Are UAE investors bailing out a defunct UK EV battery producer? UAE-based entrepreneur and former CEO of Britishvolt Orral Nadjari has raised between GBP 25-30 mn from undisclosed Emirati investors to submit a bid to buy back his company, the Financial Times reports, citing sources familiar with the matter. Nadjari founded the business in 2019 but was ousted as its chief executive last summer.

Britishvolt’s future seemed promising: Nadjari founded the startup — once touted by former British Prime Minister Boris Johnson as being key to the country’s clean energy transition — in 2019, raising some USD 2.4 bn over 5 funding rounds. The company had ambitions of developing a 30 GWh battery manufacturing plant worth GBP 3.8 bn making batteries — including EV batteries and battery storage solutions — with a plan to generate energy from a 200 MW solar farm on site, according to their website.

How did it all go wrong? Plans went south nine months after breaking ground on its gigafactory near Blyth in Northumberland. The company’s valuation allegedly dropped more than 90% compared to its 2022 standing after failing to secure the capital needed to build the plant, did not have enough of a customer base, and did not have a solid track record in tech development, David Bailey, a professor of business economics at Birmingham Business School told Wired. Nadjari reportedly resigned last year after leaked documents stating that the company was on “life support” to reduce costs were published.

What now? Nadjari entered a non-binding bid last week and was expected to submit a binding offer by yesterday’s deadline, the FT reports. He is reportedly interested in securing the company’s battery technology — which needs more funding to develop beyond the prototype stage — rather than the factory site, the outlet adds.