Recharge Industries is close to acquiring the assets of insolvent battery start-up Britishvolt. According to the accounting firm EY, which is in charge of the insolvency administration, the deal is expected to be completed within the next seven days.
Citing a publication by auditing firm EY, several media outlets report that Australian company Recharge Industries made the best offer among several bidders and has therefore been selected as the buyer. The deal, which appears to have already been finalized, comes just three weeks after Britishvolt announced its bankruptcy. The company had wanted to set up a battery cell factory in Blyth in the northern English county of Northumberland.
Recharge Industries is an Australian battery start-up owned by US investor group Scale Facilitation. The company is reportedly planning its own battery cell factory in Australia with an annual capacity of up to 30 GWh. The acquisition of Britishvolt’s assets would include the factory site the latter has already acquired.
“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“, Recharge founder David Collard is quoted saying in the EY statement. The statement suggests that Recharge plans to implement Britishvolt’s planned cell factory at Blyth in the northern English county of Northumberland once the acquisition is completed. Planning permission has already been granted for the site there.
According to the Financial Times, private equity group Greybull Capital and Saudi-based British Bank had also made a bid for the insolvent start-up.
businessgreen.com, bbc.com , reuters.com
Keyword: Recharge gets ready to buy Britishvolt