Australian startup Recharge Industries emerged as the preferred bidder to acquire Britishvolt's business and assets.
Britishvolt filed for bankruptcy last month, thwarting its plans to
build a $4.7B EV battery plant in Northern England. Recharge intends to
pursue the construction of the plant and has already secured commitment
letters from investors.
- Recharge,
a subsidiary of medical technology and AI firm Scale Facilitation
Partners, is also building its own battery factory near Melbourne,
Australia.
- Britishvolt
roped in accounting and audit firm EY as administrator to oversee the
sale of the firm after it failed to raise fresh funds from investors and
entered insolvency.
- It had previously raised $2.4B in equity and debt funding from Glencore, Bank of America, Citibank, and others.
- EY received two bids for Britishvolt, including one from a consortium of former investors.
- The acquisition is expected to be closed within the next seven days.
