A deal for Australian company Recharge Industries to take over bankrupt electric vehicle battery startup Britishvolt is facing delays to give administrators more time to study the plans, media reported Sunday.
Britishvolt, which was championed by former prime minister Boris Johnson to help drive a greener economy, failed to adequately finance a multi-billion-pound “gigafactory” facility in Blyth, northeast England.
A majority of the firm’s 300 staff lost their jobs in the collapse.
Britishvolt had hoped to produce 300,000 electric vehicle batteries a year on a site employing about 3,000 people.
Administrators at financial group EY overseeing the rescue said on February 6 they hoped to complete the sale of Britishvolt to Recharge Industries within seven days.
Britain’s Sunday Times however cited Glen Sanderson, leader of Northumberland county council, as saying that checks were now being made into whether Recharge had the required funds to complete the deal.
Recharge Industries founder David Collard, who is also chief executive of its US-based parent company Scale Facilitation, earlier said the deal would allow them to build the UK’s first gigafactory.
Recharge is in the process also of establishing a large-scale lithium-ion battery cell production and research capability in Australia.
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