Britishvolt factory site may go on sale again

Britishvolt factory site may go on sale again

23 Feb    Finance News, News

The collapse of the Britishvolt battery factory project has left administrators still seeking payment from the Australian buyer, Recharge Industries, for the site in Cambois, Northumberland.

Despite the agreement made a year ago, Recharge Industries remains in default, prompting administrators to explore alternative deals for the site.

Northumberland county council has earmarked £15 million to repurchase the land if necessary, indicating a potential fallback plan should negotiations with other buyers falter.

Britishvolt’s ambitious promises of creating 8,000 jobs and establishing a gigafactory for electric car batteries had garnered significant attention. However, the project faced setbacks and ultimately collapsed early last year, despite the prospect of government grants totaling £100 million contingent on meeting specific milestones.

Following Britishvolt’s administration, administrators struck a deal with Recharge Industries in February of the previous year, but subsequent missed payments have complicated the situation.

Negotiations with other interested parties are ongoing, although administrators caution that commercial sensitivities limit their ability to provide detailed commentary.

The possibility of the council repurchasing the land raises concerns about the potential discrepancy in cost, with opposition leaders warning against acquiring the site at a higher price than its initial sale.

See also  Dr Reddy’s Laboratories Rating: buy- Multiple issues took a toll on Q4 results

Leave a Reply

Your email address will not be published. Required fields are marked *