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Tritium files for bankruptcy

The Australian fast charging station manufacturer Tritium has filed for bankruptcy and is looking for a buyer.

Tritium is one of the major manufacturers of HPC chargers, many of which Ionity also operates in Germany. | Photo: Tritium
Tritium is one of the major manufacturers of HPC chargers, many of which Ionity also operates in Germany. | Photo: Tritium
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Gregor Soller

In Germany, Tritium's high-speed chargers are known from the many ionity charging parks. But while HPC specialists like Alpitronic are fully booked and more and more companies in Europe are venturing into DC and HPC charging, down under now even appointed administrators and creditors' insolvency practitioners have to look for financiers or buyers. After the company declared its anticipated insolvency, three managers from the consultancy KPMG were appointed as administrators. Additionally, Tritium's creditors themselves have appointed insolvency practitioners from the firm McGrathNicol Restructuring. Together, they now take control of Tritium's assets and are looking for buyers.

The Australian company writes in a communication to the US Securities and Exchange Commission that Tritium DCFC and three of its Australian subsidiaries "are insolvent or likely to become insolvent." While the company was founded and is headquartered in Australia, it has been listed on the Nasdaq in the USA via a SPAC merger since the beginning of 2022 – hence the need for the so-called "6K-Filing" with the US SEC. Shaun Fraser, Partner at McGrathNicol Restructuring, explains according to the portal "The Driven":

"Our immediate focus is on stabilizing operations and working closely with Tritium's employees, customers, and suppliers while we try to achieve the best possible outcome for all parties."

Another Setback for the Australian Industrial Landscape

As early as November 2023, it was clear that Tritium would close its plant in Brisbane, Australia, to produce solely in the USA. This decision was partly influenced by the Australian government's unwillingness to continue supporting production. At that time, CEO Jane Hunter stated that a strategic restructuring of the business was necessary to increase profitability and shareholder value.

Tritium also fell victim to the international fatigue for electric mobility alongside the Australian one: As recently as 2022, Tritium was valued at nearly two billion US dollars during its IPO. Since then, the stock price has plummeted to less than four million US dollars, despite orders from BO, Ionity, and Shell for numerous stations. Shaun Fraser now aims to collaborate with interested parties and a broader market to find a long-term capital and/or ownership solution for Tritium.

According to "The Driven," a first creditors' meeting must take place by April 26. The hope is to receive information on preserving the brand and jobs and, more importantly, how the operation and maintenance of Tritium chargers can be ensured.

What Does This Mean?

Tritium remains one of the major players globally in the DC and HPC business. Yet, it has still struggled to stay financially afloat. One issue is the electric fatigue in Australia and the high wages there. This situation casts a stark light on the nation that continues to be heavily dependent on (coal) mining and now, after ceasing vehicle production, is losing future-oriented sectors like the manufacturing of HPC chargers.

Translated automatically from German.
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