Wednesday, April 17, 2024

Britishvolt’s gigafactory site sold off in electric car blow

Chris Price
Mon, Apr 15, 2024, 

The site that had been earmarked for the Britishvolt gigafactory has been bought by Blackstone - Owen Humphreys/PA Wire

US private equity investors have bought the site of what had been hoped would become Britain’s first electric car battery gigafactory in a blow to Britain’s net zero ambitions.

Land in Cambois near Blyth in Northumberland had been expected to become the home of the £3.8bn Britishvolt factory before the company fell into administration last year.

However, Northumberland County Council revealed it has sold the site to Blackstone, which plans to turn the site into a data centre.

Britishvolt, which was backed by mining giant Glencore, collapsed with the loss of more than 200 jobs and had been in line for £100m in funding from the Government via its Automotive Transformation Fund.

An Australian company, Recharge Industries, had promised to buy the site before itself being hit with a winding up petition.

The Blackstone deal, for an undisclosed sum, comes after what receivers at Begbies Traynor Group described as a “complex” sales process for the 235-acre site.

Northumberland County Council leader Cllr Glen Sanderson said Blackstone’s plans would lead to an investment of up to £10bn and support as many as 4,300 jobs.

He said: “Driving growth and jobs is a key priority for this Council. Next week, Cabinet will consider this really unique opportunity for Northumberland which offers a huge boost to the regeneration and renaissance of the local area.”

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