Autocraft secures £24 million in financing for its EV battery repair and remanufacturing processes – Charged EVs

UK-based automotive remanufacturing technologies company Autocraft has secured a £24-million financing package from HSBC . 

The funding will be used to expand Autocraft’s EV battery repair business in strategic global locations to meet growing demand for its REVIVE range of EV battery testing, repair and remanufacturing processes.

The automotive industry faces heavy environmental and financial costs from higher-than-expected rates of EV battery failure, says Autocraft. Failed packs are often prematurely recycled rather than remanufactured back into EVs. Autocraft says it has developed an industrialized EV battery remanufacturing process, which identifies and replaces underperforming cells with healthy ones recovered from other packs. Its testing process diagnoses the root cause of faults on a cellular level before they have occurred, allowing for predictive maintenance.

The company launched its first European EV battery repair facility in Arnhem, Netherlands, in 2023. It plans to open new facilities in Scandinavia, Southern Europe and North America, each of which will be able to process 1,400 EV batteries annually.

“To reach net-zero, we simply cannot allow for battery packs to be prematurely recycled,” said Mike Hague-Morgan, Executive Director at Autocraft Solutions Group. “Our remanufacturing capability ensures we can maximize battery life by restoring optimal health, with all the environmental benefits this brings.”

Source: Autocraft