Recharge Industries purchase of BritishVolt 'could collapse' amid contract row

Credit: ITV News/Recharge Industries

The proposed purchase of the BritishVolt gigafactory in Blyth could be at the risk of collapse.

According to reports in The Financial Times, there is an ongoing dispute between potential buyer Recharge Industries and administrator EY over contract payments related to the transferring of a connection to the National Grid.

In a statement, EY told ITV News Tyne Tees: "The Joint Administrators of the Company (Power by Britishvolt Limited in Administration) are not requesting that Recharge make any additional payments beyond those contractually agreed as part of the sale. The Company will only retain funds, including any received from third parties, to which it is entitled to."

Recharge Industries declined to comment.

Recharge Industries owner David Collard (far left) visited the Cambois site before the company bought Britishvolt Credit: Recharge Industries

Founded in 2022, Recharge is an Australian company which is owned and run by New York-based investment fund Scale Facilitation.

CEO of Recharge Industries David Collard said the project is expected to create up to 8,000 jobs on the Cambois site and in the supply chain.

He added the Britishvolt brand name would remain, but the business would initially focus on batteries for energy storage. It then intends to produce batteries for high-performance sports cars, he said.

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