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Brisbane-based electric vehicle (EV) charger company Tritium has been jolted back into life months after going into voluntary administration, with Indian rival Exicom striking a deal to acquire its business and assets for an undisclosed sum.
Founded in 2001, Tritium has sold more than 13,000 direct current (DC) fast chargers in 47 countries, achieving unicorn status with a valuation above $1 billion after listing on the NASDAQ in early 2022.
But when it failed to deliver on its targets and hit snags around charger maintenance, shares progressively wound down by more than 97 per cent in response to accumulated losses of US$313.4 million ($489 million) over three financial years.
To try to revive its fortunes, Tritium sacked hundreds of workers at its factory in the Brisbane suburb of Murarrie, and eventually called in KPMG Australia’s Peter Gothard, James Dampney and Will Colwell as administrators in April this year.
Related story: Tritium operations "stabilised" as EV players show interest in potential transaction
Exicom is India's largest EV charger manufacturer, and its Dutch subsidiary Exicom Power Solutions BV Netherlands has reached a definitive agreement along with other "step down subsidiaries" to acquire Tritium.
Exicom, which has a market capitalisation of US$49 billion ($74 billion) notes the acquisition will include Tritium's manufacturing facility in Tennessee, USA, as well as a world-class engineering centre in Brisbane, adding to its existing presence in Asia.
"This acquisition is in line with Exicom's strategic vision to be a key contributor to the world of tomorrow by enabling an emission-free future for mobility," says Exicom CEO Anant Nahata.
"Exicom and Tritium have a complementary sales and product footprint and have each established leadership in their respective regions.
"We look forward to working with Tritium's employees, customers, partners and other stakeholders to grow the business further and provide faster, more reliable charging experiences to EV users across the globe."
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