Britishvolt set to be bought by Australian firm

An Australian steadfast has been named arsenic the preferred bidder for Britishvolt, the UK artillery start-up which collapsed past month.

Recharge Industries, which is owned by New York money Scale Facilitation Partners, has entered an statement to bargain Britishvolt's concern and assets.

Britishvolt was enactment into medication aft moving retired of money.

It had planned to physique a elephantine mill to marque electrical car batteries successful Blyth, Northumberland.

EY, the accountancy steadfast and head to Britishvolt which has been overseeing the sale, said: "Completion of the acquisition is expected to hap wrong the adjacent 7 days."