Britishvolt set to be bought by Australian firm

An Australian firm has been named as the preferred bidder for Britishvolt, the UK battery start-up which collapsed last month.

Recharge Industries, which is owned by New York fund Scale Facilitation Partners, has entered an agreement to buy Britishvolt's business and assets.

Britishvolt was put into administration after running out of money.

It had planned to build a giant factory to make electric car batteries in Blyth, Northumberland.

EY, the accountancy firm and administrator to Britishvolt which has been overseeing the sale, said: "Completion of the acquisition is expected to occur within the next seven days."