Tritium DCFC Ltd (DCFCQ)

[WeTheMarket]

Recent Linkedin post.
https://www.linkedin.com/mwlite/feed/posts/chrischaganis_today-marks-my-first-year-anniversary-at-activity-7203349857590243329-_o2c

[WeTheMarket]

26 new Evie Networks fast charger sites across Sydney Eastern Suburbs
By Neerav Bhatt
May 28, 2024
https://zecar.com/reviews/26-new-evie-networks-fast-charger-sites-across-sydney-eastern-suburbs

Key quotes:

"In late April 2024 Tritium DCFC Limited determined that the Company and three of its Australian subsidiaries, Tritium Pty Ltd, Tritium Holdings Pty Ltd and Tritium Nominee Pty Ltd were insolvent or likely to become insolvent so they appointed KPMG as Voluntary Administrator. It is not yet clear whether the charger hardware for these new Evie locations will be manufactured by Tritium or another brand such as Kempower, ABB etc."

"This choice will be interesting as Evie and Tritum have a common financial backer and so far all public chargers installed by Evie have been Tritium."

[barnyarddog]

Tritium: Australian EV Innovator Shifts Production to U.S. Amid Financial Restructuring

November 13, 2023
https://www.carsauce.com/car-news/tritium-australian-ev-innovator-shifts-production-to-u-s-amid-financial-restructuring

[barnyarddog]

Shell Station Converted to EV Charging Is a Glimpse of the Future

Jan 18, 2022
https://www.autoweek.com/news/green-cars/a38802959/shell-ev-charging-station-uk/

[barnyarddog]

Aug 24, 2022 DC Fast Charger Factory In Tennessee

https://insideevs.com/news/606273/tritium-opens-fast-charger-factory-tennessee/

[barnyarddog]

Looks like your on your own, ked.

[barnyarddog]

Seth Cutler

CEO @ IONNA | Revolutionizing the entire EV charging experience

10mo

https://www.linkedin.com/posts/seth-cutler_tritium-becomes-first-manufacturer-to-win-activity-7084578416666021889-f5iL

[barnyarddog]

WATCH: CBS’s Margaret Brennan laughs in Pete Buttigieg’s face when he is unable to explain why only 7 or 8 electric vehicle charging stations have been built despite the Biden admin spending $7.5 BILLION to build chargers. pic.twitter.com/BmFK17Dk5O

— Steve Guest (@SteveGuest) May 26, 2024

[barnyarddog]

Early in the interview CBS’s Margaret Brennan called out Mayor Pete on something we wrote about just days ago: after spending more than $7 billion since 2021 on EV infrastructure, the nation has less than 10 EV chargers to show for it.

As we noted earlier this month, the Bipartisan Infrastructure Law, signed by Biden in November 2021, allocated $7.5 billion for EV charging. Of this amount, $5 billion went to states as "formula funding" for the National Electric Vehicle Infrastructure program to establish a network of fast chargers along major highways.

Today, there's seven chargers with a total of just 38 parking spots.

And how do you know the problem is bad if you're a Democrat? First, it was the Washington Post calling out the lunacy. Now, it's CBS. When pressed for an answer, Mayor Pete tried to deflect the issue, leading to an involuntary laugh by host Brennan.

https://www.zerohedge.com/markets/mayor-pete-humiliates-himself-cbs-interview-blames-airline-turbulence-climate-change

[barnyarddog]

Tritium owes billionaire $100m but he’s still upbeat

EV fast charger Tritium’s debt has blown out to $500m of which $100m is owed to Trevor St Baker, but ahead of Monday’s creditors’ meeting he says he’s optimistic of a rescue package
https://www.couriermail.com.au/subscribe/news/1/?sourceCode=CMWEB_WRE170_a&dest=https%3A%2F%2Fwww.couriermail.com.au%2Fbusiness%2Fqld-business%2Fthe-collapse-of-evcharging-poster-child-tritium-and-why-trevor-st-baker-thinks-it-can-rise-again%2Fnews-story%2F8ff666c4e602ecbe351920fec0d72143&memtype=anonymous&mode=premium&v21=GROUPA-Segment-2-NOSCORE


......Tritium’s debt has blown out to $500m ???? .......was 350m
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174383111

"under a different capital structure." ....?????
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174401386

[barnyarddog]

On May 19, 2024, Jane Hunter, Chief Executive Officer and Executive Director of the Company, informed the Administrator of her resignation from the board of directors of the Company, effective immediately. Ms. Hunter and the Company have no disagreements, including with respect to any accounting-related policy or matter, and she will continue to serve as Chief Executive Officer of the Company.

