Feb 2, 2023
Insolvent Britishvolt Receives Two Bids in Administration Sale
(Bloomberg) -- Britishvolt Ltd.’s administrators received two bids for the insolvent UK battery startup when the deadline for proposals ended on Wednesday, according to people familiar with the matter.
A consortium of former Britishvolt investors and Australian battery startup Recharge Industries submitted bids, said the people, who asked not to be identified as the process is confidential.
Once considered the UK’s best shot for a homegrown electric-vehicle battery supplier, Britishvolt went into bankruptcy last month after failing to identify any potential rescuers. The company had grand plans for an enormous £3.8 billion ($4.7 billion) plant in northern England that it said would create around 3,000 jobs.
While Britishvolt reached preliminary research deals with carmakers Aston Martin Lagonda Global Holdings Plc and Group Lotus Ltd, it never secured firm battery orders. After failing to attract fresh investment, Britishvolt selected accounting firm EY as its administrator and let go of all but around 25 of its 300 employees last month.
David Collard, the founder of Recharge Industries, confirmed that the company had submitted a bid for Britishvolt. The consortium of investors couldn’t be reached, and EY declined to comment on the number of bidders or the administration process.
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