Tritium administrators chasing buyers for EV charging venture

Tritium has declared itself insolvent and self-appointed administrators and insolvency administrators appointed by creditors have assumed control of the Queensland-headquartered electric vehicle (EV) charging company’s assets and begun the search for buyers.

In a brief notification to the United States’ Securities and Exchange Commission, the company writes that Tritium DCFC and three of its Australian subsidiaries are “insolvent or likely to become insolvent.”

The directors said they had appointed three managers from management consultants KPMG to act as voluntary administrators.

In addition, Tritium’s lenders have appointed administrators from Queensland law firm McGrathNicol Restructuring.

Together, the administrators have taken control of Tritium’s assets and are looking for buyers.

In a statement, McGrathNicol Partner Shaun Fraser said the receivers’ priority was to stabilise the business.

“Our immediate focus is to stabilise operations and work closely with Tritium’s employees, customers and suppliers as we attempt to secure the best possible outcome for all parties,” he said.

“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 a long-term capital and/or ownership solution for Tritium.”

Founded in Brisbane in 2001, Tritium was once ranked among the world’s biggest EV charger manufacturers. It listed on the Nasdaq in the U.S. in 2021 in a move that valued the company at about $2 billion. In 2022 the company established a manufacturing facility in the U.S. with President Joe Biden having announced the project.

Tritium has sold chargers throughout the U.S., Europe and Asia Pacific region, with about 13,000 chargers sold into 47 countries.

The company’s financial situation has however been strained in recent months. In late 2023, it shut its manufacturing plant in Brisbane and it has been fighting to retain its Nasdaq listing after being issued a show-cause notice about its underperformance on the American bourse.

A date for the first creditor’s meeting has yet to be set.