Just four months after Australian electric vehicle (EV) charging pioneer Tritium went bust, it has been acquired by the Dutch subsidiary of an Indian competitor, raising hopes of a return to manufacturing.
Tritium declared bankruptcy in April, calling for an administrator to be appointed just five months after closing its Brisbane facility. Consolidation of manufacturing operations at the factory in Lebanon, Tennessee in the United States.
Although the move was aimed at turning a profit after huge losses in previous years, Tritium received a delisting decision from the Nasdaq stock exchange.
Now, Australian news agency Associated Press Indian EV charger maker Exicom – or rather its Dutch subsidiary Exicom Power Solutions BV Netherlands – and “other subsidiaries” have agreed to acquire Tritium for an undisclosed sum.
The acquisition is said to include Tritium’s facilities in Tennessee and Brisbane, which will be added to the company’s existing operations in India.
“This acquisition is in line with Exicom’s strategic vision to be a significant contributor to the world of tomorrow by creating a zero-emission future for the transport sector,” Exicom CEO Anant Nahata said in a statement to the media.
“Exicom and Tritium have complementary sales and product footprints and each has established leadership positions in their respective regions.
“We look forward to working with Tritium employees, customers, partners and other stakeholders to further grow the business and deliver a faster, more reliable charging experience to EV users globally.”
Tritium was founded in 2001 in Brisbane as an engineering consultancy and introduced the first DC fast charger in 2013.
By 2020, the company had become the leading supplier of DC chargers with a 15% global market share and was backed by coal tycoons Trevor St Baker and Brian Flannery.
The following year, Nasdaq successfully listed its shares, valuing Tritium at $2 billion.
It signed an agreement in January 2023 to provide BP with fast chargerand Premier Anthony Albanese called the company a local example of innovation and success in October that year – just a month before closing its Brisbane factory.
Prior to the sale to Exicom, Tritium made several attempts to seek outside funding from state and federal governments, all of which were unsuccessful.
Earlier this yearFormer Tritium employee spoke with Car expert The company suffered from poor management and its products were unreliable, said the person, who spoke on condition of anonymity.
“There are a lot of design flaws. [in the chargers] Most were ignored. The top people refused to make the necessary changes,” said one former employee. Car expert.
“I loved the company and the career advancement opportunities, but soon I began to notice the company was losing its appeal due to poor management.
“No one wants to take responsibility when things go wrong, they just blame each other. Problems never get solved because of that.”
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