FORM 6-K
May 24, 2024
https://www.otcmarkets.com/filing/html?id=17572158&guid=HbQ-ke4sDZOvB3h

[WeTheMarket]

Repost from Stocktwits. https://stocktwits.com/risk_vs_reward/message/574156947

[barnyarddog]

NOTICE OF FILING AND HEARING

NEW SOUTH WALES REGISTRY - FEDERAL COURT OF AUSTRALIA

A1. Extension of the convening period

1 An order pursuant to section 439A(6), or in the alternative section 1322(4), of the Act that
the date of the convening period as defined by section 439A(5) of the Act, for the second
meeting of creditors of the Companies required pursuant to section 439A of the Act
(Second Meeting) be extended up to and including 20 September 2024 or such other
period that the Court considers appropriate.

Convening Period Extension – 9 May 2024
https://kpmg.com/au/en/home/creditors/tritium-group.html#court-documents

[ssc]

The company might survive, but current shareholders? Not looking good.

[barnyarddog]

ChargeNet unaffected by Tritium situation
by Geoff Dobson
May 6, 2024
https://evsandbeyond.co.nz/chargenet-unaffected-by-tritium-situation/

[barnyarddog]

I am playing this like WKHS was at .75 cents 5 years ago. I did not load at the time.

I see a little champ maybe in 5 years.

A Buy out by Telsa would be moon shot. NOT.

Company is playing in the big leagues. Ticker could go EXPERT trading

[barnyarddog]

Added today Date posted
05/13/2024
Amount
$3,599.00
Description
3600 TRITIUM DCFC LIMITED UNSOLICITED TRADE

[WeTheMarket]

Queensland EV charging manufacturer Tritium may survive
SIMON THOMSEN
MAY 13, 2024
https://www.startupdaily.net/topic/business/queensland-ev-charging-manufacturer-tritium-may-survive/

[ssc]

The elephant in the room for current shareholders:

"under a different capital structure."

[barnyarddog]

Tritium operations "stabilised" as EV players show interest in potential transaction

10 May 2024
https://www.businessnewsaustralia.com/articles/tritium-operations--stabilised--as-ev-players-show-interest-in-potential-transaction.html

Tritium will be an acquisition

"successfully stabilised" and continuing business-as-usual operations.

So far they have received interest from a number of interested entities with established operations in the EV charging and electronic component manufacturing sectors, as well as potential financial sponsors.

"We are very confident the sale process will identify a new owner that can build on this success to date, and capture the opportunity to bring new Tritium products to market and grow the business, under a different capital structure."

[WeTheMarket]

The latest on insolvent Australia EV charge firm Tritium
Tritium's receivers say the troubled firm is operating on a "business-as-usual basis" and have already received interest from potential buyers.
10 May 2024,
https://www.carexpert.com.au/car-news/the-latest-on-insolvent-australia-ev-charge-firm-tritium

[barnyarddog]

NRMA addresses exit of EV charger manufacturer Tritium, which entered voluntary administration in April 2024.

Tritium has announced it will seek a buy out after being placed under voluntary administration in April 2024. The NRMA is working closely with the administrators, to work through a solution for the supply and maintenance of its chargers.

The NRMA’s focus remains on expanding the national EV charging network, jointly funded by the NRMA as well as the federal, NSW and Queensland governments.
What will happen to existing sites with Tritium fast chargers?

Tritium fast chargers currently make up a significant proportion of the NRMA’s charging network. With the earliest of those now reaching their end of life, there are already plans in place to upgrade certain charging locations with units made by other manufacturers.

Newer units and in particular those still under warranty will remain online.

Regarding the upgrade of the older units, there may be grid and space restrictions at certain existing locations that rule out a straight swap of hardware.

07 May, 2024
https://www.mynrma.com.au/electric-vehicles/charging/nrma-charging-plan-tritium

[barnyarddog]

What does CBA do in Australia?
The Commonwealth Bank is Australia's largest retail bank and offers customers a range of products and services, including loans, credit cards, transaction and savings accounts. It has the largest branch and ATM network. It also offers services to people planning to move to Australia.

