Greybull Capital, a PE firm with a track record of backing struggling British companies, could be a potential savior for failed battery startup Britishvolt.
The London-based firm met with Britishvolt’s management on Monday to discuss the proposal, the Financial Times reported. The company launched bankruptcy proceedings in January following repeated emergency funding rounds. Staff costs, which ate most of the cash raised, ultimately forced the company’s creditors to call time.
Britishvolt—which is backed by commodities giant Glencore, as well as Covalis Capital and family office Cathexis Holdings—had hoped to revive the UK motor industry by using its battery technology to facilitate the transition to electric vehicles. This included plans to build a £3.8 billion (about $4.7 billion) factory in the north of England.
Australian battery company Recharge Industries and investment group DeaLab are also reported to be interested in buying the business. In addition, a group of Britishvolt shareholders are understood to have made a separate bid.
Greybull has a history of backing beleaguered British businesses. It bought British Steel for just £1 in 2016, saving the company and some 4,000 jobs with it. Last month, British Steel was reportedly in talks with the UK government regarding a potential £300 million bailout.
Greybull was also a backer of the UK’s ill-fated Monarch Airlines, picking up a majority stake in the company in 2014 for £125 million, before going on to invest a further £165 million in 2016— Monarch filed for bankruptcy the following year.
The firm’s notable recent exits include Plessey Semiconductors. Greybull sold the UK-based maker of microLED displays to Meta Platforms in 2020 for an undisclosed amount, after originally purchasing the business in 2012.
Featured image by Blue Planet Studio/Shutterstock
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