The ambitious Sun Cable renewable energy project has collapsed into administration after billionaires Mike Cannon-Brookes and Andrew Forrest were unable to agree on a path forward for the $25 billion business.
Administrators from US financial services firm FTI Consulting were appointed to the business on Wednesday. In a statement, the company said the appointment was due to an “absence of alignment with the objectives of all shareholders”.
Sources close to the business who were not authorised to speak publicly on the issue said the impasse was between Cannon-Brookes and Forrest, who had clashing ideas on ways to prop up Sun Cable after the project missed a key milestone in September and was bleeding cash. Both Squadron and Grok led Sun Cable’s most recent funding round in March, which raised $210 million which was supposed to keep the business funded until late 2023.
“Sun Cable has achieved so much since it was founded in 2018. I’m confident it will play a huge role in delivering green energy for the world, right here from Australia. I fully back this ambition and the team, and look forward to supporting the company’s next chapter,” he said.
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