Australian firm chosen as preferred bidder for Britishvolt and site near Blyth, Northumberland
Plans for the UK's first gigafactory could be back on track.
The Australian start-up, Recharge Industries, has been selected as the preferred bidder in talks to takeover Britishvolt, and its site at Cambois, in Northumberland.
In a statement released on Monday 6 February, Recharge Industries 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."
The acquisition is expected to complete in the next seven days.
Britishvolt, which had plans to create a multi-billion pound factory to build batteries for electric cars, called in administrators last month after talks to save the company collapsed.
The majority of its 300 employees were made redundant.
If successful, the company would have created a plant at the site in Cambois worth around £3.8 billion to produce batteries for electric vehicles.
The company had called on the government to provide funding for the project but ministers said the funding was contingent on it securing private investment.
Recharge Industries emerged as a party interested in buying the company out of administration shortly after administrators at EY were called in.
David Collard, managing partner and chief executive of Scale Facilitation and founder of Recharge Industries said: “After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved.”
A statement by EY said: “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 (in Administration).
“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.”
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