Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Australian startup Recharge finalises deal to take over UK battery maker Britishvolt

by February 27, 2023
February 27, 2023
Australian startup Recharge finalises deal to take over UK battery maker Britishvolt

The Australia-based company Recharge Industries will take over collapsed battery maker Britishvolt after finalising a deal with administrators late on Sunday in the UK.

The agreement revives hopes for the construction of a £3.8bn (A$6.7bn) “gigafactory” in northern England, the backbone of a plan to modernise the British automotive industry and supply the next generation of UK-built electric vehicles.

The deal was finalised three weeks after Recharge, an Australian company that sits under New York-based investment firm Scale Facilitation, was nominated as preferred bidder, placing a huge opportunity, and burden, on a startup yet to construct a project.

Scale Facilitation’s Australian-born founder and chief executive, David Collard, said that the factory and an associated supplier park, where components are manufactured, were still a focus.

“We’re working closely with one of the leading UK fund managers looking to team [up] on the development,” Collard said.

Recharge also plans to build a battery factory in Geelong, a former car manufacturing hub in Australia, free from Chinese and Russian materials.

Britishvolt was planning to build its 30GWh factory in phases to take advantage of rising EV demand ahead of the UK’s 2030 ban of new petrol and diesel cars. The plant, located near Blyth in Northumberland, was expected to employ about 3,000 people when operating at full capacity.

It had £100m in conditional financing from the British government, but failed to meet various hurdles.

Britishvolt collapsed last month after running out of cash, with its demise partly blamed on the considerable sums it spent on battery technology and research. Part of Recharge’s pitch was focused on its existing relationship with American lithium-iron battery developer C4V, removing the need to develop new technology.

The completion of the deal with administrators EY was first reported by the BBC. It means that the revived Britishvolt could make batteries using Australian minerals, including lithium, US technology and British manufacturing, representing the same three countries in the Aukus trilateral security pact.

Collard said the company would initially focus on “developing a robust UK-specific business plan with global alignment”.

Recharge has flagged interest in producing batteries for energy storage and the defence industry, which differs from Britishvolt’s original aim of making power batteries for 300,000 vehicles a year.

Recharge’s bid won support from the British government’s trade envoy for Australia, the former England cricketer Ian Botham. It beat offers from existing Britishvolt investors, private equity firm Greybull Capital and the HSBC-backed Saudi British Bank.

The UK will need 10 high-volume battery manufacturing facilities, or gigafactories, by 2040 according to British research body The Faraday Institution. It currently has one, a Chinese-owned battery plant next to the Nissan factory in Sunderland, and lags behind many European nations.

The future of car manufacturing is tightly linked to battery production, as automotive brands look to bring the production facilities together. China is the world’s dominant EV battery maker.

Read more:
Australian startup Recharge finalises deal to take over UK battery maker Britishvolt

0
FacebookTwitterGoogle +Pinterest
previous post
Virginia Gov. Youngkin rings death knell on CCP buying American land near military sites
next post
Ministers warned of electric car policy fiasco

You may also like

UK disposable incomes to fall by 3.8% in...

December 30, 2022

Dear Rishi, EVs are still too expensive &...

March 16, 2024

Ben Courson on Hope, Healing, and Slowing Down

May 3, 2025

You Can Make Money With These 8 Side...

August 15, 2022

RMT announces Saturday rail strikes in August and...

August 12, 2023

Male-led businesses receive over six times more investment...

March 29, 2023

Forex Trading UK for Beginners

May 7, 2025

Longer lorries to be allowed on UK roads

May 10, 2023

How to Control Your TikTok Visibility After Blocking

March 3, 2025

Co-op to give all staff paid leave for...

October 31, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Bailey urges Starmer to deepen EU ties to soften Brexit blow and counter Trump tariffs

      May 30, 2025
    • Royal family’s wine merchant to open first US store in Washington

      May 30, 2025
    • Starlink set to expand UK footprint as Ofcom greenlights new spectrum licences

      May 30, 2025
    • ‘Not pension piggybanks’: experts warn millions of savers at risk under government reform plans

      May 30, 2025
    • Ryanair CEO Michael O’Leary qualifies for €100m bonus as shares hit six-year target

      May 30, 2025
    • Capita, Pizza Express and Lidl among 500+ firms named for minimum wage breaches

      May 30, 2025

    Categories

    • Business (8,101)
    • Investing (1,996)
    • Politics (15,434)
    • Stocks (3,115)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved