Australian company chosen as the preferred bidder in Britishvolt take over

Recharge Industries was selected by auditors to buy the failed company which planned to build a battery factory in the North East.

The deal is expected to finalise within the next week.

"EY is pleased to announce that the Joint Administrators have entered into an agreement with Scale Facilitation Partners LLC and its indirectly wholly owned subsidiary Recharge Industries Pty Ltd to be the preferred bidder in acquiring the majority of the business and assets of Power by Britishvolt Limited (in Administration).

"This follows a process conducted by EY that involved the consideration of multiple approaches from interested parties and numerous offers received.

"Completion of the acquisition is expected to occur within the next seven days."

Britishvolt's failure came after months of trouble as the company struggled to raise enough money to stay afloat.

Earlier this month, administrators at EY said:

"The joint administrators are assessing the options for realising the potential value in the business and assets of the company, including intellectual property and R&D assets, for the benefit of creditors.

"The administrators will subsequently implement an orderly closure and winding down of the company's affairs, as required."

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