Automotive remanufacturing technology firm Autocraft Solutions Group has agreed a major financing package with HSBC UK in plans to rapidly upscale its international EV battery repair footprint.
The package, worth £24m, will support the growth of Autocraft’s EV Solutions business as it looks to establish itself in strategic global locations where there is growing demand for its REVIVE range of EV battery testing, repair and remanufacturing solutions.
It comes as the need for circularity in EV battery packs is required, with the majority suitable for remanufacture back into EVs. The firm identifies and replaces underperforming cells with healthy ones recovered from other packs in a proven methodology for restoring and maintaining optimal EV battery performance.
Its capability in battery state-of-health testing means it can diagnose the root cause of faults on a cellular level, even before they have occurred, so that predictive maintenance can be undertaken, it said.
Each facility will triage, repair and remanufacture EV battery packs, processing 1,400 EV batteries each year, aiming to save around 1,500 tonnes of CO2, six megawatt-hours of electricity, and two million litres of water per year by eliminating the need for OEMs to produce replacement battery packs.
Mike Hague-Morgan, Executive Director at Autocraft Solutions Group, said: “The number of EVs continues to rise, bringing with it increased demand for our world-class remanufacturing capabilities.
“We are on a mission to unlock the full environmental and performance potential of EVs and, with the financial backing of HSBC, we are now one step closer to making this a reality. Importantly, the bank also shares our passion for green tech, making it the ideal partner to support our next phase of growth.
“To reach net-zero, we simply cannot allow for battery packs to be prematurely recycled. Our remanufacturing capability ensures we can maximise battery life by restoring optimal health, with all the environmental benefits this brings. Expanding our global footprint will allow us to work more closely with the worldwide automotive industry, helping it to significantly reduce its environmental impact, while instilling confidence in EV.”
Image from Autocraft
