Autocraft secures £24 million finance deal

Autocraft Solutions Group, a specialist in cutting-edge automotive remanufacturing technologies, has agreed a major financing package with HSBC UK amid plans to rapidly upscale its international EV battery repair footprint.

Worth £24m, the financial package will support the growth of Autocraft’s EV Solutions business as it looks to establish itself in strategic global locations where there is growing demand for its REVIVE® range of EV battery testing, repair and remanufacturing solutions. As the automotive industry strives to become more circular, Autocraft is on track to continue its impressive growth this year by working more closely with its global customer base of OEMs.

With the automotive industry facing higher-than-expected rates of EV battery failure, such packs are being prematurely recycled, despite the vast majority of the battery pack being suitable for remanufacture back into electric vehicles. This carries a heavy environmental and financial cost for the automotive industry as EV ownership rates continue to rise.

Recognising the environmental imperative to maximise the longevity of each module, Autocraft developed the first industrialised process for EV battery remanufacturing. By identifying and replacing underperforming cells with healthy ones recovered from other packs, it has a proven methodology for restoring and maintaining optimal EV battery performance. Its unrivalled capability in battery state-of-health testing means it can diagnose the root cause of faults on a cellular level, even before they have occurred, so that predictive maintenance can be undertaken.

Following the successful launch of its first European EV battery repair facility in Arnhem, Netherlands, in 2023, Autocraft is keen to maintain momentum and is actively pursuing plans to open new facilities across Scandinavia, Southern Europe, and North America. Each REVIVE® facility will triage, repair and remanufacture EV battery packs, processing 1,400 EV batteries each year.

www.autocraftsg.com

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