Australia's Recharge Industries Set to Take Over Britishvolt
February 06 2023 - 05:20AM
Dow Jones News
By Yusuf Khan
Australian battery firm Recharge Industries Pty Ltd. is set to
take over Britishvolt Ltd., the embattled U.K.-based battery
startup which was forced into administration last month following a
cash crisis that emerged through 2022.
EY, the administrator on the project, said Monday that New
York-based Scale Facilitation Partners LLC and Recharge Industries,
its indirectly wholly-owned subsidiary, was the preferred bidder in
acquiring Britishvolt's business and assets of power. Completion is
expected to occur in the next seven days.
Little has been said on its plans following the takeover,
however, Recharge is building an electric-vehicle battery plant in
Geelong, Australia slated for 2024.
The accountancy giant said that there had been multiple
approaches and numerous offers received.
Britishvolt, had been seen as one of the bright spots and
flagship enterprises in the U.K.'s efforts to transition to a
low-carbon economy, aiming to establish a battery manufacturing
cell plant close to Blythe, in the north of England.
Those plans, however, came under jeopardy toward the end of last
year after the firm said it was undergoing a cash crisis and
looking for support from external sources including the U.K.
government. It had managed to secure lifeline funding in November
to carry it through into the new year, however, by Jan. 17 the firm
fell into administration.
Write to Yusuf Khan at firstname.lastname@example.org
(END) Dow Jones Newswires
February 06, 2023 05:05 ET (10:05 GMT)
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