St Baker charges into Asia with big investment in Philippines

Richlister Trevor St Baker is backing renewables in Asia with the St Baker Energy Innovation Fund set to play a significant role in energy and electricity storage initiatives in the Philippines.

Rich lister Trevor St Baker is backing renewables in Asia with the St Baker Energy Innovation Fund set to play a significant role in energy and electricity storage initiatives in the Philippines. Companies in the St Baker fund are set to help deliver a lithium iron phosphate battery factory in the southeast Asian country, build its first major, battery-backed rooftop solar demonstration project, and roll out battery storage initiatives. The Queensland businessman joined with Philippines president Ferdinand Marcos Jnr in Melbourne this week to witness the signing of three memorandums of understanding signed between fund companies and the Philippines Government. Under the agreements, the St Baker-backed StB Gigafactory will examine the feasibility of expanding the annual output of the soon-to-be-opened factory, a $10m lithium iron phosphate battery manufacturing plant in New Clark City. The StB Gigafactory will also be looking to export to Australia, the US and the ASEAN region, resulting in the Philippines playing a prominent role in the global battery industry. St Baker told the Philippine Business Forum at Melbourne’s Ritz Carlton Hotel that it was a significant occasion “where we are furthering the strong collaborative efforts between our two countries towards a sustainable future”.

Energy richlister Trevor St Baker charges his electric car.

TRITIUM MOVES

While St Baker powers into the Philippines another one of his investments is not doing so well. Brisbane-based fast-charging manufacturer Tritium DCFC has called a shareholders meeting for March 22 to propose a 200 to 1 share consolidation.

The moves is a desperate bid to support its flagging stock price and maintain its Nasdaq listing. Tritium’s Nasdaq-listed shares have plummeted from $10.45 in March 2022 to 14 cents this week as rising costs and competition forced it to cut is Brisbane-based production and shift it to the US.

Last year it received a formal notice from Nasdaq that its stock had been trading under the minimum bid limit of $US1 for 30 consecutive business days. To remain compliant with the listing rules, the stock must trade above $US1 for at least 10 consecutive business days. St Baker’s private company Sunset Power in 2022 provided a $US20m loan to Tritium that was drawn down in full the same month. The company also sought to raise $US75m through a preference share arrangement with institutional investors.

Labor leader and now PM Anthony Albanese visits Tritium factory in 2022.

LAPS OF VICTORY

The 14th annual MW Recruitment Swimming Carnival last Friday was a huge success with over 1000 accountants and lawyers taking to the waters at the Valley Pool to raise much needed funds to fight motor neurone disease. The overall winning firm was Shand Taylor Lawyers followed by Pitcher Partners and PwC. The fastest male partner swimmer on the night was Peter Stokes, of McCullough Robertson Lawyers while the fastest female partner swimmer was Kathryn Parkinson, of PwC.

About $35,000 was raised for the MND and ME Foundation, taking the cumulative total to $425,000 raised for the sufferers of motor neurone disease since MW Recruitment started the carnival 14 years ago.

Originally published as St Baker charges into Asia with big investment in Philippines