Brisbane-based electric car charging firm Tritium – which produces the hardware for many charging stations in Australia – is on the brink of financial collapse, after declaring itself insolvent and calling in the administrators.
Lenders for the troubled company – which has been criticised for poor reliability of its charging stations – have brought in receivers to take control of its assets and try to find a buyer.
In a statement issued to the Nasdaq stock exchange in New York last week, on which it has been struggling to keep a listing because of its falling share price, Tritium said three of its local subsidiaries were “insolvent or likely to become insolvent”.
Which might help explain why so many Tritium charging stations are out of order, or have faulty screens, etc.