Administrators have selected Australian battery startup Recharge Industries as the preferred bidder to acquire Britishvolt.
If the deal completes, Recharge Industries and its owner Scale Facilitation Partners would obtain “the majority of the business and assets” according to Britishvolt’s administrator EY.
David A. Collard, founder, 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.”
The bid comes after reports emerged last month that Recharge Industries had made a non-binding offer.
A statement from EY said: “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.”
Other bidders after Britishvolt were reported to have been its founder Orral Nadjari, Jaguar Land Rover owner Tata Motors, and Greybull.
The Britishvolt gigafactory would become the third proposed site for Recharge Industries along with a lithium-ion battery cell production facility in Victoria, Australia and the US.
Britishvolt’s gigafactory was estimated to cost £3.8bn, manufacture 300,00 electric vehicle batteries annually and generate 3,000 jobs.
Founded in 2022, Recharge Industries is a wholly-owned subsidiary of New York investment firm Scale Facilitation Partners.
As stated on Recharge’s website it owns the “exclusive licensing of intellectual property and advanced battery technology within the Commonwealth of Australia through its United States technology partner C4V”.
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