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Plan to build the UK’s first battery gigafactory falls from British hands

Britishvolt, a prominent battery start-up in the UK, was excited about its plans to build the country’s first battery gigafactory. But after filing for administration in January, it has now been bought by an Australian company Charging industries.

Launched in 2019, Britishvolt had planned a £3.8bn battery factory near Blyth Port in Northumberland, promising 300,000 batteries a year, creating 3,000 direct jobs, as well as a significant boost to the economy of the region and electric vehicle production in the UK. batteries.

Despite obtaining a commitment from the government and cooperate with large companies such as Aston Martin And Glencorein January, the startup filed a court order to appoint administrators, after failing to secure sufficient financing. Consequently, Britishvolt laid off its employees, construction of the plant was halted, and no commercial battery was ever produced.

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Now battery manufacturer Recharge Industries has won the bid to buy Britishvolt out of administration. The Australian startup is owned and run by a New York-based investment fund, Facilitate scale.

“Our proposal combined our financial, commercial, technological and manufacturing capabilities with a highly credible plan to get boots and equipment off the ground quickly,” said David Collard, founder and CEO of Scale Facilitation, in a statement. rack.

As he the BBC, Britishvolt keeps its name, but goes in a different direction. It will now focus on energy storage batteries with the aim of bringing them to market by the end of 2025.

This leaves the UK with only one existing battery plant, alongside Nissan’s Sunderland plant. The factory is owned by the Chinese company Envision AESC.

But it’s not just takeovers by foreign companies that threaten Britain’s plans to build a competitive battery manufacturing sector. According to EU data for 2022some 20 battery gigafactories are being developed across the block alongside 111 industrial battery projects.

Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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