Recharge Industries, an Australian company, has taken the bankrupt battery manufacturer Britishvolt out of administration.
Britishvolt had planned to construct a £4 billion battery facility at the Port of Blyth in Northumberland, but it failed last month due to a lack of funds.
Its collapse was linked to lack of battery experience, verified technology, customers, and revenue.
Read More: Australian battery maker Recharge Industries wins bid to take over bankrupt Britishvolt
Recharge Industries shares a similar profile in that it is a start-up with limited production experience.
Scale Facilitation, a New York-based investment fund, ultimately owns and runs the Australian firm.
The new owners will continue the Britishvolt brand name, but their goals for the future are drastically different.
The business plans to start by focusing on energy storage batteries, with the goal of having those products accessible by the end of 2025.
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It later seeks to manufacture batteries for high-performance sports cars.
Britishvolt’s administrators, EY, said that the firm had been sold for an undisclosed sum, with the remaining workers relocating to Recharge as a part of the deal.
The demise of Britishvolt, which resulted in the loss of more than 200 people, was considered as a setback to the government’s “levelling up” strategy, initiated by former Prime Minister Boris Johnson.
The government had paid the previous Britishvolt owners £100 million provided they fulfilled certain construction milestones.
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