Power By Britishvolt Limited - Case Update

We last wrote about Britishvolt in April, when we reported that buyer Recharge had missed a payment deadline reportedly due to a dispute with the Joint Administrators over payments related to transferring a grid connection contract for the site with National Grid.

Now, the Joint Administrators (Joanne Robinson, Alan Hudson and Daniel Hurd of EY) have reported that the final instalment of the almost £8.6 million purchase price that was due on 5 April is still outstanding and that, as a result, Recharge is in default of the sale agreement.

The Joint Administrators have advised that they are pursuing the outstanding amounts owing pursuant to the agreement. However, due to the commercial sensitivities surrounding this matter, they are unable to comment on the situation any further at this time.

The Joint Administrators’ latest progress report can be found HERE. They have been assisted by Dentons.