February 9, 2023: Investment firm Scale Facilitation and its lithium battery cells and research development subsidiary, Recharge Industries, are the preferred bidders to buy collapsed UK gigafactory developer Britishvolt, the companies announced on February 6.
Power by Britishvolt Limited fell into administration on January 17.
The joint administrators, EY-Parthenon’s Turnaround and Restructuring Strategy, confirmed they had entered into an agreement for Scale Facilitation and Recharge to be the preferred bidders in acquiring the majority of the business and assets of Power by Britishvolt.
Completion of the acquisition should occur within the coming days.
Scale Facilitation managing partner and CEO David Collard, who also founded Recharge, said: “We’re thrilled to be progressing with our proposed bid for Britishvolt and can’t wait to get started making a reality of our plans to build the UK’s first gigafactory.
“After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved.”
Recharge is developing what it describes as a large-scale lithium-ion battery cell production and research capability in Australia using AI and multinational research partnerships.