11:42 am, February 7, 2023
Auditors for Britishvolt have named Australian start-up Recharge Industries as the preferred bidder to take over the stricken outfit
Car Dealer reported in January that the electric car battery company had collapsed after failing to secure funding, leading to hundreds of employees being laid off.
Since then, administrators EY have been working hard to find a buyer which will be able to take on the project.
A statement released by the auditing form has now confirmed Recharge as its preferred option, after ‘multiple approaches’.
The deal is expected to be finalised within the next week with the new buyers said to be hopeful of completing the planned factory in the north east.
“EY is pleased to announce that the Joint Administrators have entered into an agreement with Scale Facilitation Partners LLC and its indirectly wholly owned subsidiary Recharge Industries Pty Ltd to be the preferred bidder in acquiring the majority of the business and assets of Power by Britishvolt Limited,’ the auditors said in a short statement on Monday.
‘This follows a process conducted by EY that involved the consideration of multiple approaches from interested parties and numerous offers received.
‘Completion of the acquisition is expected to occur within the next seven days.’
Britishvolt collapsed last month, laying off most of its 200 staff.
The business had ambitions of building a nearly £4bn battery plant in Cambois, outside Blyth in the North East.
Hopes had been high for the start-up, but it simply never managed to secure enough funding for the project.
However experts say that the site which Britishvolt bought in the North East is a great location for a battery factory.
Recharge Industries founder David Collard said: ‘We are 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.’
Recharge, which was founded in 2022, hopes to build a gigafactory of its own close to Melbourne in Australia, but the company is still in the early days of the project.
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