An Australian company is expected to buy what remains of Britishvolt’s business and assets.
It is understood that Recharge Industries has entered an agreement to buy Britishvolt after the UK’s most-promising battery start-up was placed into administration after running out of money. Speaking with the BBC, the accountancy firm and administrator to Britishvolt, EY, said “completion of the acquisition is expected to occur within the next seven days.”
It is unclear exactly what Recharge Industries plans to do with the Britishvolt business but it will apparently aim to continue construction of Britishvolt’s planned $5.1 billion factory in the UK. Recharge Industries is also in the midst of developing a battery factory in Victoria, Australia.
Read: Britishvolt’s Collapse Spells Serious Trouble For UK’s Car Industry
The Australian company, which is backed by New York’s Scale Facilitation Partners fund, acknowledged that it paid a premium over other bidders to acquire Britishvolt.
Recharge Industries intends on building lithium-ion batteries that are free of materials sourced from China or Russia in an attempt to reduce supply chain risks. It uses battery technology from lithium-ion battery developer C4V and could ultimately manufacture batteries with Australian materials, U.S. technology, and British manufacturing.
“After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved,” Scale Faciliation’s founder and chief executive David Collard told The Guardian. “I strongly believe any premium we may end up paying is reflective of our bullish view on the untapped opportunity the UK market provides us.”
Prior to its recent collapse, Britishvolt said its British gigafactory would produce 30 gigawatt hours of batteries by 2030, enough to power 300,000 EVs each year. It also claimed the site would employ 3,000 people. It is unclear if Recharge Industries will downsize the UK gigafactory plans or if they will remain equally as ambitious.