Australian investment firm Scale Facilitation Partners and its indirectly wholly owned subsidiary Recharge Industries of the US are to be the preferred bidders to take over Britishvolt, the companies and the administrator, EY, said.
“EY is pleased to announce that the Joint Administrators have entered into an agreement with Scale Facilitation Partners LLC and its indirectly wholly owned subsidiary Recharge Industries Pty Ltd to be the preferred bidder in acquiring the majority of the business and assets of Power by Britishvolt Limited (in Administration),” it said.
“This follows a process conducted by EY that involved the consideration of multiple approaches from interested parties and numerous offers received. Completion of the acquisition is expected to occur within the next seven days.”
David Collard, Managing Partner and CEO of Scale Facilitation and Founder of Recharge Industries, said: “After a competitive and rigorous process, we’re confident our proposal will deliver a strong outcome for all involved.”
Recharge is establishing a large-scale lithium-ion battery cell production and research capability in Australia. Scale links up research, advanced manufacturing, capital, supply chains and talent.
Britishvolt went into administration three weeks ago after running out of cash.