Commonwealth Bank - Wikipedia https://en.wikipedia.org/wiki/Commonwealth_Bank

CBA Corporate Services NSW which is claiming $199.5 million,

[barnyarddog]

ASX-listed Rectifier Technologies claims $25m debt from collapsed Tritium
8 May 2024
https://www.businessnewsaustralia.com/articles/asx-listed-rectifier-technologies-claims--25m-debt-from-collapsed-tritium.html

According to the first meeting of creditors for Tritium held at the start of this month, Rectifier-affiliated companies Rectifier Technologies Pacific Pty Ltd and Rectifier Technologies Singapore Pte Ltd claimed they were owed $5.23 million and $19.4 million respectively.

Other major creditors to Tritium include Sunset Power as a trustee for the St Baker Family Trust which is claiming $65 million, CBA Corporate Services NSW which is claiming $199.5 million, and GPT Newcastle Development which is claiming $11.8 million, alongside others such as Flextronics Industrial ($13 million), Jiyuan Co ($2.7 million), Syskim International ($1.2 million), Venture Electronics Services Malaysia ($4.4 million) and Click International Hong Kong ($1.3 million).

A second meeting of creditors is due to be held on or before 27 May, unless the court extends the date.

[barnyarddog]

1 day ago This is an active crime scene in progress.

1 day ago
Have any civil or criminal lawsuits started?
8 hours ago
Is it weird that we see no law firm adds here?

1 day ago
I wouldn't touch this stock at all. Lots of us loss money here. Beware

3 May, 2024
So let me get this straight... This company splits its stock 1 for 200 just a month ago and it crashed back down below a buck and was delisted anyway?

2 May, 2024
So that was was it? No communication whatsoever?

30 April, 2024
"Mr Fraser (Receiver of Tritium) said he had received significant inquiries, including from big companies that operate in the sector, and from parties interested in participating in an expedited sale process."

That's not bad news at all.. No one knows the outcome, but if you like a gamble, now's the time..

[barnyarddog]

Laid Off Tesla Supercharger Employee Predicts Network Quality Will “Deteriorate”
8 hours ago
https://www.carscoops.com/2024/05/laid-off-tesla-supercharger-employee-predicts-network-quality-will-deteriorate/

This ought to excite Bp pulse and their 100 million dollar order of Telsa chargers

[barnyarddog]

Guys on another website suggest higher ups want to take Tritium private. And possible delist the ticket. I don't know but the silence from this company is horror to the public investor.

Definitely not NASA rocket science thrill.

[staynafloat]

Yeah the R/S pretty much wiped all of us out.It brought me down to 150 shares.

It would be nice to recoup some of our investment but the stock price would need to hit $255.00 a share just for me to break even. But I will gladly take whatever amount I might be able to get ! Anything is better than nothing.

[barnyarddog]

Investors have 1 percent of their investment.
Janes actions, investors are calling FRAUD.

Let's see if ticket can bring back my money to 100 percent.

[barnyarddog]

Yeah my 100k shares is 500. At a dollar I bought 1k shares hoping for a 20.00 dollar run. That would bring my money back.

Sitting here @ a dollar is sickness in misery.

[barnyarddog]

It ain't over. I think Tritium is dumping it's Australian liabilities . If a sale is possible I would like to see Ionna, BP pulse or Shell recharge to buy company and merge into shell. That would be a strong hand take over company with billions of muscles to get things done..
Jane said shell was companies nemesis .

Delisting of ticket ain't yet but that would mean total failure on Jane's part.

Crazie money wants things to happen.

[staynafloat]

Yeah I pretty much have kissed my 38K good by .

Win some lose some 🤦

[barnyarddog]

Australia-headquartered EV fast-charging company Tritium DCFC has declared insolvency.
May 3, 2024

The company has so far made no public statements regarding the insolvency and whether there are any potential buyers.

https://www.evcandi.com/news/fast-charger-manufacturer-tritium-insolvent

[barnyarddog]

The Tritium Group

Information for creditors of The Tritium Group (in Voluntary Administration).


https://kpmg.com/au/en/home/creditors/tritium-group.html

[barnyarddog]

3 hours ago Most of you may already know this, but there's a shareholder FAQ available if you search for "kpmg" and "tritium".

