{"id":78416,"date":"2023-01-13T00:12:03","date_gmt":"2023-01-13T00:12:03","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/01\/13\/decision-looms-on-future-of-britishvolt-gigafactory\/"},"modified":"2023-01-13T00:12:03","modified_gmt":"2023-01-13T00:12:03","slug":"decision-looms-on-future-of-britishvolt-gigafactory","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/01\/13\/decision-looms-on-future-of-britishvolt-gigafactory\/","title":{"rendered":"Decision looms on future of Britishvolt gigafactory"},"content":{"rendered":"
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Shareholders are to vote on competing bids for Britishvolt’s proposed battery factory in Northumberland.<\/b><\/p>\n<\/div>\n

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The result decides on the future of the crisis site where battery packs for electric cars are to be produced.<\/p>\n<\/div>\n

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It was once touted by former Prime Minister Boris Johnson as a key element in his green industrial revolution.<\/p>\n<\/div>\n

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There are two competing bids for the project, which was close to going into administration in 2022.<\/p>\n<\/div>\n

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Britishvolt’s ambitious plans for the Cambois site near Blyth include high-capacity batteries that will be produced for a lucrative and growing electric car market.<\/p>\n<\/div>\n

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But the \u00a34billion project was on the brink of collapse last year. Construction work was delayed as rising costs took a heavy toll on finances. <\/p>\n<\/div>\n

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Now the program’s investors are considering two takeover bids.<\/p>\n<\/div>\n

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The first comes from a consortium led by the DeaLab Group, a company owned by a little-known Indonesian banker. <\/p>\n<\/div>\n

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The second was proposed by a group of existing shareholders.<\/p>\n<\/div>\n

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Both deals would value the company at just over \u00a330m, with a commitment to make a further investment of almost \u00a3130m later in the year.<\/p>\n<\/div>\n

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The government has also promised funding, which will only be available once the project has progressed further. <\/p>\n<\/div>\n

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The construction of gigafactories is crucial to the future of the UK car industry. <\/p>\n<\/div>\n

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However, DeaLab Group is anything but a household name. <\/p>\n<\/div>\n

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It bills itself as an “alternative wealth management and financial advisory firm” that invests “in a wide range of strategic projects and assets.”<\/p>\n<\/div>\n

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It says it has “successfully secured commitments for over $15 billion in acquisitions, divestitures and investments … in three geographic regions worldwide.” But it doesn’t offer any details.<\/p>\n<\/div>\n

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The company is registered in the UK. The latest accounts overdue ahead of Tuesday’s filing show assets of \u00a35million and three employees.<\/p>\n<\/div>\n

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Its founder, Rezo Eko Hendranto, is a former banker at JP Morgan in the energy and resources division, according to his Linkedin profile. <\/p>\n<\/div>\n

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He is also registered as the sole director of Barracuda Group — a company that it says aims to become a “critical metals production, new energy generation and storage platform.”<\/p>\n<\/div>\n

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Some of the consultants listed on the DeaLab Group website are known.<\/p>\n<\/div>\n

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One, Dwessi Natelagawa, is the brother of the former Indonesian foreign minister.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shareholders are to vote on competing bids for Britishvolt’s proposed battery factory in Northumberland. The result decides on the future of the crisis site where battery packs for electric cars are to be produced. It was once touted by former Prime Minister Boris Johnson as a key element in his green industrial revolution. There are […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-78416","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nDecision looms on future of Britishvolt gigafactory - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2023\/01\/13\/decision-looms-on-future-of-britishvolt-gigafactory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Decision looms on future of Britishvolt gigafactory\" \/>\n<meta property=\"og:description\" content=\"Shareholders are to vote on competing bids for Britishvolt’s proposed battery factory in Northumberland. 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