In a turn of events that underscores the volatility of the electric vehicle (EV) sector, Brisbane-based fast-charging tech company Tritium has been saved from the brink of collapse.
Drive reports that an international acquisition led by India’s Exicom has given Tritium a lifeline. But there is a bigger lesson to learn from this. It could redefine Australia’s role in the global EV market.
New opportunities and possibilities
Once hailed as a beacon of Australian innovation, Tritium faced a challenging year. It’s reported that a plant closure resulted in 300 job cuts before the company was placed into voluntary administration.
Through its financial struggles, it reported losses exceeding $AU183 million. The end of Tritium’s ambitious journey was on the cards.
According to Drive, investors apparently have plans to reopen the Brisbon plant that was closed earlier.
There are two questions to consider here:
- Could this buyout be more than what meets the eye?
- Could this be a strategic move with far-reaching implications for the Australian EV market?
New Delhi-based Exicom views Tritium’s operation in the fast-charging EV technology space as an ideal opportunity to expand the EV charging business globally.
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What it means for Australia
Tritium’s triumph and pitfalls are not unique; there are many similar cases in the Australian manufacturing and tech sector.
Here are three strategies that saved Tritium from bankruptcy, which could be lessons for future startups.
- Global partnerships: Exicom’s acquisition significantly demonstrates the importance of international partnerships in scaling operations and accessing new markets. They also build resilience and growth potential.
- Government support: Tritium struggles to secure funding from the Australian government on time, which highlights the policy shortfalls to help local manufacturers. Timely government intervention and support are crucial to prevent startups from closing down.
- Sector resilience: Tritium’s volatility reminds us that innovation-driven sectors are inherently risky. However, weathering economic rollercoasters through strategic partnerships and suitable business models is possible.
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About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
