An Australian based start-up has launched a rescue bid for the failed electric battery maker Britishvolt, which collapsed into administration this month.
Recharge Industries has lobbed an eleventh-hour bid for the business which was planning to build a £3.8bn gigafactory at a site near Blyth, Northumberland.
Britishvolt collapsed after it failed to meet the conditions to secure £100m in funding from the Government via its Automotive Transformation Fund.
It had been hoped the compant would become a homegrown source to power electric cars, reducing manufacturers’ reliance on imports from markets such as China, which has emerged as one of the world’s largest battery makers.
Recharge Industries lodged its takeover bid late on Tuesday. It was first reported by the Australian Financial Review.
Administrators EY said last week that of Britishvolt’s 232 employees, around 206 have been made redundant. The remaining 26 staff were being kept on to assist with the sale of the company’s business and its assets and the wind-down of the business.
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