Will britishvolt get a deal with Australian battery company?

Britishvolt's prospective deal with the Australian battery company was selected over offers from Greybull Capital and the Saudi British Bank. The deal will be prioritized over EY’s administrators’ fees, which will be paid in priority to amounts owed to Britishvolt’s creditors, as is normal in an insolvency.

Who are britishvolt's biggest creditors?

Among Britishvolt’s largest creditors was London-listed commodities trader Glencore, which was owed £26mn in loans and convertible notes. Two battery plant equipment suppliers — Germany’s DC Energy, which says on its website that it won a £100mn order from Britishvolt, and South Korea’s Hana Technology — are each owed more than £20mn.

Who are Northvolt's creditors?

Notable omissions from Northvolt’s list of creditors are many of the governments and public institutions which pledged funding to the company. Governments and public institutions have pledged the company more than €2.7bn over its lifetime. Those include the European Investment Bank (EIB), which promised €943m.

How much did britishvolt owe its creditors?

The report from EY showed that when the firm collapsed, causing the loss of about 200 jobs, Britishvolt likely owed between £130m and £160m to its creditors.

Is Northvolt on the brink of bankruptcy?

The company is now reportedly on the brink of bankruptcy Credit: Northvolt/Handout via REUTERS Europe’s battery strategy is disintegrating, a prime exhibit of hubris and inflated rhetoric. Its flagship Northvolt gigafactory in northern Sweden has run out of money and is talking solemnly to creditors.

Is Britishvolt an unsecured creditor of EY?

EY stated that it was an unsecured creditor of Britishvolt at the time of the appointment of administrators due to unpaid fees for earlier advice, but it will not vote on any creditor resolutions during the administration process.