What happened
Don't look now, but Tritium DCFC Limited (DCFC -21.12%) is becoming famous.
One day after the tiny, formerly unknown Australian electrical equipment stock lit up the Nasdaq with a 39.5% gain on news it's building a new factory in Tennessee, shares of Tritium went off to the races once again on Wednesday. In fact, as of 10:10 a.m. ET, Tritium stock is up another 34.3%.
Image source: Getty Images.
So what
If you own Tritium stock, you can send your thank-you notes to President Joe Biden, c/o the White House, for this happy development.
You see, it turns out that Tritium's press release announcing its new Tennessee factory was only the start of the good news yesterday, because just a couple of hours after the release went out, Biden made Tritium the centerpiece of a televised address touting his administration's "vision for 'electrifying' transportation and supporting manufacturing jobs," reports The Washington Post.
Now what
In prepared remarks, the president called Tritium's new factory "great news for Tennessee," and promised it will "ripple thousands of miles in every direction" as the administration deploys $7.5 billion worth of infrastructure spending to build out a network of 500,000 electric vehicle charging stations across the country.
Granted, Tritium probably won't get to keep all of this money for itself. Granted, too, Tritium is currently a company that's losing money, burning cash, and generating only $56 million annually from its business (according to data from S&P Global Market Intelligence). But the fact that Biden positioned the company so favorably upon his podium almost certainly means that Tritium now has pole position in the race to build a charging network for America -- and a good shot at earning some profits along the way.
