An electric vehicle charging station company has gone bankrupt just a year after Anthony Albanese praised it as a “great success story”.
Tritium DCFC and its Australian subsidiaries went into administration on Thursday, a year and two weeks after the Prime Minister visited their facility in Brisbane and hailed them as the future.
The Australian company is also listed on the US technology exchange Nasdaq and operates in 42 countries.
‘This is my third visit to Tritium. Every time I come back I hear about more income, more jobs created and more countries Australia exports to,” Albanese said in March 2023.
“This is a great success story and I congratulate everyone at Tritium on their achievements.”
But Tritium is now in trouble with KPMG’s Peter Gothard, James Dampney and William Colwell named administrators of Tritium DCFC and its subsidiaries. tritium holdings, Nominated Tritium and Tritium.
“As administrators, our initial focus will be to work with the receivers to secure the assets and stabilize Tritium’s business operations to maximize the outcome for all stakeholders,” Gothard said.
An electric vehicle charging station company has entered administration just a year after Anthony Albanese hailed it as a “huge success” (pictured with the Prime Minister visiting Tritium’s Brisbane headquarters in March 2023)
The electric vehicle charging company, founded in 2001, designs and manufactures hardware and software for electric vehicle charging stations.
The Brisbane-based company has manufacturing operations in the United States and sales in the United Kingdom.
Tritium’s secured creditors on Friday appointed McGrath Nicol’s Shaun Fraser, Kathy Sozou, Matthew Hutton and Jamie Harris as receivers and managers.
Last week, Albanese announced a Future Made In Australia policy designed to boost local manufacturing jobs as Australia transitions to net zero carbon emissions by 2050.
The tritium problems are occurring despite all-electric cars now holding a 9.5 per cent share of the Australian vehicle market in March, up from 6.8 per cent in March 2023, with the Tesla Model Y being the Australia’s third most popular car last month.
Sales of battery electric cars rose 58.3 percent to 10,464, up from 6,612, according to data from the Federal Chamber of Automotive Industries.
The Labor Party plans to reduce carbon emissions by 43 per cent by 2030 and in February, Energy and Climate Change Minister Chris Bowen announced a new vehicle efficiency standard.
Starting in 2025, it aims to reduce carbon emissions by 59 percent over four years by imposing penalties on gasoline, diesel and even hybrid manufacturers, in a bid to encourage them to sell more battery-electric cars.
Tritium is now in trouble with KPMG’s Peter Gothard, James Dampney and William Colwell appointed as administrators (pictured by Anthony Albanese visiting its Brisbane headquarters in March 2023)
Tritium DCFC and its Australian subsidiaries went into administration on Thursday, a year and two weeks after the Prime Minister visited their facility in Brisbane and hailed them as the future.