Australian startup Recharge Industries has bought collapsed battery maker Britishvolt just weeks after it announced plans to build a giant lithium-ion battery factory.
The Australian startup Recharge Industries, owned by the US-based Scale Facilitation fund, has bought the assets and business of Britishvolt, which went into administration in January.
Before running out of capital earlier this year, Britishvolt had planned to build a $4.71 billion lithium-ion battery cell manufacturing facility in Cambois, northern England. At full capacity, Britishvolt’s proposed 30 GWh plant would have produced enough cells for more than 300,000 lithium-ion batteries a year.
Britishvolt has now been acquired by Recharge Industries after completing a deal with its administrators. They selected Recharge Industries as their preferred bidder from a pool of competitors. The financial terms of the deal have not been disclosed.
In January, Recharge Industries announced plans to build a lithium-ion gigafactory in Geelong Victoria. The construction of the project is supposed to start by the end of this year. It aims for 2 GWh of annual production in 2024, before scaling storage capacity to 30 GWh per year.
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