May 3 (SeeNews) - Bulgarian battery manufacturer Monbat [BUL:MONB] said that it abandoned the agreed disposal of its Germany-based lithium-ion subsidiary Monbat Holding GmbH to UK battery cell technology company Britishvolt following the latter's recent insolvency.
Monbat, along with its subsidiary Monbat Recycling Bulgaria, last month sent Britishvolt a notification of the termination of the sale contract, the Bulgarian company said in an interim financial report on Tuesday.
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The contract was cancelled because Britishvolt was unable to fulfil the agreed terms, Monbat added.
Monbat agreed the sale of Monbat Holding GmbH, which comprises EAS Batteries and Monbat New Power, in May 2022, for an overall valuation of 36 million euro ($39.75 million) and was meant to acquire shares in Britishvolt as part of the transaction.
Britishvolt, which was in the process of building a lithium-ion battery Gigafactory in northern England, collapsed into administration in January. A month later, it was bought out of administration by Australia's Recharge Industries, a portfolio company of US-based investment firm Scale Facilitation.
Monbat's first-quarter standalone net profit jumped by an annual 60% to 6.8 million levs ($3.8 million/3.5 million euro), driven by a growth in export sales, the company also said.
($ = 0.9054 euro)