Administrators EY to decide soon on Britishvolt future, with multiple bids rumoured

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Administrators will decide today on a buyer for Britishvolt, which collapsed earlier this month.

The start-up had planned to build a £3.8bn electric car battery gigafactory in Cambois, near Blyth, but had been in financial difficulties since November.

There are reported to be a number of bids made to administrators EY for the firm, with the Financial Times reporting that ousted founder of the company Orral Nadjari is considering a bid.

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The deadline for bids is nearing, with a decision on the future of Britishvolt’s assets due today – Wednesday, February 1.

A CGI of the proposed Britishvolt factory.A CGI of the proposed Britishvolt factory.
A CGI of the proposed Britishvolt factory.

Wansbeck MP Ian Lavery, whose constituency includes the Cambois site, said: “It is positive that there are a number of parties interested in the sale of Britishvolt and their assets, which is unsurprising given the strategic advantages that the site in Cambois has for building a gigafactory.

“Hopefully this is a sign that this site will be under development sooner rather than later and thousands of much needed jobs will be created for our region.

“While I understand the administrators have a duty to get the best financial deal for the creditors, I urge them to consider the role this site will play in the economic future of our region and how important it is that whoever acquires it is ready and willing to develop a gigafactory and create thousands of jobs without any further delay.”

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Australian startup Recharge Industries is one of the companies understood to have bid for Britishvolt.

Mr Lavery added: “I have been particularly encouraged by the interest of Recharge Industries, who are seeking to develop the Cambois site alongside another they already have underway in Geelong in Australia.

“Last Friday I met with a delegation from the company led by their CEO David Collard in my constituency office and have met with them again today in the House of Commons.

“I was impressed by the commitment to their future workforce and the desire to get on and develop the site.

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“I eagerly await the administrators decision and will do whatever I can to support whoever is successful in their bid to get a gigafactory built as quickly as possible. We simply cannot afford another false dawn for the people in this area.”