Australian investors have reportedly tabled a non-binding takeover offer for the UK battery company
Australian funds might save the future of Britishvolt, one of the most promising UK electric vehicle battery startups that collapsed into administration earlier this month.
The company entered into administration due to “insufficient” investment for both the ongoing research it was undertaking and the development of its sites in the Midlands and the North East of England.
The company had previously planned to build a giant factory in Northumberland.
According to the Australian Financial Review, Recharge Industries, a startup based in Australia, tabled a last-minute takeover bid on Tuesday.
The firm, founded last year, has developed plans to build a lithium-ion battery cell factory in Victoria, Australia.
Currently, the joint administrators of Britishvolt are exploring the options for “realising the potential value in the business and assets of the company”, including intellectual property and R&D assets.
ELN has approached auditors EY for a comment but they declined.
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