Cash-strapped fast-charging company Tritium will close its Brisbane factory and consolidate its operations in the United States in a bid to save itself.to help inject more equity into the company to avoid being kicked off the Nasdaq, Tritium announced the changes in order to be profitable in 2024.But it does not appear Tritium has found a new strategic investor which can help the company turn around its finances before it faces a potential de-listing on the Nasdaq.
“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 shares are currently $US0.20, with the company’s market valuation at $US33.1 million .the closure of the Brisbane factory was an option as it searched for a new strategic investor.Key investor and coal baron Brian Flannery has said the Brisbane-based company should have closed its factory and moved all manufacturing to the US a year ago.
The Albanese government has a policy to build up local players in the low-emissions space through its $15 billion National Reconstruction Fund, but high energy and labour costs, and skills shortages, are hurting firms.