Home Commercial News UK battery startup to be acquired by an Australian company

UK battery startup to be acquired by an Australian company

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Australian firm to buy £300m gigaplant backer Britishvolt

The favoured bidder for the auto battery manufacturer Britishvolt, which entered administration last month, has been identified as an Australian company. When project funding ran out last summer, principal contractor ISG halted construction on the £300 million car battery facility that Britishvolt was developing in Northumberland. EY was appointed as the company’s administrator, and the majority of Britishvolt’s 200 employees were let go.

In order to be the preferred bidder in the acquisition of the bulk of the operations and assets of Britishvolt, EY has now entered into an agreement with Scale Facilitation Partners and its indirectly wholly owned subsidiary Recharge Industries Pty Ltd. Recharge Industries’ founder and managing partner David A. Collard said, “We’re excited to be moving forward with our proposed bid for Britishvolt and can’t wait to start making a reality our plans to develop the UK’s first gigafactory. We are certain that our plan will provide a positive outcome for all parties after a challenging and competitive process.”

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