The receivers and managers appointed to the Australian fast-charging company Tritium DCFC after its financial collapse last month say they are confident of sale after receiving interest from a “number of parties.”
Tritium appointed KPMG to act as its voluntary administrators after deciding that the business could no longer continue as is, and its quickly appointed McGrathNicol as receivers and managers, who made clear their main goal was to stabilised the business and fine a buyer.
“The Tritium business has been successfully stabilised and is continuing operations on a business-as-usual basis,” the receivers said in a statement late on Friday.
“The company is engaging with customers on the ongoing supply of chargers, parts and after-market services.”
It said it had been in contact with a “number of parties” that have established operations in the EV charging and electronic manufacturing sectors, as well as financial sponsors.
“The interest we have received is encouraging but not altogether surprising,” McGrathNicol partner and receiver Kathy Sozou said in a statement, given its prominent position in the out-of-home, EV fast charging sector in the US, Europe and Australia.
“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.”
Tritium’s administrators held its first meeting with creditors last week, although it revealed few details about the state of the business, although the minutes recorded that major shareholder Trevor St Baker has a claim for $69 million and CBA is owed $199 million.
Meanwhile, some of its competitors are seeking to take advantage of its position, with rival company EVSE and Ocular offering site owners a “discount” on replacing early-model Tritium fast chargers with new technology.
Meanwhile, another fast charging company hopeful of establishing a business in Australia, Freewire, is facing its own financial problems and its first two charging stations installed at Mittagong have been removed by site owner NRMA.
Tesla has also sacked its entire Supercharger staff, and brought to a halt new site developments around the world, including in Australia.
Giles Parkinson is founder and editor of The Driven, and also edits and founded the Renew Economy and One Step Off The Grid web sites. He has been a journalist for nearly 40 years, is a former business and deputy editor of the Australian Financial Review, and owns a Tesla Model 3.