It outlines that shareholders are considered the same as unsecured creditors. A lot of the process they're going through is to make sure secured creditors are paid back. They're legally required to sell things at market value.

Up next is a meeting of the creditors to vote between three things:

To accept a binding agreement between company and creditors on how the company will be dealt with.

Immediate liquidation.

Return control to company directors

It's scheduled for the time limit of May 20th, but an extension is likely.

[rbl100]

That is fine to disagree. But the writing is on the wall. The costs and waste in this agenda pushed by governments was a scheme from day one. The gullible don't seem to care for the destruction to third world countries where all the metals are mined that uses child labor to create these volatile batteries that erupt in a plasma fire. Many die in the process. Besides the toxic waste of the batteries that is piling up. No one even buys used EV cars because it is technically and physically impossible to know the life of the cells inside the batteries. You literally would have to open each one and look. Unlike easy tests and inspections on combustion engines. Batteries degrade and diminish in capacity with time whether they are used or not. You can store a combustion engine for a 1,000 years and it will still run as it did prior next time you go to start it. The concept of electric cars was a been there done that model that some Einstein's decided to promote to restrict movement of the populace. They do not go far, and those in control can shut your car OFF at a moments notice if they don't like your beliefs. The cats are out of the bag and the milk is spilled. Enjoy and peace.
P.S. tidbit of info. Gasoline is 100X times more energy dense than Li-ion in equal mass. So which is more efficient? I thought so. And crude oil is infinite and created by the earth deep in the mantel daily. It replenishes and will never run out. It was JD Rockefeller that said it was "fossil fuel". and finite. That was a total lie to make gas expensive and that family $$$. OIL is the next most abundant liquid on this planet next to water. It used to be basically FREE in the 1800's. That is how plentiful it was and still is before this manmade spoken "scarcity" of today.

[WeTheMarket]

rbl100, I couldn't disagree more. The following chart shows the share of new cars sold that are EV from 2010 to 2023 in various countries around the world, and indicates a steady increase in adoption of EVs (Source: https://ourworldindata.org/electric-car-sales). Adoption in the US, being an oil rich country, is running a bit behind, while China is already up to 40%, and Norway is already over 80%.

[rbl100]

People don't understand yet that EV is a fad. It never was going to flourish and it never will. The physics of requirements along with inefficiency off the scale not to mention practicality and costs besides all the dangers like driving around in a microwave oven which is great for reproductive glands or having a plasma bomb beneath you is utterly ridiculous to think it is any good. They tried electric cars over 100 years ago already. But people forget their history.

[barnyarddog]

Controversial SPAC listing hobbled Tritium
The receivers selling the shell of failed electric vehicle charging company Tritium have blamed its $2 billion listing via the controversial SPAC method for...
.
13 hours ago

https://www.afr.com/technology/controversial-spac-listing-hobbled-tritium-20240424-p5fm7m

[barnyarddog]

It’s still early days, but receivers McGrathNicol are in the process of finding a buyer for Tritium.

Partner Shaun Fraser said a sale process for Tritium’s business and assets had already been under way, and McGrathNicol would engage as a “matter of urgency” with those potential buyers.

“Our immediate focus is to stabilise operations and work closely with Tritium’s employees, customers and suppliers as we attempt to secure the best possible outcome for all parties,” Fraser said in a statement after Tritium’s collapse was announced last week.

[barnyarddog]

Tritium’s rapid rise and spectacular collapse will be a lesson for Labor’s Made in Australia campaign

....In November CEO Jane Hunter said: “While we continue to build on our recently reported financial results, which include achieving record revenue and gross margin, strategic restructuring of our business is necessary to drive both profitability and shareholder value.”

However consolidation in the US and a much vaunted change programme failed to put the company on a path to becoming EBITDA positive.

Most recently it has been fighting NASDAQ to retain its listing which has failed to meet minimum price requirements.

Now it is in financial collapse.

