Australia's Recharge Industries acquires Britishvolt

Australian firm Recharge Industries said on Monday it has acquired Britishvolt, the UK battery manufacturing project that collapsed into administration in January.

Recharge Industries is developing a large-scale lithium-ion cell factory in Australia. It is a portfolio company of Scale Facilitation, a Manhattan-headquartered investment firm supporting innovators.

The Australian buyer pledged that Britishvolt will make the UK’s first gigafactory a reality. Launched in 2019, Britishvolt had been seeking to build a GBP-3.8-billion (USD 4.6bn/EUR 4.3bn) lithium-ion battery gigafactory in Cambois, near Blyth in Northumberland.

Speaking of Recharge Industries’ successful bid for the UK business, Scale Facilitation founder and chief executive David A Collard said: “Our proposal combined our financial, commercial, technology and manufacturing capabilities, with a highly credible plan to put boots and equipment on the ground quickly.”

He added that Recharge Industries’ technology, developed and validated through technology company C4V in the US, will be the backbone of both gigafactories in Geelong, in the Australian state of Victoria, and Cambois in the UK.

(GBP 1 = USD 1.198/EUR 1.135)

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