Britishvolt administrators in talks with potential new buyers for factory site
EY said Recharge Industries is still ‘in default’ a year after it agreed to sell the Northumberland site.
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Your support makes all the difference.Administrators for collapsed battery factory project Britishvolt have said they are still chasing money from the Australian buyer of the site and are considering other potential deals.
EY said Recharge Industries is still “in default” a year after it agreed to sell the Cambois, Northumberland site where Britishvolt had said it wanted to build a factory.
The administrators said they have “held discussions” with some other potential buyers for the site. It comes as the BBC reported on Thursday that Northumberland Council will set aside money to potentially buy the site
The project never got far, but the promises made by Britishvolt were lofty. It said that it could bring around 8,000 jobs to the region and would supply a gigafactory producing batteries for electric cars – something which will be vital for the future of Britain’s car industry.
The buyer continues to remain in default … and, as such, the joint administrators have held discussions with a number of additional parties
The nearly £4 billion plant had been promised around £100 million of Government grants if it could reach certain milestones.
But it collapsed at the start of last year with work not having progressed very far.
After Britishvolt fell into administration EY agreed a deal with Recharge Industries last February which would see the Australian firm buy the Northumberland site for less than £10 million.
But last summer it emerged that Recharge had missed some of the payments on the site.
“The buyer continues to remain in default … and, as such, the joint administrators have held discussions with a number of additional parties who have intimated that they may be interested in acquiring the proposed gigafactory site in Northumberland,” EY said in a document added to Companies House on Thursday.
The administrators said that “negotiations are ongoing” with the potential other suitors.
“We are unable to provide more detailed commentary given the commercial sensitivities surrounding these negotiations,” they said.
On Thursday the BBC reported that Northumberland councillors have voted to approve a £15 million “strategic acquisition fund”, which the broadcaster said could allow the council to take control of the land.
Britishvolt originally bought the site for £4.8 million.