Exicom Tele-systems Limited, an EV charger manufacturer based in India, said its subsidiary Exicom Power Solutions B.V. Netherlands and other step-down subsidiaries have entered into a definitive agreement under which it will acquire business and assets of Tritium group of companies, a manufacturer of DC fast chargers headquartered in Australia.

Founded in 2001, and with over 13,000 DC fast chargers sold in 47 countries, Tritium designs and manufactures proprietary hardware and software to create liquid-cooled DC fast chargers for EVs. Tritium said its chargers are designed for both aesthetic appeal and durability in tough environments and feature engineering that is meant to simplify installation, ownership, and usage.

With this acquisition, Exicom said it is set to unlock long-term growth and value for its stakeholders. The acquisition adds Tritium’s manufacturing facility in Tennessee, as well as an engineering center in Brisbane, Australia to Exicom’s existing presence in Asia.

According to BloombergNEF’s ‘Economic Transition Scenario,’ which forecasts EV growth based on current techno-economic trends, EVs are slated to reach 45% of global passenger-vehicle sales by 2030 and 73% by 2040.