Recharge Industries will pay £4bn for Britishvolt, the start-up that collapsed in January.
Australian firm Recharge Industries has bought the defunct battery maker Britishvolt out of administration.Its downfall was blamed on a lack of battery experience, proven technology, customers and revenue.
"What we are bringing is validated technology," the fund's Australian chief executive David Collard told the BBC. But does Mr Collard understand why many in government and the automotive industry are nervous that it won't deliver what UK industry needs without involvement from major manufacturers like Ford, GM, JLR and BMW?
He conceded he hadn't made the same level of connections in the UK yet, but had engaged with the owners of the Northumberland site. "The government is ready to stand behind the right company with the right investment because we do believe that a gigafactory here in Blyth would be an appropriate way of building on the skills that local people have, and indeed the edge that this town has already displayed when it comes to renewables and the future of energy," Mr Collard said.
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