After Recharge purchases assets of a collapsed company, the UK gigafactory will be a reality.
After Lord Botham, an Australian businessman bought the assets of Britishvolt, which had been in decline, plans for a UK electric battery gigafactory were revived.
Recharge Industries was able to fend off interest from several companies in order to be selected as the preferred bidder.
Plans for an electric battery £3.8bn #gigafactory in the #UK have been revived after an Australian business championed by Lord Botham snapped up the assets of collapsed #Britishvolt "Completion of the acquisition is expected to occur within the next seven days." #Blyth https://t.co/vkeGBZeAUl pic.twitter.com/cZRnIIFuxC
— Share_Talk ™ (@Share_Talk) February 6, 2023
Britishvolt went into administration in January after it failed to secure a rescue package for its plans to build a £3.8bn gigafactory close to Blyth. The plant was funded by £100m of government funds.
David Collard, founder and chief executive officer of Scale Foundation, stated that Recharge Industries was thrilled to have an Australian subsidiary and said they were “excited” to make the plans for the UK’s first gigafactory a reality.
He said, “After a rigorous and competitive process, we are confident that our proposal will result in a strong outcome.
Before the bid, Mr Collard thanked Lord Botham previously for his “proactive aid” as the UK’s trade envoy to Australia.
Britishvolt’s EY joint administrators stated that the deal was for most of the company’s assets and business. The company lost 200 employees last month when it went into administration.
Scale Facilitation Partners is an international trade consultancy, based in Geelong or Manhattan.
It indirectly controls Recharge Industries, a battery manufacturer.
EY stated that the deal was reached after administrators had considered multiple approaches, with numerous offers for the failing electric battery maker.
The acquisition will be completed in the next seven days, it said.