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Queensland EV charging manufacturer Tritium may survive

- May 13, 2024 2 MIN READ
The Tritium team in 2021 ahead of the company's Nasdaq listing
The receivers of Brisbane-based electric vehicle charging venture Tritium are hopeful of finding a buyer for the company, having stabilised the business and kept it trading.

The 23-year-old business imploded last month after attempts to find a buyer fell through as it teetered on the brink of insolvency, despite being listed on the US Nasdaq, when its lenders pushed Tritium into receivership.

The company and three Australian subsidiaries, Tritium Pty Ltd, Tritium Holdings Pty Ltd and Tritium Nominee Pty Ltd were handed to administrators on April 18.

McGrathNicol Restructuring took charge as receivers the following day.

McGrathNicol partner Kathy Sozou said Tritium has been successfully stabilised and is continuing operations on a business-as-usual basis.

They’ve now been on a global hunt for a buyer, talking with a number of parties in the EV charging and electronic component manufacturing sectors, as well as potential financial sponsors.

“The interest we have received is encouraging but not altogether surprising,” Sozou said.

“Leveraging its platform of innovative and reliable EV-charging product suite, Tritium DCFC has established a prominent position in the out-of-home, EV fast-charging sector in the United States, Europe and in Asia.

“We are very confident the sale process will identify a new owner that can build on this success to date, and capture the opportunity to bring new Tritium products to market and grow the business, under a different capital structure.”

Founded in 2001 by e-mobility pioneers Dr David Finn, James Kennedy, and Dr Paul Sernia, Tritium turned its attention to designing and manufacturing proprietary hardware for DC fast charging, having begun life developing tech for solar race cars.

It was touted by the federal government as a prime exampl of its signature Future Made in Australia Act just weeks before its collapse.

In 2021 the company headed offshore, listing on the Nasdaq exchange under a deal with a US-listed special purpose acquisition company (SPAC) that valued the business at the time at A$1.55 billion (US$1.2bn). It remained headquartered in Brisbane, with a majority of the product development and engineering team based there, while it had a manufacturing plant in Tennessee, USA.

 

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