Taiwanese electronics giant in talks to recharge Tritium

afr.com:

Embattled Brisbane fast-charger company Tritium is in negotiations with Taiwanese electronics company Lite-On Technology Corporation for a key strategic stake to ensure its financial future.

An equity stake from Lite-On could provide a financial lifeline for Tritium, which listed on the Nasdaq with a $2 billion “double unicorn” valuation in May 2021 but whose market capitalisation has plunged to $US31 million ($49 million).

Tritium chief executive Jane Hunter has tried to get funding from state and federal governments. Dan Peled

But the slow pace of negotiations with Lite-On over the past few weeks has raised questions about whether the Taiwanese company is keen to invest in a company that faces being delisted from the Nasdaq next year.

Several sources confirmed Lite-On has been drafting a term sheet for Tritium, which last week announced it would close its Brisbane factory in a bid to become profitable in 2024.

It is understood Lite-On, which has a market capitalisation of $12 billion, is being advised by Morgan Stanley.

The Taiwanese electronics giant is interested in Tritium’s intellectual property, which includes its next-generation DC fast-chargers being rolled out to key customers in Europe and North America.

There is speculation other interested parties include a Saudi investment fund that visited Brisbane recently, but so far, nothing has come from it.

A Tritium spokesman would not comment on any negotiations with Lite-On Technology or other possible capital partners.

“We’re unable to provide commentary on any speculation related to our capital raise,” the spokesman told AFR Weekend.

Lite-On Technology Corp did not respond to requests for comment.

The negotiations for a strategic capital partner could be the last