A start-up based in Australia has offered to rescue Britishvolt, the failing electric battery manufacturer. Britishvolt went bankrupt this month.
Recharge Industries submitted an eleventh-hour offer for the company, which was looking to build a £3.8bn gigafactory on a site near Blyth in Northumberland.
Britishvolt was unable to fulfil the conditions for £100m funding from the Government through its Automotive Transformation Fund.
It was hoped that the company would be able to provide power for electric cars in the country, decreasing dependence on imported batteries from countries like China.
Recharge Industries submitted its takeover offer late Tuesday. The Australian Financial Review first reported the story.
EY administrators announced last week that around 206 of Britishvolt’s 223 employees had been laid off. 26 employees were retained to help with the sale of Britishvolt’s assets and business, and the winding down of the business.
Britishvolt had once pitched investors its prospects for a huge initial public offering.
Investors are being urged to bail out the company at a 96pc discount from its £774m price.
After an injection of funds, Glencore, a mining giant, backed the company and it narrowly avoided bankruptcy in November. To keep the company afloat, staff were required to accept pay cuts.
Recharge Industries, the potential rescuer of the company, is located in Geelong. Through its US technology partner C4V, it holds exclusive licensing rights to intellectual property and advanced battery technology within Australia.
