Australian battery company buys collapsed Britishvolt

An Australian battery company has bought the collapsed EV battery firm Britishvolt which entered administration after failing to secure funds for a £4bn gigafactory battery plant. 

Recharge Industries, which is currently developing its own factory in Australia, was the successful company and is described as a ‘leading provider of battery technology.’

CEO David A. Collard said: ‘We are thrilled to have been successful in our bid for ownership of Britishvolt; our plans are the right ones for the local community and the UK economy. 

‘Our proposal combined our financial, commercial, technology and manufacturing capabilities, with a highly credible plan to put boots and equipment on the ground quickly.’ 

Though the company is currently developing Australia’s first large-scale lithium-ion cell production facility in Geelong, it has said that the existing plans for the UK’s first gigafactory are still in play. 

Mr Collard said he has spent a lot of time in the North East of England and Northumberland, where the factory was initially planned for before the collapse, and was inspired by the people there. 

He said: ‘I was really taken by the passion and pride that the people have for the region and their determination to get behind a project that can drive lasting change. 

‘We have the right plan in place, to match and support the region’s energy and ambition to become a major player in the international battery market.’ 

However, when speaking to the BBC Mr Collard revealed that those plans may be a few years off yet with the initial focus for the new Britishvolt being on batteries for energy storage before moving into batteries for sports cars.

It is hoped that the planned site could eventually create up to 8,000 jobs and help fix a car battery problem in the UK, which currently only has one plant based in Sunderland and owned by a Chinese company.

The sale was finalised for an undisclosed sum and Recharge Industries is ultimately owned by American investment fund Scale Facilitation.

Electric vehicles have been a focus point for the North East recently after the area won a levelling up funding bid for a new fleet of electric buses. 

Photos: Britishvolt