Australian startup Recharge Industries emerged as the preferred bidder to acquire Britishvolt's business and assets.

 

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.

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