.85 per share, Amazon in 2002 at $15.31 per share, and Apple back in the iPod Shuffle era at $4.97 per share. Take a look where they are now. That company: The Motley Fool. For people ready to make investing part of their strategy for financial freedom, take a look at The Motley Fool’s flagship investing service, Stock Advisor. They just announced their top 10 “best buys now” across the entire stock market. Whether you’re starting with $100, $500, or more, you should check out the full details. Click here to learn more The post Chinese EV Maker Li Auto Surges on Q1 Earnings appeared first on Millennial Money. [ad_2] Source link