Autocraft clinches £24m funding deal.

Autocraft Solutions Group, a leading automotive remanufacturing technology firm, has recently secured a substantial financing package from HSBC UK. The £24m package is set to propel Autocraft’s EV Solutions business to new heights, particularly in expanding its international EV battery repair presence.

The primary focus of this financing is to support Autocraft in establishing its REVIVE range of EV battery testing, repair, and remanufacturing solutions in key global markets where there is a growing demand for sustainable EV solutions. As the need for circularity in EV battery packs becomes more crucial, Autocraft’s innovative approach aims to remanufacture and restore underperforming cells back into EVs, thereby promoting sustainability within the industry.

Autocraft’s expertise in battery state-of-health testing enables them to diagnose potential faults at a cellular level, allowing for predictive maintenance measures to be taken proactively. By identifying and replacing faulty cells with healthy ones, Autocraft’s methodology ensures optimal EV battery performance, ultimately extending the life of these crucial components.

With each facility capable of processing 1,400 EV batteries annually, Autocraft estimates significant environmental savings, including approximately 1,500 tonnes of CO2, six megawatt-hours of electricity, and two million litres of water per year. By eliminating the need for OEMs to manufacture replacement battery packs, Autocraft’s remanufacturing process contributes substantially to reducing the overall carbon footprint of the automotive industry.

Mike Hague-Morgan, Executive Director at Autocraft Solutions Group, expressed enthusiasm about the company’s growth trajectory in response to the rising demand for EVs. He highlighted Autocraft’s dedication to realising the environmental and performance potential of EVs through their remanufacturing capabilities. With HSBC’s financial backing, Autocraft is poised to take significant strides towards achieving this mission.

Hague-Morgan emphasised the importance of maximising battery life through remanufacturing to work towards a net-zero future. By preventing premature recycling of battery packs, Autocraft aims to drive sustainability within the automotive industry while instilling confidence in EV technology. The company’s expansion into global markets will enable closer collaboration with the automotive sector to collectively reduce environmental impact.

Autocraft’s partnership with HSBC signifies a shared commitment to green technology and sustainability, further cementing their efforts to revolutionise the EV industry. As Autocraft continues to innovate and expand its global footprint, the potential for positive environmental impact within the automotive sector is substantial.