Administrators at EY have selected Australian battery firm Recharge Industries as the preferred bidder for collapsed firm Britishvolt, sparking hopes that plans for a £3.8bn gigafactory in Northumberland will be revived.
Scale Facilitation Partners, which indirectly owns Recharge, has entered into an agreement with the joint administrators to acquire “the majority of the business and assets” of Britishvolt.
EY’s administrators said it received multiple approaches from interested parties and numerous offers for the business, which collapsed last month on the back of funding problems.
The acquisition is expected to close within the next seven days. Full details of the deal have not been disclosed, however, the proposed acquisition includes the gigafactory site in Blyth.
David Collard, founder of Recharge, said he “can’t wait to get started making a reality of our plans to build the UK’s first gigafactory”.
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