In mid-2022, reports began to emerge suggesting that a British EV battery company was on “life support.”
Once hailed as a key driver of Britain’s EV market, Britishvolt was set to build a gigafactory to produce 30 gigawatt-hours worth of batteries.
The project was backed by billions from private and public sources, but still struggled to curb spending while attempting to raise more funds.
Unfortunately, Britishvolt filed to appoint bankruptcy administrators and discharged most employees earlier this year.
Observers believed this was the end of the $4.6 billion plant and a major setback for the UK’s EV market.
Luckily, a lifeline has emerged in the form of Australian company Recharge Industries.
BBC reports the company will purchase Britishvolt’s business and assets and plans to move forward with the ambitious plant.
Says Carscoops, “Recharge Industries intends on building lithium-ion batteries that are free of materials sourced from China or Russia in an attempt to reduce supply chain risks.”