An Australian firm has been selected as the preferred bidder to take over the majority of British electric car battery business Britishvolt, which fell into administration last month.
Britishvolt had been promising to build a £3.8 billion gigafactory producing batteries for electric cars in Blyth, Northumberland. It said it would employ 3,000 people and produce batteries for 300,000 cars and vans a year.
But the project ran into serious difficulties months ago as it started to run out of cash before it had even cleared the site in preparation for construction.
In mid-January, the company appointed administrators at EY-Parthenon after failing to raise enough cash for research and the development of its Cambois site….