Recharge Industries Bid For Britishvolt Site May Collapse: FT

(Bloomberg) -- Australian startup Recharge Industries' bid to buy land owned by Britishvolt is at risk of collapse over a power supply contract signed by the failed UK battery company, the Financial Times reported, citing people with knowledge of the offer.

Recharge hasn't paid the £9.7 million  ($12 million) for the coveted piece of land in Blyth, in northeast England, even through the deadline for the purchase has passed, the newspaper said. The deal hit an impasse over over a contract with National Grid, the FT reported. 

Recharge did carry out the purchase of Britishvolt's intellectual property, including 23 staff and its battery technology.

Britishvolt's administrators chose Recharge in February to buy the majority of the insolvent company's business and assets. Recharge at the time said it planned to focus on building stationary batteries that are used to store energy first, before branching out into electric vehicle cell manufacturing.

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