Apr 22, 2024
https://reneweconomy.com.au/tritiums-rapid-rise-and-spectacular-collapse-will-be-a-lesson-for-labors-made-in-australia-campaign/

[WeTheMarket]

Who takes over Tritium, the titan house of EV charger manufacturing in Australia?
APRIL 26, 2024
https://www.watoday.com.au/business/companies/who-takes-over-tritium-the-titan-house-of-ev-charger-manufacturing-in-australia-20240422-p5flq4.html

Less than a year after Labor was catapulted into power, Prime Minister Anthony Albanese headed back to Tritium’s headquarters in Brisbane to spruik yet again his government’s key election commitment – a $15 billion National Reconstruction Fund to support the nation’s ailing manufacturing sector.

Walking through the factory during his third visit to the company, vowing to challenge the global dominance of Tesla in electric vehicle charging, Albanese posed for photos with Tritium chief executive Jane Hunter and declared this was the type of Australian business the federal government could get behind.

“This is what one of the world’s fastest electric vehicle chargers looks like,” Albanese tweeted. “It’s the kind of technology we need to make Australia a renewable energy superpower. Businesses like Tritium here in Brisbane need certainty to invest in new tech, new ideas and new jobs.”

By the end of that year, the company was struggling to raise capital from governments or investors, being threatened with delisting from the Nasdaq, and eventually forced to shut down its Brisbane manufacturing plant, laying off 200 staff, to consolidate its operations in the United States as a last-ditch effort to save itself.

After a rapid rise, and at the centre of US President Joe Biden’s electric car revolution, the company’s fall had been equally rapid, culminating in its collapse last week.

“They designed a pretty cool piece of equipment, and they filled what was clearly a significant market gap, and it was growing rapidly,” says Tony Wood, the director of the energy program at the Grattan Institute.

“You look at their growth and their share price, and it was quite dramatic. Maybe they got carried away because when you have a market like that, you need to keep up with it, you need to raise capital because if you don’t, others will step in and eat your lunch.

“It’s the nature of a capitalist market system. It can be very cruel.”

Who fills the significant gap now?
Tritium was viewed as a national success story by state and federal politicians. The company had claimed it was the second-largest producer of charging infrastructure outside China, and owned and operated three-quarters of EV chargers across Australia.

When it moved to the United States in 2021, its future seemed so promising. It listed on the Nasdaq with a $2 billion valuation, built a factory in Lebanon, Tennessee, to produce 30,000 units a year, and employed thousands of local people.

It was building critical infrastructure in a fast-growing industry, and expanding its market, but as high-profile shareholder Brian Flannery lamented before pulling out two months ago, its bloated corporate management structure was stunting profit.

Tritium reported a revenue of $US185 million ($284 million) in the 2022-23 financial year, more than double what it recorded the previous year, but it had failed to make a profit over the past three years.

The collapse of Tritium as a business model will be raked over, but the real question for the rest of us transitioning to a low carbon economy is: how do we grow this critical industry in a nation where EV uptake had for far too long been too low, and what are the lessons from the once titan house of fast-charger manufacturing?

“They had a problem when the proportion of their chargers not functioning was quite high. You’d turn up at a charging facility, and of the four units, two were usually not working. They got a bit of a reputation for not being reliable, but they still had that market share, so I don’t know who’s going to step into that.”

There are now more than 180,000 EVs on Australian roads, a figure that has doubled since 2022, but represents less than 1 per cent of the total passenger vehicle fleet.

A Deloitte report, EV charging infrastructure – the next frontier, published in January, notes the uptake of EVs is projected to increase from 8.4 per cent of all new passenger vehicle sales in 2023 to 43 per cent by 2033.

To service that demand, Australia will need an eightfold increase on current public charging capacity, which means installing, on average, eight new public chargers every day for the next nine years.

It is one of the reasons why NSW and Victoria last year scrapped $3000 subsidies for drivers who buy new EVs and redirected some of the savings to roll out more charging stations in public spaces.

University of Melbourne chair in management Daniel Samson is confident EV charging infrastructure will continue to grow in Australia, but he hopes this industry will be far better supported than car manufacturing, which disappeared from the nation’s shores seven years ago.

“For far too long, Australia has had almost no industrial policy to speak of in which we positively helped catalyse sufficient industries to start up … so personally, I really welcome the idea of us having a business plan and a Future Made in Australia approach,” Samson says.

“And the other thing the government can do about EV charging is try to establish some standards so that rather than have a whole bunch of EV charging systems and approaches, if we can have some standards that manufacturers realise their equipment needs to fit, then that will reduce some of the risk.”

