Recharge Industries, an Australian start-up, has completed the takeover of Britishvolt after the UK-based EV battery firm collapsed in January 2023. The deal was confirmed by Recharge Industries CEO, David Collard, who pledged to continue with the planned battery plant in Blyth, northeast England, where the company intends to build a state-of-the-art gigafactory for high-performance sports car batteries.
Collard also revealed that the Britishvolt brand name would remain, but the initial focus would be on batteries for energy storage. The project is expected to create up to 8,000 jobs on-site and in the supply chain, with construction work set to begin in six-to-12 months.
Founded in 2022, Recharge Industries is owned and run by New York-based investment fund Scale Facilitation. The Australian company has validated technology that has been supplied to the UK navy through a subcontractor and is also used by the US defence industry.
In an interview with the BBC, Collard stated that he would accept government funding for the project, but desired broad political support. He emphasized the importance of bipartisan support, citing the backing of the project in Australia and the US.
The takeover of Britishvolt comes after the company failed to secure funding and was forced to lay off most of its 200 staff members. Recharge Industries was announced as the preferred bidder for the firm at the start of February, and the completion of the deal marks a significant step in the company’s plans for expanding its presence in the EV battery market.
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