A Nasdaq-listed Queensland electric vehicle charging manufacturer hailed first as an Australian success story and then as a justification for government subsidies has collapsed.
Tritium went into administration on Friday under KPMG partners while a team from McGrathNicol have been appointed receivers of the Brisbane-headquartered business.
Electric vehicle charging manufacturer Tritium went into administration on Friday. Jamila Toderas
McGrathNicol partner Shaun Fraser said the receivers’ first priority was to stabilise the business. “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,” Mr Fraser said in a brief statement. KPMG was contacted for comment.
Earlier this month in Queensland Prime Minister Anthony Albanese said Tritium’s decision to close its Australian factory and produce its chargers in the US was a “lost opportunity”.
“We need to acknowledge that this is a reality, that we are in a global competition for capital,” Mr Albanese said, directly linking it to the government’s plan to fund domestic manufacturing.
