By Yusuf Khan

Australian battery firm Recharge Industries Pty Ltd. is set to take over Britishvolt Ltd., the embattled U.K.-based battery startup which was forced into administration last month following a cash crisis that emerged through 2022.

EY, the administrator on the project, said Monday that New York-based Scale Facilitation Partners LLC and Recharge Industries, its indirectly wholly-owned subsidiary, was the preferred bidder in acquiring Britishvolt's business and assets of power. Completion is expected to occur in the next seven days.

Little has been said on its plans following the takeover, however, Recharge is building an electric-vehicle battery plant in Geelong, Australia slated for 2024.

The accountancy giant said that there had been multiple approaches and numerous offers received.

Britishvolt, had been seen as one of the bright spots and flagship enterprises in the U.K.'s efforts to transition to a low-carbon economy, aiming to establish a battery manufacturing cell plant close to Blythe, in the north of England.

Those plans, however, came under jeopardy toward the end of last year after the firm said it was undergoing a cash crisis and looking for support from external sources including the U.K. government. It had managed to secure lifeline funding in November to carry it through into the new year, however, by Jan. 17 the firm fell into administration.

Write to Yusuf Khan at yusuf.khan@wsj.com

(END) Dow Jones Newswires

February 06, 2023 05:05 ET (10:05 GMT)

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