An Australian start-up has launched a rescue bid for British electric car battery business Britishvolt, which was once praised by former Prime Minister Boris Johnson but fell into administration last week.
Recharge Industries said it lodged a late takeover bid on Tuesday for the firm, a week after Britishvolt collapsed and made the majority of its roughly 300 workers redundant.
Britishvolt had been promising to build a £3.8 billion gigafactory producing batteries for electric cars in Blyth, Northumberland. 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….