Recharge Industries selected to take over Britishvolt
EY has announced the selection of Australian firm Recharge Industries to take over the majority of the assets of Britishvolt, a bankrupt company whose goal was to build a battery factory in the UK.
| Sectors | Energy Storage, Mobility, Batteries |
|---|---|
| Themes | Investments & Transactions |
| Companies | Ernst & Young, Britishvolt, Recharge Industries, Scale Facilitation |
| Countries | Australia, United Kingdom |
Australian company Recharge Industries has been selected by EY to take over Britishvolt, a bankrupt UK company that aimed to build a large-scale battery factory.
Process led by EY
In a statement released Monday, EY announced that the administrators of the Britishvolt bankruptcy had reached an agreement with Scale Facilitation Partners LLC and its subsidiary Recharge Industries to become the preferred purchaser of the majority of Britishvolt’s assets. This choice is the result of a process led by EY, which took into account numerous offers. The offer will be finalized in the next seven days.
In a separate statement, David Collard, managing director of Scale Facilitation and founder of Recharge Industries, enthusiastically announced his progress in the takeover bid for Britishvolt. He also added that his company is looking forward to implementing its plans to build the first giga battery factory in the UK.
Britishvolt files for bankruptcy
Britishvolt went bankrupt in mid-January after failing to raise sufficient funds to finance its planned £3.8 billion electric battery factory. The government had suspended a £100 million advance payment on the project. Britishvolt’s bankruptcy filing has sparked much controversy in the UK and criticism of the government, which has questioned its ambitions to be carbon neutral by 2050.
In conclusion, the takeover of Britishvolt by Recharge Industries marks a new chapter in the construction of a large-scale battery factory in the UK. The next few weeks will see the finalization of the offer and the beginning of the implementation of plans to achieve this goal.
