Inside Tritium’s battle for survival

afr.com:

When embattled Tritium chief executive Jane Hunter approached National Reconstruction Fund (NRF) chairman Martijn Wilder in September about the possibility of accessing capital, there was hope the Brisbane fast-charger company could be the “first cab off the rank” from the Albanese government’s $15 billion manufacturing fund.

The company’s factory in Brisbane had been a regular stop for federal and state politicians wanting to talk up the “Aussie success story” taking new technology to the world.

Tritium chief executive Jane Hunter said the company had world-leading technology. Ryan Stuart

When Tritium — which listed on the Nasdaq with a “double unicorn” $2 billion valuation in 2021 but is now struggling with major liquidity issues — was asked when it needed the money, the company said by November.

Given the National Reconstruction Fund (NRF) had yet to hold its first board meeting, let alone receive its investment mandate from the Albanese government, it was a sign of how desperate the company was for cash.

When Tritium then asked the NRF to sign a non-disclosure agreement and not talk to other potential investors, it was another “red flag moment”, according to those familiar with the discussions.

Some basic due diligence on Tritium would reveal the company had not turned a profit since it listed two years ago, has had a major turn-over in staff and was burning through cash.

Even if the NRF was up and running, there was no guarantee Tritium, which has been issued a show-cause notice by the Nasdaq about the under-performance of its shares, would have received government funding to keep it going.

The dire state of Tritium’s finances was confirmed this week when the company announced it wouldclose its Brisbane factory — at