Australia's Recharge Industries acquires collapsed battery maker Britishvolt
By Iain Gilbert
Date: Monday 06 Feb 2023
(Sharecast News) - Australian firm Recharge Industries has entered into an agreement to acquire collapsed UK battery start-up Britishvolt.
Recharge, which is owned by New York fund Scale Facilitation Partners, will purchase Britishvolt's business and assets for an as-yet-to-be-disclosed sum.
Britishvolt was put into administration in January after it ran out of money.
The UK government committed £100.0m in funding for Britishvolt's proposed £3.8bn "gigafactory" project, while the company also secured a further £1.7bn in funding from private investors.
Accountancy firm EY, which has been overseeing the sale, said: "Completion of the acquisition is expected to occur within the next seven days."
Reporting by Iain Gilbert at Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN