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Agreement to take over Britishvolt by an Australian start-up delayed

The deal to take over bankrupt Britishvolt from Australian start-up Recharge Industries has been delayed as administrators need more time to review the start-up's plans. Britishvolt went bankrupt in January, dealing a blow to the British government's ambitions to achieve carbon neutrality by 2050.

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The agreement to take over the bankrupt company Britishvolt has been delayed. According to the Sunday Times, the Australian start-up Recharge Industries was selected by EY to take over Britishvolt in early February. However, administrators need more time to review Recharge Industries’ plans.

Britishvolt in bankruptcy

Britishvolt went bankrupt in January after failing to raise enough money to finance its £3.8 billion electric vehicle battery factory project. The government had made a payment of 100 million pounds conditional on the project moving forward. Britishvolt’s bankruptcy filing has drawn criticism from the government for undermining its ambitions to achieve carbon neutrality by 2050.

Recharge Industries selected for takeover

In early February, the Australian start-up Recharge Industries was selected by EY to take over Britishvolt. However, neither EY nor Recharge has commented on the amount of the deal or the number of former Britishvolt employees who may be rehired.

Necessary checks

The EY administrators overseeing the rescue said on Feb. 6 that they hope to complete the sale of Britishvolt to Recharge Industries within seven days. However, audits were still underway to determine if Recharge had the necessary funds to complete the transaction. Glen Sanderson, the Northumberland council official involved in the discussions, told The Sunday Times that checks were underway to determine whether Recharge had the funds to complete the deal.

Recharge Industries and its similar project

Recharge Industries, funded by New York-based Scale Facilitation, has a similar battery plant project in Geelong, near Melbourne, Australia.

 

In short, the agreement for the takeover of Britishvolt by Recharge Industries is being delayed due to checks needed to determine whether the Australian start-up has the necessary funds to complete the deal. Britishvolt went bankrupt in January, dealing a blow to the British government’s ambitions to achieve carbon neutrality by 2050. Recharge Industries has been selected by EY to take over Britishvolt and also has a similar battery plant project in Australia.

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