Britishvolt bought out of administration by an Australian firm

Australian company ‘Recharge Industries’ has bought the EV battery maker Britishvolt out of administration.

Britishvolt had plans to build a £4bn battery plant in Northumberland but collapsed last month after running out of funds.

Its downfall was blamed on a lack of battery experience, proven technology, customers and ultimately- revenue.

Recharge Industries has in many ways a similar profile – it is a start up with little manufacturing experience.

The Australian company is owned and run by a New York-based investment fund called Scale Facilitation.

The new owners will keep the Britishvolt brand name but have very different plans for the future.

The company intends to start by focusing on batteries for energy storage and hopes to have those products available by the end of 2025.