Britishvolt collapses

The firm had planned to build a giant factory to make electric car batteries in Blyth, Northumberland. Ministers had hailed it as a “levelling up” opportunity that would boost the region’s economy and support the future of UK car making. But Britishvolt struggled to turn a profit and ran out of money…

The UK currently only has one Chinese-owned battery plant next to the Nissan factory in Sunderland…Industry experts have said the UK will need several battery factories to support the future of UK car making…

Delays to construction meant £100m of public funding never materialised. With costs rising and no firm orders, the money ran out.

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Recharge Industries, which is owned by New York fund Scale Facilitation Partners, has entered an agreement to buy Britishvolt’s business and assets…

Winning the bid to buy Britishvolt out of administration, Recharge Industries conceded they had paid a premium over the other bidders, but said that was indicative of their confidence in a project that would bring together Australian minerals, US battery know-how and a promising UK site.

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The company warned in the summer that it was in financial trouble and had days to find a new backer or help from existing shareholders. An investor pulled the plug on fresh funding after plans to build a new plant in Dundee were scrapped…

AMTE had a long history in developing lithium cells, making some of the first examples in the 1990s. Recently, AMTE said it tested cells that can be charged fully in six minutes in a breakthrough for charging technology…

AMTE’s fate mirrors that of Britishvolt, another would-be independent UK gigafactory.

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I have thought for a while that batteries are the new chips. Cordless tools, cordless vacuum cleaners, cell phones, tablets, hybrids, EVs, backup power supplies for homes and industry, security lights and so much more…

It’s not surprising that at the beginning of a gold rush there are lots of, well, prospectors and by the time things get going there’s been a lot of shakeout.

Just take a look at the history of the microprocessor industry. Most of what exists today has built on the shards of startups that didn’t make it but were absorbed along the way. Some, of course, went totally bust and there wasn’t enough flesh on the bones to make it worthwhile doing anything with it, but a lot of them were simply bought out, bought up, rolled up, or otherwise absorbed into the sector giving us what we have today.

And I don’t think anyone would argue that this area of business hasn’t been profitable, both for the companies involved and for society at large.

https://www.cpushack.com/history.html