EV players express interest as Tritium operations stabilize

Receivers and managers for Tritium, the embattled electric vehicle (EV) fast-charger group based in Brisbane, have reported that they have been approached by multiple parties in the global sale process. The company, which has been facing financial difficulties, is now said to be “successfully stabilised” and continuing business-as-usual operations.

The recent publication of minutes from Tritium’s first meeting of creditors revealed claims of approximately $328.5 million for creditors, with the largest claimants being CBA Corporate Services NSW and the trustee for investor the St Baker Family Trust. Other creditors include ASX-listed power module supplier Rectifier Technologies, GPT Newcastle Development, Flextronics Industrial, and Jiyuan Co.

Last month, receivers and managers were appointed to Tritium, while voluntary administrators were appointed to the company and its Australian subsidiaries. The receivers have since commenced a sale process for Tritium, receiving interest from entities in the EV charging and electronic component manufacturing sectors, as well as potential financial sponsors.

McGrathNicol partner and receiver, Kathy Sozou, expressed confidence in the sale process, stating, “We are very confident the sale process will identify a new owner that can build on this success to date, and capture the opportunity to bring new Tritium products to market and grow the business, under a different capital structure.”

The receivers continue to assist interested parties as they evaluate the acquisition opportunity, with hopes of finding a new owner to further develop Tritium’s innovative and reliable EV-charging products on a global scale.