Australian EV charging company Tritium is facing financial collapse, with its directors declaring insolvency and putting the company into receivership.
In a statement issued overnight to Nasdaq in New York, where it has been struggling to retain its listing because of a collapsing share price, company officials said Tritium DCFC Limited (DCFC) and three of its Australian subsidiaries were either already insolvent or likely to become insolvent in the coming days.
The company’s lenders have appointed a receiver, McGrathNicol Restructuring, to take control of Tritium DCFC’s assets and seek buyers. Four of its partners – Shaun Fraser, Katherine Sozou, Matthew Hutton and Jamie Harris – have been appointed by lenders as Receivers and Managers of Tritium DCFC Ltd. to manage the assets in the interim.
“Our immediate focus is to stabilize operations and work closely with Tritium’s employees, customers and suppliers as we attempt to secure the best possible outcome for all parties,” Fraser said, in a statement. “A sale process for Tritium’s business and assets was underway prior to our appointment – we will be re-engaging as a matter of urgency with interested parties and the broader market to seek to find a long-term capital and/or ownership solution for Tritium.”
Tritium first gained notoriety in the US in 2022 with the opening of an EV charger manufacturing facility in Lebanon, Tennessee, creating 500 jobs in the state. The company was also the first to win a NEVI EV fast charger order, shipping DCFC stations to Hawaii last July. That order consisted of eight Tritium NEVI systems that consist of 32 150 kW fast chargers and 16 power units.
It’s not clear how the company’s insolvency will impact existing Tritium orders, workers at the Tennessee factory, or the maintenance of the public DCFC charging network. The first creditor’s meeting is expected to be held April 26, where the answers to some of those questions (hopefully) will become apparent.
Electrek’s Take
It’s never good news when people are out of work, and these are likely scary times for Tritium employees. Here’s hoping they weather the storm and come out stronger on the other side.