Tritium: Electric vehicle company praised by Anthony Albanese as a 'great success' COLLAPSES into administration
- Electric vehicle charger Tritium in administration
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An electric vehicle charging station company has gone into administration 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 toured its Brisbane premises and hailed it as the future.
The Australian company is also listed on the American Nasdaq technology exchange and operates in 42 countries.
'This is my third visit to Tritium. Every time I come back, I hear about more revenue, more jobs being created, and more countries where Australia is exporting to,' Mr Albanese said in March 2023.
'This is a great success story here and I congratulate everyone at Tritium for their achievements.'
But Tritium is now in trouble with KPMG's Peter Gothard, James Dampney and William Colwell appointed as administrators of Tritium DCFC and its subsidiaries Tritium Holdings, Tritium and Tritium Nominee.
'As administrators, our initial focus will be working with the Receivers to secure the assets and stabilise the business operations of Tritium to maximise the outcome for all concerned parties,' Mr Gothard said.
An electric vehicle charging station company has gone into administration just a year after Anthony Albanese praised it as a 'great success' (the Prime Minister is pictured visiting Tritium's Brisbane headquarters in March 2023)
The EV charging company, founded in 2001, designs and manufactures hardware and software for electric vehicle charging stations.
The Brisbane-based business has manufacturing operations in the United States and sales in the UK.
Tritium's secured creditors on Friday appointed Shaun Fraser, Kathy Sozou, Matthew Hutton and Jamie Harris from McGrath Nicol as receivers and managers.
Just last week, Mr Albanese announced a Future Made In Australia policy designed to boost local manufacturing jobs as Australia transitions to net zero carbon emissions by 2050.
Tritium's troubles are occurring despite fully-electric cars now having 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 Australia's third most popular car last month.
Battery electric cars sales climbed by a 58.3 per cent to 10,464, up from 6,612, Federal Chamber of Automotive Industries data showed.
Labor is planning to cut carbon emissions by 43 per cent by 2030 and in February, Climate Change and Energy Minister Chris Bowen announced a New Vehicle Efficiency Standard.
From 2025, it aims to slash carbon emissions by 59 per cent over four years by imposing penalties on petrol, diesel and even hybrid car makers 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 (Anthony Albanese is pictured 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 toured its Brisbane premises and hailed it as the future
