Australian startup Recharge Industries has acquired collapsed battery producer Britishvolt, just weeks after announcing plans to build a lithium-ion battery gigafactory.
Australian startup Recharge Industries, owned by the US-based Scale Facilitation fund, has acquired 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 plant in Cambois, northern England. At full capacity, Britishvolt’s proposed 30 GWh factory would have made enough cells for more than 300,000 lithium-ion batteries per year.
Recharge Industries has now acquired Britishvolt after finalizing a deal with its administrators. They selected Recharge Industries as their preferred bidder from a field of contenders. The financial terms of the deal have not been made public.
In January, Recharge Industries announced plans to construct a lithium-ion gigafactory in Geelong Victoria. It plans to begin construction on the project by the end of this year. It is targeting 2 GWh of annual production in 2024, before scaling up to 30 GWh of storage capacity per year.
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