Australian-based Recharge Industries has bought Britishvolt, which went into administration back in January, leading to concerns across the UK’s automotive industry about the future of battery production in the UK.
Recharge Industries has presented clear plans to Britishvolt, their top priority being the establishment of the first gigafactory in Cambois, Northumberland with the hope of creating thousands of jobs for those both skilled and local and for the batteries to produce energy in a more sustainable way.
The previous owners, Britishvolt, had planned to build £4bn battery plant near Port of Blyth in Northumberland, however, this all fell through in January due to lack of battery technology, revenue and customers.
The new owners of Britishvolt, Recharge Industries, will be keeping the original brand name but they have drastically different plans. The company are now focusing on batteries for energy storage, and they are aiming to have their first products available by the end of 2025.
The Australian firm Recharge Industries is ultimately owned and run by a New York-based investment fund entitled Scale Facilitation, who’s Australian CEO David Collard had this to say about their purchase:
“What we are bringing is validated technology, the US defence industry in particular has validated it and it is already supplied to the UK navy through a subcontractor.”
Recharge Industries is hoping that the transaction will help them embark on an international journey where they can provide validated and safe batteries to an eager market who are in need of clean energy solutions.
Since announcing their purchase of Britishvolt, Recharge Industries have also announced plans to develop a range of lithium-iron-oxide and iron-sulphide batteries, with current plans suggesting they will be available by the end of 2022.
Recharge Industries has not yet commented on a timeline for the opening of the Cambois gigafactory, or provided a possible date when they believe they can have the thousands of jobs that are planned created.
When asked for comment on the matter, the company said: “We are confident in our business plan and we believe that Britishvolt will be at the crown of the advanced battery industry in the UK. Our mission is to bring validated technology, jobs and minerals to the UK.”