Australian company Recharge Industries comes to the rescue of collapsed Britishvolt

RECHARGE INDUSTRIES Australian company was named preferred bidder for Britishvolt which collapsed last month.

The company, which manufactured batteries for electric cars, would have built a £3.8 billion (€4.3 billion) factory near Blyth in Northumberland with government funding had it found investors.  Instead, it went into administration.

As reported in the Euro Weekly News, Recharge Industries, an Australian start-up company, showed an immediate interest in Britishvolt and outbid rivals for the British company.

Recharge Industries put together an “aggressive” package that revived hopes of going ahead with the £3.8 billion (€4.3 billion) gigafactory in the north of England, which could supply UK-built electric vehicles without relying on Chinese materials.  It would also provide 3,000 skilled jobs.

The Australian company, a start-up linked to the New York-based Scale Facilitation investment firm, overcame three other offers to become the preferred bidder and take Britishvolt out of the administrators’ hands.

Recharge will work simultaneously on rebuilding Britishvolt and the new plant while going ahead with its own plans for a battery factory in Geelong, the former car manufacturing hub in Australia.

Thanks to Australia’s mineral deposits, the proposed lithium-ion plant would not be dependent on China or Russia and risk supply-chain delays.

Recharge’s proposals to Britishvolt’s administrators, which stressed both strategic and diplomatic ties, also received backing from the British government’s trade envoy for Australia, ex-English cricketer Ian Botham.

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