Australian startup Recharge Industries has confirmed that it has completed the takeover of Britishvolt—the UK company that failed to build a battery factory in northeast England.
Founded in 2019, Britishvolt had promised to build a £3.8 billion ($4.6 billion) gigafactory to produce batteries for electric cars in Blyth, Northumberland. The company said it would employ 3,000 people and produce batteries for 300,000 cars and vans per year.
However, 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, Britishvolt appointed restructuring specialists EY-Parthenon as administrators after failing to raise the cash it required for further research and the development of its Cambois site….