Tritium asks Qld government for $50m-plus bailout

afr.com:

Embattled Brisbane fast-charging company Tritium has asked the Queensland government for an equity injection of up more than $50 million as it tries to deal with its dire liquidity issues.

While the company has warned it may be forced to close its Australian factory and move its headquarters overseas to ensure its financial survival, it is understood the request to the Palaszczuk government is unlikely to be successful.

Tritium’s fast-chargers are well regarded, but the company is yet to become profitable. 

Tritium chief executive Jane Hunter said she had been in discussions with all tiers of government to try to help the company, which listed on the Nasdaq in the United States in 2021 with a “double unicorn” $2 billion valuation but now has a market capitalisation of $US38 million ($59 million).

“It’s been extremely difficult in Australia to secure sources of capital,” Ms Hunter told The Australian Financial Review.

“To keep sovereign manufacturing capability, Australia will have to put money and legislation into it because just like [funding under America’s Inflation Reduction Act], that’s the only reason people are into factories over there.”

Ms Hunter said the Albanese government’s $3 billion National Reconstruction Fund that will start next year will be too late for Tritium, which has been issued a show-cause notice about its underperformance on the American bourse.

“We’ve had discussions with all levels of government. Unfortunately, the National Reconstruction Fund won’t be ready for us to access it. It will be too late for us,” she said.

“I think there’s a possibility that the CEFC [Clean Energy Finance Corporation] could come in, but we have to have a foundation investor and they have to be Australian.”

A