Australia’s Recharge Company Has Acquired The Failed EV Battery Startup Britishvolt

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Australia’s Recharge Industries was chosen as the top candidate to buy Britishvolt. The UK startup needed to raise more money to finance a sizeable electric vehicle battery plant in northern England.

Just three weeks after taking a plunge into administration, Britishvolt has secured an incredible deal. The deal could play a huge role in reviving Britain’s hopes of creating its homegrown electric vehicle battery sector and bolstering the nation’s automobile production.

Scale Facilitation, a New York-based portfolio company, is excited to announce the development of their subsidiary Recharge’s lithium-ion cell factory in Australia. The manufacturing plant will be fully operational by 2021 and is expected to revolutionize production on an international scale.

“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,” Scale Facilitation CEO and Recharge founder David Collard said.

After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved,” he added. 

EY, the accounting firm designated Britishvolt’s administrators, announced that multiple bids and offers had been made throughout the bidding process. They anticipate finalizing this takeover deal within seven days without releasing additional information regarding the bid specifics.

Britishvolt had declared lofty objectives to construct a 38 gigawatt-hour facility in England’s industrial north with an investment of 3.8 billion pounds ($4.57 billion). Blyth is the most promising “shovel-ready” site for EV batteries on a mass scale, as the land has already been acquired and requisite permissions have been obtained.

Boris Johnson’s government had proclaimed Britishvolt’s project as a landmark step in developing the EV industry, aiming towards banning combustion engine cars by 2030. Despite their enthusiasm, they only raised around 200 million pounds and deferred their production timeline by the summer of 2022.

The collapse of the British EV battery plant was seen as detrimental to Britain’s car industry, with experts believing that having local production is necessary to help prevent the country’s car manufacturing from moving overseas.

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