The company that wanted to build a 3,000-job ‘gigafactory’ in Northumberland has been sold after last month going into administration.
Britishvolt has been sold to Australian firm Recharge Industries, which will now aim to make plans for the battery plant at Cambois a reality.
Little is known of the Australian company, which like Britishvolt is a new business that was only founded in 2021. But the company, which is also trying to build a battery plant at Geelong, near Melbourne, is known to have beaten other businesses interested in Britishvolt.
Read more: Government gigafactory support 'still on table'
David A. Collard, founder of Recharge Industries 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.”
Britishvolt had first announced its plans for the site in Northumberland - the former coal yards of the old Blyth Power Station - in 2020, saying that it would bring 3,000 direct jobs and 5,000 more in the supply chain. But despite the Government indicating it would provide funding and private backing of £1.7bn being announced last year, much of the investment failed to materialise and the company collapsed last month.
Administrators EY, which took over Britishvolt last month when it ran out of funding, said: “EY is pleased to announce that the joint administrators have entered into an agreement with Scale Facilitation Partners LLC and its indirectly wholly owned subsidiary Recharge Industries Pty Ltd to be the preferred bidder in acquiring the majority of the business and assets of Power by Britishvolt Limited (in Administration).
“This follows a process conducted by EY that involved the consideration of multiple approaches from interested parties and numerous offers received. Completion of the acquisition is expected to occur within the next seven days.”
READ NEXT
