Bid interest gathers to rescue failed Britishvolt
A private equity group has emerged as a potential buyer for the collapsed battery start-up Britishvolt.
Greybull Capital executives recently met management of the defunct business as supporters of the project hope that it will be revived in a new form.
The company planned to build the UK’s largest battery factory in Northumberland to supply the new generation of electric vehicles, but it went into administration after failing to raise new capital.
Administrators at EY are seeking a quick sale and have asked bidders to submit firm offers with the aim of closing the deal by the end of the week.
Greybull is currently considering submitting a final bid, according to the Financial Times.
Australia’s Recharge Industries has also expressed interest, along with Britishvolt founder Orral Nadjari. His offer is expected to value the business at between £25m and £30m and has been financed by individuals in his native UAE.
The former boss stepped down in August last year after documents were leaked stating the company was on “life support”, though he remained the majority shareholder until its collapse.
Thurso-based battery producer AMTE Power is planning a £190m megafactory in Dundee as a step towards building its own gigafactory. It has not commented on whether it has any interest in the Blyth project.
Alan Hollis, the new CEO, said he has completed a review of the business and will reveal his vision for the next stage of its growth in early March.
Abrdn, the Edinburgh-based asset manager, initially had exclusive rights to lead and arrange a syndicate of investors to finance the building of the Blyth gigafactory.
It is understood interested parties were identified, but those leading the project were unable to meet certain conditions and milestones.
A spokeswoman for Abrdn said: “Abrdn and the funds it manages do not have any capital invested in Britishvolt or any of its projects and do not have any future obligations or commitments to Britishvolt.”