Australia’s Recharge Industries has finalised arrangements with administrators to take over collapsed battery maker Britishvolt, according to The Guardian.
Britishvolt collapsed after investing heavily in battery technology and research. Part of Recharge’s takeover bid focused on its existing relationship with American lithium-iron battery developer C4V, removing the need to develop new technology.
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Britishvolt planned to construct a £3.8 billion 30GWh “gigafactory” in near Blyth in Northumberland to supply the next generation of UK-built electric vehicles. The company had secured £100 million in conditional financing from the British Government, but failed to meet various hurdles.
Sitting under New York-based investment firm Scale Facilitation, Recharge Industries was nominated as preferred bidder.
Scale Facilitation’s Australian-born founder and CEO David Collard told The Guardian the factory and an associated supplier park could would continue to be a focus.
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“We’re working closely with one of the leading UK fund managers looking to team [up] on the development,” Collard said.
Recharge also plans to build a battery factory in Geelong, Victoria.
