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A company planning the worlds largest battery and submarine cable as part of a plan to export Australian solar power to Singapore has collapsed into administration.
Sun Cable, backed by billionaires Andrew Forrest and Mike Cannon-Brookes, said on Wednesday it made the difficult decision to enter voluntary administration in the hopes of unlocking extra capital to develop the $30 billion Australia-Asia PowerLink project.
The appointment followed the absence of alignment with the objectives of all shareholders, the company said in a statement.
Whilst funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved.
Sun Cable founder and chief executive David Griffin said t…
Read the full article at: https://thenewdaily.com.au/finance/finance-news/2023/01/11/sun-cable-voluntary-administration/