Britishvolt, a prospective battery manufacturer based in the UK, is facing additional challenges as its rescuers were targeted in a tax raid by Australian police on Friday.
Britishvolt, a prospective battery manufacturer based in the UK, is facing additional challenges as its rescuers were targeted in a tax raid by Australian police on Friday.
Before collapsing in January, Britishvolt held multiple meetings with the government but was unable to access a promised £100 million public grant.
Development Finance Corporation (“DFC”) engaged to fund 50% of Project Definitive Feasibility Study (“DFS”) costs by way of a Technical Assistance Grant
The production of electric vehicles depends on minerals that are increasingly unavailable for mining in the US, causing their production to be outsourced to places like the Democratic Republic of
Britishvolt, which owed approximately £160 million to unsecured creditors, is expected to provide only a minimal dividend from its insolvent estate.
Recharge Industries, an Australian battery manufacturer, has finalized its acquisition of the collapsed Britishvolt start-up. The company intends to fulfil the failed firm’s proposal to construct a £3.8bn gigafactory in
Teesside’s future lithium hydroxide plant could be a source of supply for Britishvolt, which is looking to save its £3.8bn North East gigafactory.
After Recharge purchases assets of a collapsed company, the UK gigafactory will be a reality.
Norwegian suitors show interest in a failed “gigafactory” company that is being sold.
A start-up based in Australia has offered to rescue Britishvolt, the failing electric battery manufacturer. Britishvolt went bankrupt this month.
Britishvolt was the maker of electric vehicle batteries. They have appointed administrators and made around 300 employees redundant.