Administrators of collapsed battery mega-manufacturer Britishvolt think they’ve found its saviour in an Australian startup.
Founded only last year, Recharge Industries were named at the weekend as preferred bidder by financial lifeboat operators EY. The would-be rescuer is based in Geelong, Victoria, where it plans to open its own large scale battery factory.
The Australian putative rescuer is described by FY as an ‘indirectly, wholly owned subsidiary’ of US investment firm Scale Facilitation Partners LLC.
Britishvolt intended its site at Blyth, Northumberland as home to the nation’s first major battery supplier to EV manufacturers. The firm was taken into administration last month, with the loss of 300 jobs, after it failed to meet funding milestones towards a planned £ 4 billion total investment.
EY said Recharge’s was one of ‘numerous’ approaches the auditors had received to revive the manufacturer.
EY’s appointment as administrators has raised eyebrows in automotive business circles, since the firm, already Britishvolt’s auditors, had also supplied three leading figures in the unsuccessful management team whose business plan failed to attract investors.
Finalisation of Recharge Industries’ rescue could be come within seven days, it said.
David Collard founder of Recharge Industries as well as CEO of Scale Facilitation, said: “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.
“After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved.”