Australian start-up Recharge Industries has bought the defunct battery maker Britishvolt out of administration for an undisclosed amount.
The British appointed administrators at EY and made the majority of its 300 staff redundant in late January, after failing to raise enough cash for its research and the development of its manufacturing site.
The company was founded in 2019 and had ambitions of building a £4bn battery plant in Cambois, outside Blyth in north-east England, where it had hoped to employ up to 3,000 workers.
Britishvolt has now been acquired by Recharge Industries, an Australian start-up with little manufacturing experience founded in 2022. The firm is owned and run by a New York-based investment fund called Scale Facilitation.
"What we are bringing is validated technology," David Collard, the fund's Australian chief executive, told the BBC. "The US defence industry has validated it and it is already supplied to the UK Navy...