The troubled Australian electric vehicle fast charging company Tritium is facing financial collapse after its directors declared it to be insolvent and called in KPMG to act as voluntary administrators.

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, said Tritium DCFC and three of its Australian subsidiaries were either insolvent or likely to become insolvent.

The directors said they had appointed Peter Gothard, James Dampney and William Colwell to act as voluntary administrators. No further details were provided in the brief announcement to the US Securities and Exchange Commission.

It’s an incredibly sad outcome for Tritium, which was a world pioneer in the rollout of EV fast charging infrastructure, despite the slow uptake of EVs in its home country, and made a hugely successful Nasdaq stock listing that valued the company at around $2 billion.

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