Australian startup Recharge has been named as the preferred bidder for Britishvolt, the UK battery startup which went bottom up last month.
Britishvolt entered administration last month after failing to secure enough funding for its £3.8bn car battery plant in Northumberland. The company was placed in the hands of administrator EY and most of its 300 employees were made redundant immediately.
EY has now entered into an agreement with Scale Facilitation Partners, and its indirectly wholly owned subsidiary, Recharge Industries, to buy Britishvolt’s business and assets.
David A. Collard, Managing Partner and CEO of Scale Facilitation and 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.”
Recharge Industries is already building a facility in Australia to produce batteries for electric vehicles.
Building battery plants like this is seen as absolutely vital to securing the future of UK car manufacturing, and reducing dependency on foreign imports.
Read next: Wolfspeed to build $3bn EV chip plant in Germany
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