It’s still early days, but receivers McGrathNicol are in the process of finding a buyer for Tritium.

Partner Shaun Fraser said a sale process for Tritium’s business and assets had already been under way, and McGrathNicol would engage as a “matter of urgency” with those potential buyers.

“Our immediate focus is to stabilise operations and work closely with Tritium’s employees, customers and suppliers as we attempt to secure the best possible outcome for all parties,” Fraser said in a statement after Tritium’s collapse was announced last week.

Bjorn Sturmberg is a senior research fellow at the Australian National University and his work focuses on electric vehicles and general grid integration of green techs. The collapse of Tritium is a significant loss, he says, but it should not detract from the quality of Australian innovation.

It is more important than ever to continue turbocharging this industry.

“They had three-quarters of the market share in fast chargers so in that case it is calling into question the availability of parts and serving those – it’s a serious hit,” Sturmberg says.

“But I would kind of balance that off with [the fact that] the vast majority of the cost of fast-charging stations goes into the engineering, work of finding a site, developing a site, civil works, upgrades you need to make. So even for sites that may have a Tritium charger end up being uninstalled, it’s not the end of the world, and it’s still an imperative we have lots of charging stations deployed.”

This week, Stockland announced it was joining forces with Ampol to roll out one of the biggest Australian shopping centre networks fast EV charging stations. The ASX-listed fuel supplier is aiming to become one of Australia’s leading EV charging networks.

Tritium’s collapse won’t sound the death knell for clean technology manufacturing in Australia, and while most experts agree it has only highlighted how imperative it is for the nation to power an industry that is critical to a net zero future, others are wondering whether we can ever keep up with the EV titan, China.

[barnyarddog]

$DCFCQ This is the email address shareholders are supposed to use for inquiries.

[e-mail]

[barnyarddog]

Duh, whats it say....

[barnyarddog]

EV charger manufacturer Tritium declares insolvency

Posted April 22, 2024
https://chargedevs.com/newswire/ev-charger-manufacturer-tritium-declares-insolvency/
The directors of Australian fast charger manufacturer Tritium have declared the company as well as three of its Australian subsidiaries—Tritium, Tritium Holdings and Tritium Nominee—insolvent and called in voluntary administration, according to a statement filed to the US Securities and Exchange Commission (SEC).

“The Company’s other subsidiaries will continue to operate outside the voluntary administration,” the SEC filing stated.

The company stated on April 11 that it had received a warning from the Nasdaq stock exchange in New York where its shares were listed that it no longer met the requirements to retain its listing.

Lenders have appointed a receiver to take control of the company’s assets and seek buyers.

[barnyarddog]

Inside the rise and fall of EV player Tritium

Apr 21, 2024
https://www.afr.com/companies/energy/inside-the-rise-and-fall-of-ev-player-tritium-20240419-p5flaf

[WeTheMarket]

Tritium segment starts at minute 8 into the video.

2024 Mitsubishi Triton driven, Aussie EV Chargers dead & new Kia Ute details | The CarExpert Podcast

CarExpert
442K subscribers
Posted Apr 22, 2024

Marketplace journalist Josh Nevett joins the CarExpert Podcast this week as they discuss some new details about the upcoming Kia Tasman ute, the downfall of Aussie company Tritium and what it means for local EV chargers and they guys give their thoughts on the new Mitsubishi Triton now everyone in the office has driven it.

Welcome to the CarExpert Podcast – now in video! Host Sean Lander is joined by resident CarExperts Scott Collie and James Wong to chat the latest in automotive news and reviews.

Tritium story: https://www.carexpert.com.au/car-news/australian-ev-charging-manufacturer-tritium-goes-into-administration

[staynafloat]

Yeah I kind of got blindsided by this one like many 😖
Win some lose some ........... lol this one really sucked for some reason.

[barnyarddog]

Tritium ‘s rapid rise and collapse is over – goes in to administration

19 April 2024
https://www.aumanufacturing.com.au/tritium-s-rapid-rise-and-collapse-is-over-goes-in-to-administration

[barnyarddog]

Communists theatrical performance.

Good luck with that. It's all theft in my book. Cheers to the horror show , may it bring better daze.