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The Guardian - UK

Business

Jasper Jolly

Obscure Indonesia-linked investor circles UK’s Britishvolt with £160m deal

Britishvolt United Kingdom Indonesia Peter Rolton Barracuda

Artist’s impression issued by Britishvolt of its first full-scale UK battery gigafactory in Blyth, Northumberland — Artist’s impression issued by Britishvolt of its first full-scale UK battery gigafactory in Blyth, Northumberland. Photograph: Britishvolt/PA

The battery startup Britishvolt is in talks with an Indonesia-linked oil and gas investor for a £160m rescue deal that would almost wipe out the value of existing shareholders’ stakes.

The investor consortium is led by DeaLab Group, a UK-based private equity investor that has been involved in several fossil fuel and renewable energy transactions in Indonesia, and an associated metals business, Barracuda Group.

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