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Rectifier Technologies’ shares surge on US$3.4 million order for its electric vehicle charging solution

The company’s shares are trading about 21% higher intra-day, at 3.5 cents.

Rectifier’s manufacturing facility in Malaysia
Rectifier’s manufacturing facility in Malaysia

Rectifier Technologies Limited (ASX:RFT) has received additional purchase orders from Tritium totalling US$3.4 million for the supply of modular power supply units for electric vehicle (EV) charging.

Brisbane-based Tritium is a technology company specialising in the design and manufacture of DC fast-charging solutions for EVs.

The orders for the 35 kW (kilowatt) high-voltage and high-efficiency units are scheduled to be delivered before the end of March 2019 and are binding purchase orders.

Earlier this year, Rectifier started selling its DC charger starter kit for EVs.

This kit provides electric vehicle charger manufacturers access to Rectifier’s DC charging technology for EVS, before bringing it to full production.

Tritium order could be transformative for Rectifier

Since the launch of its first DC fast charger in 2014, Tritium has developed into a leading global DC fast charging supplier, with installations in 26 countries, and it currently holds around 50% of the Norwegian market and around 15% of the wider European market for 50 kW fast chargers.

Rectifier had earlier won a US$5 million order from Tritium and the new order is a validation of Rectifier’s charging technology for EVs.

Quick facts: Rectifier Technologies Limited

Price: 0.045 AUD

ASX:RFT
Market: ASX
Market Cap: $61.87 m
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