Tritium to close Brisbane factory, with hundreds of jobs to go

afr.com:

Cash-strapped fast-charging company Tritium will close its Brisbane factory and consolidate its operations in the United States to save itself.

After months of being rebuffed by state and federal governments to help inject more equity into the company to avoid being kicked off the Nasdaq, Tritium announced the changes to be profitable next year.

Chief executive Jane Hunter says Tritium will close the Brisbane factory. Dan Peled

But it appears Tritium has yet to find a new strategic investor to help the company turn around its finances before it faces a potential de-listing on the Nasdaq.

Tritium chief executive Jane Hunter said it was necessary to close the factory – which will result in the loss of 400 jobs – and cut costs.

“This transition is aligned with the company’s plan to be profitable in 2024,” she said in a statement.

“The implementation of this plan, including the closure of the Brisbane factory and consolidating our manufacturing operations in Tennessee, supports the ongoing market competitiveness and positioning of the company as a world leader in its category.”

Tritium said it would keep its 200-strong research and development team and testing facilities in Brisbane.

Tritium – which listed on the Nasdaq with a $2 billion “double unicorn” valuation in 2021 – has struggled to raise capital while building a second factory in the US.

The Nasdaq last month issued Tritium with ashow-cause notice after its shares spent more than 30 days valued under $1.

Tritium shares are at $US0.20, with the company’s market valuation at $US33.1 million ($51 million).

Ms Hunter told The Australian Financial Review earlier this month the closure of the Brisbane factory was an option as it searched for a new strategic investor.

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