Riverstone Energy Limited REL Commits $10M to Tritium Capital Package (5047Y)
06 Septiembre 2022 - 11:39AM
UK Regulatory
TIDMRSE
RNS Number : 5047Y
Riverstone Energy Limited
06 September 2022
LEI: 213800HAZOW1AWRSZR47
Riverstone Energy Limited
6 September 2022
REL Commits $10M to Tritium Capital Package
Riverstone Energy Limited (REL) is pleased to announce a US$10
million commitment to Tritium DCFC Limited, which will contribute
to extending Tritium's existing $90 million senior debt facility
from Cigna & Barings by $60 million to $150 million. In
addition to an extension of its existing debt facility, the Company
has established a $75 million committed equity facility with B.
Riley Principal Corporation. REL's $10 million investment
represents an incremental debt commitment to an extant February
2021 equity investment consisting of Founder Shares and Warrants,
valued at 1.07x Gross MOIC as of 30 June 2022.
The facility has a three-year term and 8.5 per cent. cash coupon
supplemented with the issuance to the lenders or their affiliates
of warrants for the purchase of ordinary shares of the company. The
consortium providing the facility comprises long-term supporter
Cigna Investments, Inc. (Cigna), the investment arm of Cigna
Corporation, a U.S.-based global health services company, in
addition to Barings LLC (Barings), a leading global financial
services firm and subsidiary of MassMutual, a U.S.-based mutual
insurance company, and REL.
This $60 million capital injection will be used to fund working
capital, product development, and operational support and
expansion. The working capital will position the Company to
accelerate production and satisfy the large number of orders on
hand from the Company's diversified blue-chip customer base. In
addition to tremendous EV industry growth over the past year backed
by government incentives and carbon reduction targets, Tritium
continues to see high demand from new and existing customers across
the globe as the Company continues its growth trajectory and
expansion in the Americas, Europe, and Asia.
Tritium DCFC Limited ("Tritium" or "the Company"), a global
developer and manufacturer of direct current (DC) fast charging
technology for electric vehicles (EVs), is a portfolio company of
REL. Tritium represents one of 16 decarbonisation investments in
REL's current portfolio, many of which have been completed in
pursuit of REL's modified investment programme. The modified
programme dictates that REL invest in five critical areas of
decarbonisation, including electrification of transport, grid
flexibility, agriculture, next generation fuels, and next horizon
resource use plays.
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures
proprietary hardware and software to create advanced and reliable
DC fast chargers for electric vehicles. Tritium's compact and
robust chargers are designed to look great on Main Street and
thrive in harsh conditions, through technology engineered to be
easy to install, own, and use. Tritium is focused on continuous
innovation in support of our customers around the world.
For more information, visit tritiumcharging.com
About Riverstone Energy Limited
REL is a closed-ended investment company which invests in the
energy industry that has since 2020 been exclusively focused on
pursuing and has committed $181 million to a global strategy across
decarbonisation sectors presented by Riverstone's investment
platform. REL's ordinary shares are listed on the London Stock
Exchange, trading under the symbol RSE. REL has 20 active
investments spanning decarbonisation, oil and gas, renewable energy
and power in the Continental U.S., Western Canada, Gulf of Mexico
and Europe.
For more information, visit riverstonerel.com
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September 06, 2022 12:39 ET (16:39 GMT)
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