The Australian firm Recharge Industries has completed the takeover of Britishvolt which fell into administration in early 2023.

Britishvolt’s plans to build a large car battery facility near Blyth in Northumberland stalled as the company failed to find the required investment. In January 2023 the company fell into administration resulting in its 300 employees being made redundant and the expected end of the battery factory project.

The new owners have already committed to going ahead with plans for the £3.8 billion car battery plant with founder and CEO of Recharge Industries parent company Scale Facilitation, David Collard saying “We are thrilled to have been successful in our bid for ownership of Britishvolt; our plans are the right ones for the local community and the UK economy. We’re confident of making the Cambois Gigafactory a success and growing it into an advanced green energy project. We can’t wait to get started and want to start as soon as possible.”

When the project was first proposed it was estimated that the plant would employ 3,000 people and create a further 5,000 jobs in the local area.