Australia’s Recharge buys Britishvolt

Australia’s Recharge Industries has bought Britishvolt, the collapsed start-up that had struggled to fund a major electric vehicle (EV) battery factory in northern England.

Recharge Industries, privately owned by New York-based investment fund Scale Facilitation, was selected as the preferred bidder for Britishvolt, which had outlined plans for a gigafactory.

Britain’s ambitions of building a homegrown EV battery industry that can support domestic car production were thrown into doubt when Britishvolt failed to raise enough funding for the factory in Cambois.

“Backed by our global supply chain, strategic delivery partners and a number of significant customer agreements in place, we’re confident of making the Cambois Gigafactory a success and growing it into an advanced green energy project,” Scale Facilitation Chief Executive David Collard said.

“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.”