Tritium (DCFC) wins federally funded order to supply EV chargers in Hawaii

Shares of electric vehicle charging company, Tritium (NASDAQ: DCFC) jumped as much as 5.5% Tuesday after the Australian-based company announced it had won an order from Hawaii to make high-speed electric vehicle chargers, making it the first company to earn federal funds for such a project in the state.

The U.S. government plans to distribute $5 billion to states over five years as part of the National Electric Vehicle Infrastructure Program (NEVI) to electrify highways and interstates.

"These fast chargers are expected to be among the first funded and installed under the NEVI program," Tritium said in a statement.

Hawaii is estimated to receive a total of over $17.6 million under NEVI.

Recently, several U.S. states such as Texas and Washington have said that they plan to require charging stations offer the Tesla (NASDAQ: TSLA) designed North American Charging Standard connections for their customers. These declarations follow announcements by Ford and General Motors, who said that they will utilize the NACS ports on their vehicles in the near future.

Tritium, in a letter to Texas, supported the move and announced that they too would offer the NACS connection to their customers by late 2023 or early 2024.

Shares of DCFC are up 4.71% in afternoon trading on Tuesday.

By Michael Elkins | [email protected]

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