Australian firm named as preferred bidder for Britishvolt
An Australian start-up firm has been revealed as the preferred bidder for collapsed battery manufacturer Britishvolt.
EY confirmed this morning (February 6) that Recharge Industries is set to acquire the majority of the business and its assets, with completion of the purchase expected to occur in the next week.
Recharge Industries, which is owned by investment firm Scale Facilitation, is looking to create a a large-scale lithium-ion battery cell production and research capability in Geelong, Australia.
Its proposed acquisition of Britishvolt comes after the battery start-up went into administration last month, resulting in the majority of its 300 staff being made redundant.
Britishvolt had been plagued by cash issues as it aimed to build a £3.8bn gigafactory in Blyth in the north-east, as well as a £200m battery scale up facility with its partner Prologis in the West Midlands
David Collard, managing partner and CEO of Scale Facilitation and founder of Recharge IndustriesTM said “We’re thrilled to be progressing with our proposed bid for Britishvolt and can’t wait to get started making a reality of our plans to build the UK’s first gigafactory.
“After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved.”