It doesn’t get much more clear than this; you cannot make money on green energy, even with massive subsidies, when no one wants your product. It’s so obvious and, yet, those consumed by the fatal conceit and dreams sold to them by other grifters keep trying and failing spectacularly. This is about a company formed by three university students and not much more explanation is needed, but read these excerpts from a story in The Driven, an electric vehicle news site (emphasis added):
The troubled Australian electric vehicle fast charging company Tritium is facing financial collapse after its directors declared it to be insolvent, calling in voluntary administrators while its lenders also appointed a receiver to take control of the assets and seek buyers.
In a statement issued overnight to the Nasdaq stock exchange in New York, where it has been struggling to retain its listing because of a collapsing share price, the company said Tritium DCFC and three of its Australian subsidiaries were either insolvent or likely to become insolvent.
The directors said in a brief announcement to the US Securities and Exchange Commission overnight that they had appointed Peter Gothard, James Dampney and William Colwell from KPMG to act as voluntary administrators.
McGrathNicol Restructuring later said four of its partners – Shaun Fraser, Katherine Sozou, Matthew Hutton and Jamie Harris – had been appointed by lenders as Receivers and Managers of Tritium DCFC Ltd, the Nasdaq listed company, and would manage the assets and seek buyers for the business…
KPMG’s Gothard said later on Friday the Administrators would work with the receivers “to secure the assets and stabilise the business operations of Tritium to maximise the outcome for all concerned parties.”
…It [had] seized a more than 20 per cent share of the global market, a majority share of non-Tesla charging infrastructure in Australia and had an enormously successful listing on the Nasdaq in early 2022 which valued the company at up to $2 billion.
That listing delivered massive windfall returns in the “hundreds of millions” to its major backers…
But in the past year the company’s share price has collapsed…
Its last listed share price valued the company at less than $US4 million.
Among the company’s problems were reliability issues, particularly with its first generation equipment, and last year it announced it would close its Brisbane factory and move production to its US base in Tennessee, where it employs 500 people. But it has failed to make a profit in recent years.
The company was founded by more than a decade ago by three university students who took on some of the world’s biggest car makers in the World Solar Challenge and went on to set up their own engineering firm…
At its peak it claimed to be the biggest maker of fast chargers in the US with a 30 per cent market share (unclear if this included the Tesla network), and a 75 per cent share in Australia, and one of the top three in Europe.
Here’s what happened in the last two years as grifters, special interests, NGOs and government promoted EVs to the skies:
One sad chart says all. You can’t force EVs on a public that doesn’t want them. It’s that simple!
#EVs #Tritium #Chargers #Stock # Australia
Hmmm. A 99.8% decline in share value. Before bankruptcy. Probably won’t be the last EV-related bankruptcy.