Tritium, the Australian fast charging station manufacturer, has found itself in financial distress, leading to the appointment of self-appointed administrators and insolvency administrators by creditors. The company, which has its headquarters in Australia but is listed on the Nasdaq in the USA, made a notification to the US Securities and Exchange Commission (SEC) stating that Tritium DCFC and three of its Australian subsidiaries are either insolvent or likely to become insolvent.
Following the directors’ acknowledgment of their (probable) insolvency, three managers from management consultants KPMG were appointed as administrators, while administrators from the law firm McGrathNicol Restructuring were appointed by Tritium’s lenders. Together, they are now in control of Tritium’s assets and are seeking lenders and buyers.
Shaun Fraser, partner at McGrathNicol Restructuring, stated, “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.” KPMG manager Peter Gothard added that the administrators would collaborate with the insolvency practitioners “to secure the assets and stabilize the business operations of Tritium to maximize the outcome for all concerned parties.”
The financial strain on Tritium had been evident since 2023 when it was decided to close its Australian plant in Brisbane to focus exclusively on production in the USA. Despite large orders from companies such as Ionity, BP, and Shell, Tritium’s financial situation continued to deteriorate. Before filing for bankruptcy, Tritium’s value had fallen sharply from almost two billion US dollars to less than four million US dollars.
Fraser indicated that “a sale process for the business and assets of Tritium was already underway” prior to the appointment of the law firm, and he intends to continue this process to find a long-term capital and/or ownership solution for Tritium.
An initial meeting of creditors must be held by 26 April, which could provide initial information on the fate of existing jobs and the operation and maintenance of Tritium charging points.
