Orral Nadjari, founder of collapsed car battery startup Britishvolt, is planning a bid to bring his former company out of administration.
The offer is expected to be valued between £25mln to £30mln and has been fundraised by individuals in his native UAE, according to the Financial Times.
The former boss stepped down in August last year after documents were leaked stating the company was on “life support”, though he remained the majority shareholder until its collapse.
Nadjari’s bid for Britishvolt is based on his interest in its battery technology rather than the potential factory site at Blyth, Northumberland, the report said.
Administrators EY need to find a buyer for the operational business this week otherwise the business will be liquidated.
he factory site, which is regarded as well-situated due to access to clean power and proximity to the coast, has caught the eye of Australia's Recharge Industries, the favourite bidder for the site, according to reports.
Britishvolt, which hoped to build Britain’s largest Gigafactory and was expecting significant orders from car makers later this year, appointed administrators earlier this month after running out of capital.