(Bloomberg) -- Tritium, which makes fast chargers for electric vehicles, has reached an agreement to go public through a merger with blank-check company Decarbonization Plus Acquisition Corp. II, according to people with knowledge of the matter.

The deal with the special purpose acquisition company, or SPAC, values Tritium at $1.2 billion, the people said, asking not to be identified because the information was private. The transaction is expected to generate proceeds of about $400 million, said the people.

Unlike most SPAC mergers, Tritium’s combination with Decarbonization Plus II didn’t include raising a private placement, the people said.

Representatives for Tritium and Decarbonization Plus II declined to comment.

Founded in 2001 and based in Brisbane, Australia, Tritium designs and manufactures hardware and software to DC fast chargers for electric vehicles. The company has been working with automakers to expand charging station networks in Asia Pacific, Europe and the U.S.

Led by former Boeing Co. executive Jane Hunter, Tritium announced last month that it was selected by the U.S. Army to help its efforts to convert its vehicles -- including combat vehicles -- to electric power.

The Decarbonization Plus SPAC is backed by an affiliate of Riverstone Holdings LLC. It raised $402.5 million including so-called greenshoe shares in an initial public offering in February.

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