Britishvolt set to be bought by Australian company
Australian firm Recharge Industries has been named as the preferred bidder for battery firm Britishvolt, which collapsed into administration last month.
After the company failed to secure investment EY were appointed as administrators, with most of Britishvolt’s 300 staff made redundant with immediate effect.
Now it has confirmed that Recharge Industries has entered an agreement to buy Britishvolt’s business and assets.
EY said: “Completion of the acquisition is expected to occur within the next seven days.”
The company had planned to build a gigafactory in Blyth, Northumberland, that would produce enough batteries for over 300,000 electric vehicles each year. The project was set to create 3,000 direct highly-skilled jobs and another 5,000 indirect jobs in the wider supply chain
According to the BBC, Recharge Industries is currently building a facility in Australia to produce batteries for electric vehicles.
In an exclusive comment piece run on the Transport + Energy website last month, Britishvolt’s former Director of Communications and PR, Ben Kilbey, spoke about some of his learnings over the past two years. He looks to what the future may herald for the site in Northumberland and explains the necessity for correct policy to bolster the UK battery and electric vehicle industry.
Gill Nowell, Head of EV Communications, LV= General Insurance & ElectriX, said: “The need for homegrown electric car battery gigafactories is paramount to ensure a sustainable EV supply chain in the UK. Not only will the purchase of Britishvolt by Recharge Industries help the UK realise its EV ambitions, it will create essential jobs and signal to the car manufacturers that the UK means business. It’s also crucial the UK develops a number of gigafactories to secure a future and our chances of being competitive in the EV market.”
Image courtesy of Britishvolt.