The founder of failed battery startup Britishvolt is set to make a bid to buy the business from administrators, it has been reported.
Orral Nadjari launched Britishvolt four years ago, setting the company on its ambitions to build a £3.8bn gigafactory in the North East capable of manufacturing around 300,000 electric vehicle batteries a year.
The former CEO quit last summer, saying it was the right time to leave the firm, declaring “my vision was only possible because of all of the foresight of UK Government in creating a world-class battery cell ecosystem”. Since then, however, the firm’s financial struggles tipped it into administration, with EY keeping just a handful of its 250-plus workforce on board to manage the firm’s affairs as it seeks a buyer.
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Now the Financial Times is reporting that Mr Nadjari is among the bidders for the bankrupt business, having reportedly tabled a non-binding bid for the company with the joint administrators EY last week, and is expected to put forward a binding offer before the deadline. It is reported that the funding for the move, understood to be between £25m and £30m, have been raised from individuals across the UAE. But the Financial Times report says Mr Nadjari is predominantly interested in the company’s battery technology and not the factory site at Cambois.
It is understood that more than a dozen bidders have come forward since the firm’s collapse two weeks ago, with others said to be interested in taking forward the site, which is widely regarded as an outstanding location for a battery manufacturing plant.
Last week Australian startup Recharge Industries launched a preliminary bid for the company, with its founder David Collard saying he intended to tour the site and meet Government officials before making a formal offer. Other interested bidders are said to include Jaguar Land Rover owner Tata Motors and DeaLab, the London-based financial group whose bid before Britishvolt’s collapse was rejected by shareholders.
Paul Butler, chief executive of the North East Automotive Alliance, said: “We are the largest automotive cluster in the UK and remain the powerhouse for UK electrification. We remain committed to supporting our members and the sector and we are ready to assist new inward investors who can take the Cambois site forward.”
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