Britishvolt’s gigafactory ‘recharged’ under new ownership, creating thousands of jobs

Recharge Industries, a portfolio company of Scale Facilitation and a provider of battery technology, specialising in production and research and development, has been successful in its bid for ownership of Britishvolt.

Based in Geelong, Australia, the firm is currently developing Australia’s first large-scale lithium-ion cell production facility to provide safer, more efficient and recyclable batteries, as well as investing in research and development of next-generation solutions to real-world and emerging energy storage solutions.

Under plans presented by Recharge Industries, the Britishvolt project will make the UK’s first Gigafactory a reality, creating a strategic economic and security asset which will play a “critical role” in the UK’s industrial and net zero strategies. The recharged Britishvolt will provide thousands of green, skilled and local jobs that will drive local and national benefits.

David A. Collard, founder and CEO of Scale Facilitation, commented: “We are thrilled to have been successful in our bid for ownership of Britishvolt; our plans are the right ones for the local community and the UK economy.

“Our proposal combined our financial, commercial, technology and manufacturing capabilities, with a highly credible plan to put boots and equipment on the ground quickly.

“Our technology, including an exclusive licence for the intellectual property and battery technology, has been developed and validated over the last decade through C4V in the US and will be the backbone of both gigafactories in Geelong and Cambois.

“Backed by our global supply chain, strategic delivery partners and a number of significant customer agreements in place, we’re confident of making the Cambois Gigafactory a success and growing it into an advanced green energy project. We can’t wait to get started and want to start as soon as possible.

“The North East of England has a real depth of history and talent in manufacturing and engineering. I recently spent time in the area to get to know the people and the site, and I was struck by the similarities to our Recharge Industries site in Geelong, Australia.

“I was really taken by the passion and pride that the people have for the region and their determination to get behind a project that can drive lasting change. We have the right plan in place, to match and support the region’s energy and ambition to become a major player in the international battery market.

“We would like to thank all of our global advisors that worked tirelessly with us to deliver this transaction. From Australia, KordaMentha and 333 Capital who led the negotiation as the Lead Financial and Restructuring Advisor; the London team from Sidley Austin LLP as Legal Counsel; and PwC as our Global Tax Advisors.”

John McCabe, chief executive, North East England Chamber of Commerce, also commented: “We warmly welcome the news Recharge Industries has completed the acquisition of Britishvolt and can hopefully now accelerate plans to develop a battery factory with a thriving regional supply chain.

“This transformative project has the potential to place the North East, and the UK, at the front of battery manufacturing. With its excellent port, road and rail links, and the availability of renewable energy sources, there is no better site on which to build such a huge facility.

“The North East has an incredibly-skilled workforce and local partners, including the Chamber, will be eager to provide support for the project. These are exciting times for our region and we look forward to Recharge Industries playing its part in our economic renewal.”